The ever-growing technological innovations and inventions are reshaping businesses at external and internal levels. Digital transformation is the process that integrates technologies in business processes and strategies. This transformation is mostly dependent on data and is driven by evolving technologies, rapid growth in competition, and shift in consumer behavior. It enables a business to be more agile and productive and to provide a better customer experience. This chapter discusses the impact of digital transformation in business and the fintech industry by highlighting the modern technologies used in transformation, the effect on business, the fintech industry, and their current trends. Furthermore, it elaborates on how digital transformation affects businesses at different levels. Lastly, it discusses the challenges faced by businesses in the process of digital transformation and recommends solutions for them.
With the advent of the internet and day-by-day advancement in technology, traditional services started to utilize technology to offer better, digitized, cutting-edge services. Financial services called FinTech are one such example of the adoption of cutting-edge technologies. On the other hand, with the adoption of technologies comes to the cybersecurity risks associated with them. Data leakage is one big issue in FinTech and business-related applications and services. The main aim of this chapter is to identify different ways and methods by which data leakage occurs and its adverse effects on organizations providing FinTech services. Furthermore, this chapter explores the various solutions and challenges in their implementation. It is concluded that no single solution can handle data leakage from all perspectives. Multiple solutions need to be combined and utilized to handle all scenarios.
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