Online loan companies that increase fintech security
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Suppose you are interested in using the most progressive and effective methods used in modern technology to submit your applicationonline loans or pay off the mortgage. In that case, you will want to know about the online loan companies that make Fintech safer.
Companies such as Above Lending, Morty, and Enova employ security measures such as encrypted data and AI security to ensure their fintech processes have every chance of being protected from cybercriminals.
In this article, we will discuss not only the uses of Fintech, but also which companies are using them and how they make Fintech’s way of getting loans and mortgages safe for customers.
What is Fintech?
Before we understand the value of companies making great strides in safer Fintech, we will better understand what Fintech is.
Fintech stands for “financial technology” and covers everything that falls under the practical slogan of new technology that automates and streamlines financial services such as loans and transfers.
Some of the things Fintech uses to help entrepreneurs manage their finances include algorithms and unique software. One of the most popular things about Fintech is that it cuts off the middlemen of large entities such as credit card companies to give consumers more direct control over their funds.
Some Fintech apps include:
Peer-to-peer lending applications –Peer-to-peer loans the applications are also called P2P applications. They connect individuals with investors. When used as platforms, applications generate revenue from fees charged to investors and borrowers.
Investing applications – Investment apps allow clients to organize the way they would like to set up their investments, allowing them to trade securities and stocks, and even buy ETFs and stocks themselves.
Cryptocurrency applications – Cryptocurrency applications are designed to help customers check out a wide variety of cryptocurrencies they can invest in, such as bitcoin. These platforms sometimes also offer customers the option to buy more cryptocurrencies or trade them with others looking to break into the bold new world of digital spending.
Payment applications – The world is full of payment applications. Some notable variations 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 checks or transfer funds through a bank, giving customers the freedom to do it themselves.
Robo advisers – Robo Advisors sound like something from science fiction, but are very real and valuable in Fintech! Robo Advisors can be found online or on the application platform and they use algorithms to automate the indexing of finances. Also, Robo Advisors are known to need very little human help!
Why Fintech needs to be safe
While all of the above apps are useful and wildly popular, they can’t run without leveraging private customer data. Especially when this data has to do with carefully saved money, they have tostay safe.
Unfortunately, Fintech’s close collaboration with financial data makes it of interest to nefarious hackers and other criminals patrolling the network for weaknesses.
Fortunately, some loan companies know the value of Fintech and want to work on using them more safely. Read on to discover the best online loan companies that make using these apps safer for clients looking to improve their financial services!
What are the online loan companies that make Fintech safer?
Now that we have a thorough understanding of Fintech and its main uses, we can celebrate online lending companies that bring Fintech back to safety while in use. Below is our list of five of these great companies:
Let’s take a closer look at how each of these companies are forging a safer path to things like secured mortgages and personal loans.
Morty is a New York based mortgage broker.
According to their website, Morty serves those who buy a second home, a basic home, or a home they can invest in. While they cannot borrow money directly, Morty has very low rates and can support refinancing and home purchases.
Even though the Morty website is easy to understand and use, it has excellent customer support and an FAQ section, one of the most important things they do is keep their fintech processes safe.
Regular banks use real dollars and other types of physical, traditional currency. On the other hand, Morty uses something calledblockchain. Blockchain is one of the security aspects used in Fintech. It is a kind of ledger distribution technology.
Blockchain has made this distinction by storing all the information delivered to it in multiple nodes distributed across the network rather than in one less secure location such as a single computer.
One of the biggest advantages of Morty’s use of blockchain is that not only is your financial information stored in more than one secure location, but it’s all encrypted. As a result, changes to data are passed through each location, making it extremely difficult to hack into it for criminal purposes!
That’s why Morty makes funds for Fintech-brokered mortgages safe without sacrificing efficiency.
2. Above loans
The above loans is a company where clients can easily consolidate the process of applying and receiving various loans. Their simple and painless use makes them even more popular with customers as you can make payments for these loans in one easy place.
However, what makes Above Lending stand out is also what can potentially expose customer funds to hacker attacks. The online process makes them a technically efficient branch of Fintech that still needs to be secured against these kinds of things.
According to the website, Enova has over 6 million customers and has invested over $ 40 billion in funds. Based in Chicago but employing many throughout the United States, it is an online financial lender that is expanding its offering to smaller businesses and individuals. These offers include lines of credit and customizable loans.
Enova is also expanding its reach to other brands such as NetCredit and CashNetUsa. Most of the company’s charm comes from taking care of the little guy, not just lending money to the big corporations.
The way Enova protects the security of its fintech processes has gone throughartificial intelligence. According to their blog, artificial intelligence is used in product offerings aimed at customers, supporting the credit application process and improving customer service.
This is useful for people with bad credit who need a loan. Even so, artificial intelligence systems are programmed to tag any data packets containing viruses and block intruders from accessing the customer’s sensitive financial information!
Having a digital guardian such as artificial intelligence is one of Enova’s proactive solutions for hackers who are trying to make the use of Fintech dangerous.
Cloudvirga is a California-based mortgage platform that is completely digital, making it one of the best examples of Fintech in the United States. Cloudvirga allows lenders to efficiently and quickly obtain quotes from those they borrow and work with borrowers to develop a payment plan that suits them.
Cloudvirga is known for lowering costs by streamlining tasks that would normally be performed by an administrator. For example, it is a great way to overcome the sometimes difficult mortgage payment process.
Cloudvirga uses an intelligent mortgage platform, or “iMP”, to secure the data that customers provide them. It is described as a security solution that covers all the basics by uploading every document using HTTPS Transport Layer Security.
Transport Layer Security encrypts your data especially when traveling from one location to another, such as when downloading or uploading an important document. That way, when information is most vulnerable to opportunistic hackers, it is constantly changed to frustrate its actions!
Affirm is a company that built a lending platform focused on providing small installment payment plans for those who shop online. One of the most enticing features offered by this fintech platform is the low rates of 0 percent.
Another is the payment plans offered by Affirm, flexibly extending everything from a three-month to three-year payment plan. Thanks to Affirm, customers can buy vacation packages, the latest game or sound system, and even furniture and pay for them over time.
How does this fintech platform protect customerssensitive data how do they borrow and pay? According to the Afirm Help Center, Transport Layer Security is used to encrypt all information sent from customers to the company.
Not only that, but Affirm also restricts people from accessing your data by removing encryption keys to a secure object. Instead, customers need to set up and go through a multi-factor authentication process to access their data.
Finally, Affirm employees not only undergo a thorough background check, but also can only perform specific, specific work while processing customer data and only when requested by the customer.
At the end
To sum up, the performance and popularity of Fintech do not always open it up to hackers and cybercriminals. Thanks to the proactive activities of online loan companies such as Enova and Affirm, the data of people using Fintech is safe. Whether they use artificial intelligence to detect viruses or encryption countermeasures, these lending companies keep Fintech safe!