The online lending companies are making fintech safer
Suppose you are interested in using the most advanced and efficient methods of modern technology to apply online loan or pay off a mortgage. In that case, you should know which online lending companies make fintech safer.
Companies like Above Lending, Morty, and Enova use security measures like encrypted data and security AIs that allow their fintech processes to stay safe from cybercriminals.
In this article, we cover not only fintech’s applications, but also which companies use them and how they make the way fintech obtains loans and mortgages safe and secure for customers.
What is fintech?
Before we can understand the value of companies making big strides in secure fintech, we need to better understand what fintech is.
Fintech is an acronym for “financial technology” and encompasses anything that falls under the practical banner of new technologies that automate and streamline financial services, such as B. Credit and Payment Transfers.
Algorithms and unique software are among the things fintech is using in its goal of helping entrepreneurs manage their finances more easily. One of the most popular things about fintech is that it cuts out the middleman of big companies like credit card companies to give consumers more direct control over their funds.
Some of Fintech’s applications include:
- Peer to peer lending apps – peer-to-peer lending Apps are also known as P2P apps. They connect individuals with investors. The apps used as platforms generate revenue from the fees charged to investors and borrowers.
- Invest apps – Investing apps allow customers to organize how they want to set up their investments by being able to trade stocks and stocks or even buy ETFs and stocks themselves.
- Cryptocurrency Apps – Cryptocurrency apps are developed to help clients review the wide variety of crypto they can invest in such as: e.g. Bitcoin. These platforms also sometimes offer customers the opportunity to buy more crypto or trade with others who want to enter the bold new world of digital spending.
- payment apps – The world is full of paid apps. Some notable variants that may appear later in this article are Apple Pay, Samsung Pay, Venmo, and PayPal. The fintech versions of these apps eliminate the old-fashioned need to write a check or wire money through the bank and give customers the freedom to do it themselves.
- Robo Advisor – Robo advisors sound like something out of science fiction but they are very real and valuable in fintech! Robo advisors can be found online or on an application platform and use algorithms to make financial indexing more automated. Additionally, robo advisors are known for requiring very little human help!
Why Fintech must remain secure
Although all the above applications are useful and very popular, they cannot work without using customers’ private data. Especially when this data has to do with carefully saved money, they have to stay safe.
Unfortunately, fintech’s close work with financial data makes it an interesting sign for nefarious hackers and other criminals patrolling the internet for vulnerabilities.
Luckily, some online lending companies know the value of fintech and are willing to work to make it safer to use. Read on to discover the best online lending companies that make these applications safer to use for customers looking to streamline their financial services!
What Are The Online Lending Companies Making Fintech Safer Doing It?
Now that we have a clear understanding of fintech and its primary uses, we can celebrate the online lending companies that are restoring fintech security while it is being used. Below is our list of five of these standout companies:
- Above lending
- clouds virgin
Let’s take a closer look at how each of these companies is taking a safer path into things like mortgages and personal loans.
Morty is a mortgage broker based in New York.
According to their website, Morty caters to those who are buying a second home, a primary home, or a home to invest in. Although they cannot borrow money directly, Morty has very low interest rates and can assist with refinance transactions and home purchases.
Although Morty’s website is easy to understand and use, and they have great customer service and an FAQ section, one of the most important things they do is keep fintech processes safe.
Normal banks use real dollars and other types of physical, traditional currency. Morty, on the other hand, uses something called a blockchain. Blockchain is one of the security aspects used in fintech. It’s a sort of ledger distribution technology.
The blockchain earned this accolade by storing all of the information fed to it in multiple nodes spread across a network, rather than in a single, less secure location such as the Internet. B. a single computer.
One of the great things about Morty’s use of blockchain is that not only is the financial information stored in more than one secure place, but it’s all encrypted. This propagates changes to the data through each location, making it extremely difficult to hack for criminal purposes!
Thanks to Morty, funds for construction financing mediated via fintech are safe without losing efficiency.
2. Above lending
The above lending is a business where customers can easily consolidate the process required to apply for and obtain various loans. Their simple and painless applications make them even more popular with customers as you can make payments for these loans in one easy place.
However, what makes Above Lending outstanding is also what could potentially leave clients’ funds vulnerable to criminal hackers. The online procedure makes it technically an efficient fintech branch, but it still needs to be secured beforehand.
According to its website, Enova has over 6 million customers and has distributed over $40 billion in funds. Based in Chicago but employing many in the US, they are an online financial lender expanding their offering to smaller businesses and individuals. These offerings include lines of credit and customizable loans.
Enova is also expanding its reach to other brands such as NetCredit and CashNetUsa. The company’s greatest charm lies in taking care of the little guy instead of just lending money to big corporations.
The way Enova protects the security of its fintech processes is end-to-end artificial intelligence. According to her blog, AI is being used in product offerings to customers to aid in the loan application process and improve customer service.
This is useful for those with bad credit who need credit. Yet artificial intelligence systems are programmed to flag any data packets that contain viruses, preventing intruders from accessing a customer’s sensitive financial information!
Having a digital guardian like an AI is one of Enova’s proactive solutions for hackers trying to make fintech use unsafe.
4. Cloud Virga
Cloudvirga is a California-based mortgage platform that is completely digital, making it one of the best fintech examples in the United States. Cloudvirga enables lenders to efficiently and quickly obtain quotes from those they lend to and work with borrowers to create a payment plan that works for them.
Cloudvirga is known for reducing costs by streamlining tasks that an administrator would normally have to do. For example, it’s a great way to tackle the sometimes tricky process of paying off a mortgage.
Cloudvirga uses an intelligent mortgage platform or “iMP” to secure the data customers provide to them. It is described as a security solution that covers all the bases and transmits every document using HTTPS Transport Layer Security.
Transport Layer Security specifically encrypts data in transit from one location to another, such as when an important document is downloaded or uploaded. That way, when information is most vulnerable to opportunistic hackers, it’s constantly being modified to thwart their actions!
Affirm is a company that has created a lending platform focused on providing small installment plans for those who make online purchases. One of the most enticing features of this fintech platform is its low interest rates, which hover at 0 percent.
Another is the plans that Affirm offers against payment, which can be flexibly upgraded from a three-month to a three-year payment plan. Thanks to Affirm, customers can buy vacation packages, the latest game or sound system, or even furniture and pay for them over time.
How does this fintech platform protect customers sensitive data how to borrow and make payments? Transport Layer Security is used to encrypt all information as it is transmitted from customers to the company, according to Affirm’s website Help Center.
Not only that, but Affirm restricts people’s access to data by moving encryption keys to a secure facility. Instead, customers must set up and pass a multi-factor authentication process to access their data.
Finally, not only do Affirm employees undergo thorough background checks, but they are only allowed to perform precise, specific tasks involving the handling of a customer’s data and only if the customer asks them to do so.
In summary, the efficiency and popularity of fintech does not always leave it open to hackers and cybercriminals. Thanks to proactive measures by online lending companies like Enova and Affirm, fintech users’ data is safe. Whether they use AIs to scan for viruses or countermeasures for encryption security, these lending companies protect fintech!