Boost your Fintech App Security

Digital wallets, wireless payments, and recent cryptocurrency are bringing Fintech to the core of transactions. If you have not adopted these payment methods into your eCommerce stores, you must rethink the transactions and transform your customer engagement processes. 

Finance Technology aims to improve financial services and redefine how users conduct transactions. It reinvented the interaction with traditional financial services, eventually improving the operations and delivery of the services.

  • Here are a few benefits associated with Fintech services that interest the users within this domain.
  • If you have emerged on the digital landscape, you should adopt Fintech, as it allows you to scale your business globally. Your users could be from anywhere in the world, and they can easily purchase products/services from you, thus boosting your revenue system.
  • Online banking has become more than a necessity as it adds convenience to the end-users of the finance industry. As a result, it has become vital for you to opt for Fintech if you want to integrate online banking and app banking into your business.
  • With Fintech, you can introduce new usability to your mobile apps and digital transactions. As a result, you can simplify the user experience and ensure successful digital transactions.
What is your user most engaged with, and what do they like most about being involved with your Fintech solution? You will know the answer to this, which will help increase the user experience and even offer better and more engaging solutions. App analytics are easy to read and monitor with the Fintech solutions.

Fintech has a specific demand, and you should match it with your solutions. Personalization is the key to getting more people on board and ensuring a good relationship with your customers. You need to make the app solutions engaging, less time-consuming, and enjoyable for the customer groups you have classified.

It is possible to integrate the latest technologies, such as Blockchain and AI, into your Fintech solution, as a result of which money management, transaction tracking, and even money-saving have become more accessible for financial institutions and end-users.

Considering the whole of Fintech depends mainly on money and the resources pooled in from banks and financial institutions, you must build a secure gateway. The transactions should be such that the data is not vulnerable to attacks, and people are not losing their money or the data as a result.

We have curated some tips to help you build a successful and secure Fintech app solution.

1. Integrate a Solid Authentication System

When the user signs up or plans on using the app solution in the future, there should be an authentication system that will authorize the sign-in. You could use one-time passwords, fingerprints, or other biometric sign-ups and passwords to authenticate the sign-in.

If you have introduced an authentication process, ensure the API does not allow the user to check any details without the authentication. You can introduce two-factor authentication, which keeps the whole channel secure and the data safe. However, you must ensure it is easy and less time-consuming, as people will access it on small devices.

2. Work on Encryption Policy

When transactions are conducted via mobile apps, you will see a whole load of data being exchanged. In some cases, the data is also stored on mobile apps temporarily. Slight data tampering can lead to a leak, harming your app's reputation.

You should encrypt the mobile app completely. Check for all the possible leaks and gaps, and ensure you have added security at all levels. If you want, introduce encryption keys to the app so that even the temporary data storage does not affect any part of the data exchange.

3. Authorization and Defining the Roles

When developing the Fintech app solution, you need to be careful about the authorization part. The user can view only a few things when signed in. There are a few things the admin can view and a few things the employee at the bank can view. You need to factor this in as well with the app development. As a result, you will see that people won't be able to view parts of the app that are not meant for them, and it will eventually protect your data and process transactions adequately.

4. Security Code Systems for Certain Transactions

Certain transactions are not necessarily made by you, and in some cases, especially when you lose your card or some key authentication, you will not even be making those transactions.

With the security code entering the system, you will ensure the secure data transfer and that the person transacting actually wants to complete it. To code these transactions, you should introduce well-written codes and algorithms to maximize security.

5. Complex Passwords is a Must

When a person is setting passwords for the transaction and logging into the system, ensure you get them to specify a complex password. It should be more complex than your birth date or something that identifies with you; ask them to include special characters to make hacking impossible.

The algorithm for passwords should be such that you force the user to change their passwords once every three months.

6. Logging all Activities for Increased Security

There have been cases of fraudulent activities, but none have been solved, as there is no clue where the threats came from. That's why when building a fintech application, ensure you log every minute detail. All the activities should be logged in from the sign-in, and the data should be accessible for the people within the banks to view. It will give an insight into who did it and how to tackle the situation. In fact, knowing the root cause and identifying a potential solution comes easy.

7. Secure the Backend

It is essential to have a robust and secure backend if you want to have successful and safe transactions with your banking app. That's why you must invest in good technical support and safe and secure servers that can handle the data load and manage the privacy needs. You should always use servers that can be scaled easily to update or fix the system with minimal privacy issues.

8. Include Digital Signatures

Frauds occur when your Fintech solution is used on different eCommerce, retail, and other websites. You must build digitized solid documentation and include digital signatures to enhance the solution's security. The documentation will also benefit the stores and sites planning to incorporate your Fintech solution.
Include Digital Signatures

9. Manage & Maintain the Server

As we have already mentioned, the server is essential to both coding and managing the logging of the data; it is necessary to operate and maintain the server. Don't add any apps or solutions to the server, as it will hamper the defense mechanism of the server. You also need to regularly update, patch, and maintain the server.

Summing up

These 9 tips added to your checklist when creating the Fintech solution will boost the security of your app. However, you must test your solutions before launching them on the market. If your solution has not incorporated local data storage methods or is fighting hard with server patch updates, you should clear it at the testing stage.

You must know the kind of solution you are looking for, have your requirements ready, and have someone with in-depth knowledge of the finance industry to work on your app requirements.