The Rapid Growth of the Fintech Industry: What Are the Solutions for Businesses to Address Effective Transmission and Security Issues?

In the context of the Covid-19 pandemic, along with support from the Government and relevant agencies, the Fintech sector in Vietnam has made significant strides, becoming an indispensable part of daily life and having a profound impact on the financial and banking market.

Data from HyperLead shows that the number of Fintech startup companies in Vietnam grew by nearly 255% between 2017 and 2021. Research by Solidiance also highlights the remarkable growth of Vietnam's Fintech market, with transaction value increasing from USD 4.4 billion in 2017 to USD 7.8 billion in 2020, representing a growth rate of 77% over three years. With strong development potential, Fintech is expected to continue shaping and bringing profound changes to Vietnam's financial sector in the future.

Alongside the positive prospects, Vietnam's Fintech sector also faces significant challenges, reflecting the complexity of the business environment and the high demand for innovation and adaptation. Here are some prominent challenges the Fintech industry is currently facing:

Ensuring Transmission Speed During Usage

In the Fintech sector, transmission speed is crucial, directly impacting user experience and the competitive position of Fintech companies in the market. According to PageSpeed Insights, a delay of just 100 milliseconds can reduce conversion rates by up to 7%. Given the specific requirements for speed and accuracy in financial transactions, any delays can cause user dissatisfaction, impacting trust and service credibility.

Slow transmission speeds not only result in negative user experiences such as prolonged waiting times, interrupted transactions, and disconnections but also pose risks of severe transaction errors. These errors can lead to significant financial losses for both businesses and users and raise complex legal issues. The consequences include a severe decline in trust and credibility of Fintech services, which are crucial in a field that demands absolute trust and safety.

To address this challenge, Fintech companies need to invest heavily in technology infrastructure to optimize transmission speed. Using high-performance servers, advanced storage technology, and combining code optimization and data compression can significantly improve response times. Additionally, implementing a Content Delivery Network (CDN) helps distribute content across multiple global servers, reducing load on the origin server and ensuring quick access from any geographic location.

Image Quality and Content Accuracy

Poor image and content quality is a significant challenge affecting user experience, brand credibility, and business efficiency. Inaccurate, unclear images and content can confuse users when using Fintech applications and websites. Inconsistencies can lead to transaction errors, causing financial losses and complex legal issues for both users and businesses.

Moreover, unprofessional, unattractive images and content create negative impressions, reducing customer and potential partner trust in the business. This impacts the effectiveness of marketing and promotional campaigns, making it difficult to attract and retain customers, thereby negatively affecting revenue and growth.

To comprehensively address this issue, Fintech businesses must focus on developing a robust content and image strategy, ensuring accuracy, professionalism, and appeal. Investing in high-quality content production, sharp, consistent, and brand-appropriate images will not only enhance user experience but also strengthen business credibility and trust, promoting sustainable development in a competitive Fintech market.

User Data Protection

Protecting user data is a top priority and a crucial legal responsibility for Fintech businesses. In the sensitive field of online finance, ensuring the safety and security of personal information and customer accounts is vital to the success and credibility of the business.

Fintech businesses must strictly comply with current legal regulations and security standards, such as Decree 53/2022/ND-CP on personal information storage and Decree 13/2023/ND-CP on personal data protection. To ensure compliance, businesses should prioritize selecting certified and audited technology solutions from reputable organizations.

Besides legal compliance, businesses need to implement advanced technology security measures such as data encryption, multi-factor authentication, firewalls, intrusion detection and prevention systems (IDS/IPS), and 24/7 cybersecurity monitoring to prevent cyber-attacks and fraud.

However, security is not just a technological issue but also a matter of trust. Businesses need to build transparent and trustworthy relationships with customers by providing clear, understandable information about data collection, usage, and protection. Additionally, providing tools and options for users to control and manage personal data proactively and safely is essential.

In the fiercely competitive Fintech industry, optimizing performance and user experience is key to staying ahead. CDN (Content Delivery Network) emerges as an indispensable technology solution, offering outstanding benefits in speeding up transmission, optimizing images, securing data, and enhancing user experience.

By using edge servers located in multiple locations worldwide, CDN improves page load speed, reduces load on the origin server, and enhances online data security. When users access Fintech websites or applications, content is loaded from the nearest server, reducing latency and speeding up access. This provides a smooth and fast user experience, increasing satisfaction and customer retention.

