Fintech failure is a new form of innovation. A $45 million penalty or more is on Cash App for fal...Fintech failure is a new form of innovation. A $45 million penalty or more is on Cash App for fal...
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Nandini chauhan
• 13h
Fintech failure is a new form of innovation.
A $45 million penalty or more is on Cash App for falsely claiming to protect users from scammers and failing to provide real support. The biggest name in the US industry, Square Inc. (Block Inc.), is the parent company of Cash App. This shows the danger of blindly believing in Big Brands; humans make mistakes, and so does technology.
Root Cause Analysis
Operational safety is the first priority of fintech; otherwise, no company can survive in this sector. Every minor flaw of one is the key rule for another; technology is not as complicated as you think. It was built on the set narratives and blended with new ideas.
Building a business demands three sequential steps: model preparation, deep research, and systematic implementation. Same for expanding the business, fintech needs to be more careful than any other.
Trust is harder to build than a technology: Security is the key to fintech, and a single negative article can destroy the reputation of a user-friendly platform.
Growth with Governance: Core features should be set up first, including bank-authorised KYC (know your customer) and AML (anti-money laundering).
AI also need human safeguards; outsourcing the risk factor creates loopholes in your data pipeline.
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