Fintech apps: As money moves without changing hands, extra caution needed
fintech platforms. So, how can one determine if a fintech app is trustworthy and genuine? Experts say that it is vital to first do your own research, check the company’s past credentials, and examine the security measures it has deployed to ensure safety and security. “The apps need to be intuitive, clean and simple giving a seamless experience especially to first time users.
For rural penetration, vernacular apps are most important for fintechs to drive higher adoption," Jasmine B Gupta, Founder of Meitmoney says. Based on the experts’ oft-repeated recommendations, we present some broad guidelines that help you make an informed decision. These are the guidelines to follow to ensure you deal with genuine fintech apps: Do your research: Before downloading a fintech app, it is essential to conduct a thorough research.
It is advisable to read user reviews, ratings, and testimonials, as these can provide valuable insights into the app's reliability and performance. Additionally, one can also check if the app has received any awards or accolades, as these can serve as indicators of its credibility. Verify the company's credentials: It is crucial to ensure that the fintech app is developed by a well-established and trustworthy company.
Look for information about the company's founders, team members, and their qualifications. Verify if the company is registered with relevant regulatory bodies such as the Securities and Exchange Board of India (SEBI) or Reserve Bank of India (RBI). Check for security measures: As fintech apps deal with sensitive financial information, security should be a top priority.
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