CDN also supports image optimization, with some solutions integrating the ability to convert image traffic to WebP format. This format helps reduce image size by 26% compared to PNG and by 25-34% compared to JPEG while maintaining comparable resolution and quality. This helps businesses optimize displayed images, avoiding large website sizes that affect loading speed and user experience.

Lastly, for user data security, CDN provides features like SSL/TLS data encryption, tokenization, and IP-based access control. Encrypting data between servers and users helps prevent spoofing and data theft, ensuring the safety of important user data. Additionally, the original IP hiding feature is a CDN's security highlight. Some CDN solutions integrate other security technologies within the same ecosystem, enhancing security, optimizing transmission, and comprehensively supporting Fintech businesses.

With the continuous development of the online financial industry and the increasing demands for speed, security, and performance, CDN has become an indispensable part of Fintech businesses' strategies. Investing in CDN is not only a smart choice but also a necessary step to ensure success and sustainable growth in the competitive Fintech market.

VNCDN, developed by VNETWORK, is Asia's leading CDN solution, ensuring fast transmission speed and stable performance with an uptime rate of up to 99.9% for Fintech websites/applications. With robust infrastructure and advanced CDN technology, VNCDN enhances business efficiency, user experience, reduces system operating costs, and protects information on Fintech websites/applications. With over 10 years in the transmission field, VNCDN has partnered with over 2000 reputable clients, including VTV, TikTok, CellphoneS, and VNExpress, among others, including reputable Fintech businesses like Momo and Senpay.

Robust Infrastructure for High Stability

With over 280 POPs (Points of Presence) in 33 countries worldwide, VNCDN is built on advanced technology platforms, meeting international standards for reliability, security, and performance. With an international uplink bandwidth of up to 57 Tbps, VNCDN provides high-quality transmission services, meeting the needs of businesses and organizations worldwide.

In Vietnam, VNCDN's infrastructure is deployed in Tier III standard Data Centers, including Viettel, Mobifone, VNPT, and FPT. VNCDN's domestic uplink bandwidth reaches up to 10+ Tbps, enabling fast and smooth data transmission nationwide. With the capacity to effectively serve over 5 million concurrent users and successfully handle over 8 billion requests daily, VNCDN ensures that businesses' websites and applications operate stably and smoothly, even under high load and peak traffic conditions.

Advanced Technology Enhances Performance and Security

VNCDN integrates advanced technologies such as HTTP/3, Mid Tier Cache mechanism, and WebP image conversion. HTTP/3 technology improves performance and access speed using multi-threading and efficient connection management techniques. The Mid Tier Cache mechanism allows temporary data storage at intermediate points, reducing latency and speeding up user access. WebP image conversion reduces image size while maintaining quality, optimizing user experience.

Moreover, VNCDN enhances security with features like SSL/TLS data encryption, IP hiding, and Origin Shield. SSL/TLS data encryption keeps data transmission between servers and users secure. IP hiding protects the server's IP address from attacks and unwanted queries. Origin Shield optimizes the origin server's performance by temporarily storing content at intermediate points, reducing load on the origin server and improving user access speed. These features collectively create an intelligent, flexible, and effective CDN solution, helping businesses protect and optimize user experience comprehensively.

24/7 Support by VNETWORK Experts

VNCDN commits to providing professional and dedicated 24/7 technical support, ensuring quick and effective resolution of any system-related issues, helping businesses avoid unwanted interruptions in business operations. VNCDN's experienced expert team continuously monitors and manages the system, proactively detecting and addressing potential issues, ensuring the system always operates optimally and preventing incidents that could affect performance and security.

Understanding that each business has unique needs and requirements, VNCDN also provides personalized support services, maximizing specific customer needs and providing the most suitable and effective solution for each case.

In modern business contexts, CDN is not just a tool for optimizing user experience but also a comprehensive solution helping businesses, especially in the Fintech sector, ensure information security and enhance operational performance.

VNCDN stands out with the ability to integrate advanced technologies and high-security features, far exceeding basic functionalities. This helps Fintech businesses not only optimize website performance and protect customer information but also create a competitive advantage, delivering the best user experience.

With VNCDN, businesses can confidently focus on developing their core products and services while VNCDN comprehensively and efficiently optimizes, secures, and enhances the performance of their websites.

Start your journey to optimize your Fintech website/app speed with VNCDN today. Contact us at hotline: (028) 7306 8789 or via email at contact@vnetwork.vn to register for integration and experience a positive transformation for your business website.