Fintech application development is increasing rapidly with the growth of finance phenomenon all over the world, many start-ups are finding their way towards Fintech solutions. Awareness is being spread all on a global level through different Fintech associations in the form of promotional activities in cooperation with end-users, funding investors, authorities in the banking sector.
Given the phenomenally increased growth of Fintech, it is indeed a great time for companies to up the game of their Fintech applications and put them to work in order to reap profitable benefits. But for a Fintech application to gain the attention of customers, it is increasingly important for organisations to ensure their security and prevent them for hacks.
Fintech Application Development Done Right
For any successful Fintech application, a mix of four elements namely design, speed, simplicity and security is the most important factor to consider. Since most of the user base including decision makers of companies to a potential end-customer use smartphone regularly, security of Fintech apps play a big role in the Fintech application development process. By possessing the right elements to allure customers, a Fintech application can lead its way in the markets. Major big names in the finance industry understand the importance of smartphones in people’s lives as well as their spending patterns and therefore, utilize Fintech apps best in order to gain long-term loyal customers.
The Fintech domain includes companies that are willing to make progress in the field of technological innovations along with offering financial services. The scope of activities for such companies can be either of the options including alternative financing of companies via online payment to loans, bank accounts, saving management etc. Despite different focus, each company wishes to engage its customers for the long term and they accomplish this by providing cheap and better services than their competitors.
For any company that wishes to reach its customers through mobile, a Fintech application development process that ensures customer benefits and security needs to be followed. Here are 8 ways that ensure the security in the process of Fintech application development.
Ways to Enhance Fintech Application Development Security
1. Code Security is Crucial
In order to make a Fintech application secure, it is important to take care of security factors from the very beginning. The code of the application plays a crucial role in saving the sensitive app data either on the servers or on the user’s device. Considering this, it makes sense to plan the security of the code from the initial stages and keep a check on any potential gaps within the application code. This can be ensured by creating well-written algorithms and checking the code on a regular basis to find any vulnerabilities and issues within the app.
2. Keep an Eye on Backend
Unauthorized users can access the servers on the cloud and thus cause major problems. Due to such risks, it is important to protect servers against any such hackers or unapproved access. This can be done by verifying the security of APIs such that no customer-related data is compromised. Moreover, to prevent data leaks, special storage should be created for keeping the data and documents in a safe manner. Application network threats and network vulnerabilities should also be avoided by running tests and accessing the capacity of the application.
3. Identify and Authenticate
One of the most important aspects of testing is to ensure that the end-users that are using the application are actually who they say they are. This means that many times malicious hackers make attempt to fool you by signing up as a user and this increases their chances to compromise the system. The need for a fool-proof authentication and identification system is therefore necessary for protection. While developing such functionality, you must ensure that the API restricts all the possible loopholes and offers a 2FA mechanism for even better security. However, your mechanism should not make it hard for the users to login to the app as it is important to ensure minimal efforts from users in the process of registration.
4. Secure Mobile Encryption
While storing the data even temporarily, you must find all the possible gaps as your Fintech application includes data with many variables. Data protection through the process of encryption makes your finance mobile application more secure and smooth. Moreover, all the databases for mobile also need to be kept in an encrypted format in order to protect the stored data. While using encryption methods for security, you need to take care of every little thing from the design level to managing the encryption key so that no data is left exposed to be compromised.
5. Access Management
The process of authorization allows people to get clarity with their roles and defines the actions that they can perform in the application at any given time. For an individual who needs to access the app, there’s a need for proper verification and authorization. Also, roles must be assigned to users according to the access level that they are provided. A secure authorization can be defined by setting up the user management engine in which all the actions and permissions are listed clearly according to different types of access.
6. Test Thoroughly and Repeatedly
Each app goes through time constraints in different stages of development. However, no matter the existing time constraints, it is important to test the Fintech application development process at every stage of development in order to get through all the nitty gritty errors that get missed in the process. The smooth functioning of an application can only be ensured by testing the app frequently, thoroughly and repeatedly at each stage. With this step conducted rightly, you can cross-check all the potential threats and malfunctions of the app before launching and thus get a chance to fix them on time. Any weakness related to authentication, authorization or any other important step can be taken care of if it is checked at the right stage.
7. Educate your End-Customer
Often people make the mistake of downloading and using applications from any random source rather than authorized app stores. As the manufacturer, it is your duty to make your customers aware about the dos and don’ts of your Fintech application. Moreover, you also need to make your clients aware of the steps to take to secure their data in your Fintech application in case of mobile theft. Educate your customers better in order to avoid any mishap or data leak from your Fintech application while they are being used.
8. Get your App Developed by Professionals
In order to make the best out of your Fintech app, you must make sure that the application is developed by professionals who are aware about the domain of finance and understand mobile application development thoroughly. Development done through the right professional channel can protect your Fintech app development from threats and dangers that lusk on them in the form of data stealing. Invest your money in getting your app developed by programming professionals who understand the context and nature of your entire project and make sure to take all the security measures at all the application development stages.
In a Nutshell
By following these 8 fundamentals, you can ensure the security of your Fintech application. Development process. When you develop a secure and user-friendly app, people are more likely to find value in it and use it in the longer run. Moreover, mobile applications are prone to more risks these days and therefore, it becomes increasingly important to take care of all the security elements related to any application that involves usage of people’s personal data and financial information.