Last updated on June 23rd, 2022 at 04:30 am
Growing digital-based financial transactions may lead to security risks also. Looking into banking, insurance, and business trading industries, the consumers prefer minimization of transaction cost or the commissions by the direct payments. This feature enables the financial mobile application shortly called Fintech.
With the use of the Fintech applications, the management of financial transactions among B2B or B2C can be made easier than earlier days. When you look at the modern industry scenario, not only the giant companies itself can lead a market, freelancers, Gig employers also have the willingness to start their own jobs or startups to show their brand.
Hence, the size of the players taking part in the business sectors is more that lead to a possibility of security risks. Though they are ensuring professionalism in the services, how they handle the users’ credentials is one of the factors for a huge customer base.
If the risk is there, then the solution is also there. Only thing is to identify where and how. This blog provides an in-depth analysis of the need for fintech apps in the modern industrial sector, lagging secure assurance instants and the tips to handle the personal credentials smartly in detail.
Fintech App: A Simple Digital Financial Partner for Business
The drastic usage of mobile applications makes the customers raise demands such as creative design, speed of operation, and simple workflows in all the stages. They don’t focus on whether the application provides enough security. But, this is not in the case of business.
Carrying a vast amount of transactions by the third party integrated application requires the higher-end security measures and hence the gaining of high-trust among the partners and the customers is assured. On looking at all the aspects by statistical analysis, fintech makes its stamp in the industry.
- The worth value of the global financial sector to be $26.5 US trillion in 2022 and this shows the 6% increase compared to the previous years
- While looking into the customer side, 96% of them are having the knowledge of fintech services
- The projected growth value of mobile transactions is 121% at the end of 2022.
From these, the need for fintech apps is unavoidable for the business owners. Some of the pinpoints listed follow to give a proof for that.
Single Window, Multi-Accounts
Carrying the transactions with a single account is not a possible one for the customers or other business owners. Keeping their eye on reduction in transaction cost, time, they need a single window of connecting multiple accounts. This feature increases the usage of fintech apps.
This is a common thing for all the applications. Nowadays, people are using smartphones in the Android and iOS platforms. Hence, the attraction of the users solely depends on the adaptability of such platforms. Fintech apps have the ability to support both these platforms without the need for any conversion.
Wide-Angle Technology Support
Applications are not only responsible for the simple execution, but also the platform for integration of multiple things. Evolving technologies like gateways for the payments, online trading, blockchain, mobile-based payments all to be supported by the Fintech apps.
Finally, the superimposing point in the usage of a fintech app called security. Making the customers into potential users is only done by the trust and confidentiality. Providing the high-confidentiality to the user information under the secure-platform brings fame to the fintech apps easily.
Need for Secure Financial Sector in Modern Industries & Lagging Instants
Security is a major consideration for building a partnership with the other sectors. The service provider holds the responsibility to secure the personal credentials of the customers. The instant where they are lagging to provide a secure environment are listed as follows:
The first instant is a landing device of the Fintech application. Nowadays, the usage of smartphones is unpredictable and each device has its own configuration. If the written format of the Fintech app is the loophole for attackers, then the capture of the finance credentials while they do the payment process is easy and this causes serious issues for the business.
Inefficient Server Management
Storage of the customer data and the managing network activities are done on the servers also the instants of security threats. The absence of controlling the servers under the minor flaws can lead to a risk in preserving the information. This feature enables third-party users or unauthorized dealers to use their own APIs and hack the servers. Upon this hacking, the sensitive essential information goes on severe condition.
Insufficient while Transit
During the payments, the system making interactions with another system can also lead the security issues. Allowing third-party integrated apps bring a large size of security issues in the financial sectors of the industry.
Secure Tips to Keep in Mind While Developing the Fintech App
Due to the high impact of Fintech applications, many of the entrepreneurs approached the Fintech App development player in the market and fulfill the security needs. The tips listed in this section are necessary to provide a secure environment while developing Fintech apps.
Aligning with Expectations
The background of the success of the Secure Fintech app is what type of technology is used and what is the problem to be solved. Looking at the customer’s point of view, they need minimal efforts to assure security.
But, the entrepreneurs approached the fintech app development company with a lot of expectations. Hence, aligning with customer expectations is the first tip to ensure security.
Focus on Back-end System
While observing all the business sides, most of the security issues are observed on transactions. Integrating the payment gateways with the application and performing the needed transactions instantly are the basic concepts of the Fintech apps.
Upon performing, the customer experiences threats on these transactions. Hence, focus on the back-end system with security practices like firewalls and proxies instead of the entire app to be secure is the economic way.
Partner with Right Team & Intelligent Technologies
The third tip is the most important one during Fintech app development. Emerging new technologies is not an ending process and the developed app should meet the recent trends and technologies. The evolving trends such as blockchain and artificial intelligence are the needed ones in the future.
While approaching the development team, ensure they are skillful with these trends and provide a secure environment for maintaining records, customized transactions, and the interactions through chatbox, etc.
Ways to Secure the Personal Credentials in Fintech App Development
Finally, come to the major theme of this blog. Added to the tips listed in the previous section in the mind, the following ways to secure personal credentials are also focused.
Build a Secure Code
The starting state of the app development is the buildup of algorithms and the codes. Since the Fintech apps run with the back-end support, the code should be written with the consideration of security aspects and filled the potential gaps between the front and back end. Focus on creating the qualified algorithms and maintaining quality while integration is the preliminary stage to assure the security of personal data.
Restrict All Area Access by Authorization Methods
While a person uses the financial services or the other business people claiming the services, authorization is an important thing. The developed APIs provide a restriction on sensitive areas where the personal credentials are stored.
Only the authorized person by the two-factor authentication methods has the ability to view such sensitive areas. With this higher-end secure measure, the confidentiality of the personal credentials is assured.
Engage Mobile Encryption Policy
Nowadays, most of the personal data is captured by the mobile application. By building a strong encryption policy, the prevention of leakage of the personal data is stopped. The databases associated with mobile applications must be encrypted. Hence, the utilization of Fintech apps on this encrypted database is free from hackers and attacks.
Employ Professional Developers
Finally, all in the developer’s hand. Partnering with the high-qualified developer is the smart way to make the Fintech app users do the transactions securely. The programmer must be capable to know the in and out of the project aspects, stages/instants where the customer data leaked, technologies to have emerged in the future. Hence, shaking hands with the qualified technical team is the final way to assure security.
Analyzing this blog, you come across the wide aspects of Fintech Apps in the modern industrial sectors and the instants where the officials are lagging in assuring the security. Protecting customer information against hackers and attacks is the major concern for financial service providers.
The tips and the ways to be followed on the Fintech app development are also discussed to assure the secure environment on personal credentials. Use these ways on Fintech app development and bring the security benefits to your customers
I’m Divya, working as Digital Marketing Executive at Uplogic Technologies Pvt Ltd. Uplogic Technologies is a leading producer of mobile and web app development solutions in the market. Our primary focus is on developing android apps, iPhone/iPad apps, and cross-platform apps. Our top selling products are SpotnRides and SpotnEats and SpotnStay.