When it comes to reckoning the success and engagement rate of a mobile banking app, its UI design and quick loading turn out to be the primary parameters of its efficiency. What started off with modest payment platforms like PayPal has become a USD 133.84 billion industry and is still growing incessantly.
The unbreakable success of fintech platforms like Venmo and Google Pay proves that it’s important to set the course for an immensely robust banking application. From bringing new users onboard to securing the engagement of existing app users, there are many aspects that impact the creation of cyber-proof fintech apps.
Strong security is the base of such portals, but the norms of keeping users’ data safe differ drastically for B2C fintech platforms and B2B fintech software. You can consult an app development company to create or modify your mobile banking application. What if your fintech platform is more than just a payment transfer system with more complex user flow that requires a better safety architecture?
In this post, you will learn about the definitive rules of fintech application and software development followed religiously by leading firms to protect your users!
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Why Is Impervious Security Architecture A Must for Fintech Apps?
With the lack of a strong cyber-security system, not only will the performance of your app plummet rapidly but will also affect the credibility of your brand. Simply put, your fintech app is doomed without security. 2021 statistics show that over 90% of fintech users faced cyber threats at the peak of this sector’s growth.
So, what makes a well-structured security architecture a necessity for these apps? The fact that mobile banking is convenient on a worldwide scale also makes it vulnerable to cyber-attacks.
When you try to look at it from a different surface, you will learn that it’s just another software linked to the backend of your respective banks with the help of an API. Even if a development team implements it correctly, the open-source existence of APIs may become a welcome mat for hackers and a threat to a digital portal in many ways.
However, leading fintech software and app development agencies like AppStudio have their techniques to innovate a security-driven architecture. Let’s explore some of the most effective rules of fintech app development that allow experts to build protected software and applications.
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8 Highly Secure Rules of Fintech App & Software Development
1. Code and Architecture Setup
To infuse strong cyber protection in every component of the application, fintech app developers begin with a thorough code and architecture setup. Moreover, these mobile apps are built using agile methodology which ensures unhindered performance and quality assurance at every stage of development and deployment.
Developers keep a close check on every aspect of development and feature integration. In addition, the team creates smart algorithms while continuously reviewing the code for any potential flaws. Encryption covers a major part of fintech app projects.
2. Software Code Obfuscation
Cloning the app is one of the most common tricks used by cybercriminals to steal users’ data and personal information. Hackers try to break the code and replicate the platform to pursue digital fraud while the users remain unaware.
To secure fintech apps from such third-party actions, app development companies implement code obfuscation. It is a form of encryption that includes the elimination of tags and metadata causing platform vulnerability. Moreover, developers add specific code to distract attackers to a binary app with no relevant content.
3. AI and ML Integration
Fintech platforms like mobile banking, taxation, and insurance apps contain a lot of personal user data such as device data, geolocation, and transaction details that can provide attackers with the opportunities they seek.
Cutting-edge technologies like artificial intelligence and machine learning perform a 24/7 check on these apps even where there is no manual monitoring being performed. This way, a single hint of suspicious behaviour on the mobile app or software can block the transaction immediately.
4. Well-Structured User Onboarding
Secure fintech app experience begins with robust user registration and safe onboarding that covers authentication and authorization stages. Cybercriminals can easily identify banking and insurance apps that lack appropriate authentication measures and set the course of digital fraud.
Fintech application development firms make sure to circumscribe these platforms using a 3-step process that encompasses identification, 2-factor authentication, and multifold authorization for different types of app uses.
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5. Secure API & Server Selection
The infrastructure is the core aspect of a fintech application as its robustness will pave the way for an efficiently protected digital banking platform. Therefore, its setup needs to be timed strategically. To begin with, experienced developers always hinge on picking secure APIs and cloud servers. Although, implementation of third-party APIs sometimes can become a source of attack for cybercriminals.
Therefore, fintech software design and development companies create a distinct security strategy for the back-end app system alongside a risk management plan. Moreover, they limit the permissions and automation of third-party platforms.
6. Data Tokenization
Do you know that there is a method of protecting your sensitive data by replacing it with a set of symbols that developers mention as tokens? This is a unique technique that lets software development service providers like AppStudio protect the database while facilitating PCI compliance for businesses offering these services.
7. Fintech Application Testing
When fintech software is built using agile methodology, it is tested for quality assurance on every level of production throughout its development cycle. Experienced app design agencies pay attention to its functional efficiency and outcomes during the testing process to make sure it is precise to your expectations.
QA experts at these companies develop a testing protocol on numerous stages of production to align identity verification, application performance, and other platform security aspects. Manual testing and real-time testing are some other ways experts take care of the security of your fintech projects.
8. Efficient Mobile Encryption
Mobile apps are more prone to cyberattacks which is why a credible financial app development company in Canada always prioritizes mobile encryption. A strategic encryption of device-specific databases prevents hackers from stealing local data. This form of arrangement is planned from the beginning of the design phase to manage encryption keys promptly.
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How to Secure Your Fintech Apps & Software with AppStudio?
Fintech is the present and the future of banking and finance services that earlier required a substantial deal of time and effort. This is the prominent reason why you need the assistance and supervision of a trustworthy partner who not only integrates the core application but also prepares a strong security infrastructure that will enhance the operations without putting user experience at risk.
At AppStudio, our passion for revolutionary transformation leads to the success of apps that are fully secure. Whether you wish to hire dedicated fintech app developers or talk to our team about your upcoming fintech project, you can schedule a call as per your convenience. We can also reform your existing fintech application with stronger mobile app security measures.
To secure your fintech apps and software, get in touch with us today!
