The growth in technology space has led to disruptions in traditional business model. Incorporation of technology in to business processes has made it an important enabler of competitive advantage. The finance industry has experienced major transformations with this development. With the challenge from fintech firms, the incumbent big players have adopted technology in a major way. In order to be not left behind, the small and mid-size players have also jumped the bandwagon, but in the rush for implementation these firms have given less importance to the management of the information systems. Thus, this paper attempts to highlight the practices and the corresponding risks these firms face. It also suggests some commonly employed practices to alleviate these risks.