Boost your Fintech App Security

Digital wallets, wireless payments, and the more recent cryptocurrency seem to be getting Fintech to the core of transactions. If you have not adopted these payment methods into your eCommerce stores, then you need to rethink the transactions and transform your customer engagement processes. 

Finance Technology is aimed at improvising the financial services, and redefine how the users conducted transactions. It reinvented the interaction with traditional financial services, which will eventually improve 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, then you ought to adopt Fintech, as it allows you to scale your business globally. Your user could be from anywhere in the world, and they can easily purchase products/services from you, thus giving your revenue system a boost
  • 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 important for you to opt for Fintech if you want to integrate online banking and app banking to your business
  • With Fintech, you can introduce a new kind of 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 engaging solutions. App analytics are easy to read and monitor with the Fintech solutions.

Fintech has a certain demand, and you ought to match it with your solutions. Personalization is indeed 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 interesting for the customer groups you have classified.

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

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

We have curated a few tips that would help you build a successful and secure Fintech app solution.

1. Integrate a Solid Authentication System

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

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

2. Work on Encryption Policy

When transactions are being conducted via mobile apps, you will see that there is a whole load of data being exchanged. In some cases, the data is also stored on mobile apps temporarily. Slight tampering of the data can lead to a leak, which can be harmful to 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 storage of data does not affect any part of the data exchange.

3. Authorization and Defining the Roles

When you are developing the Fintech app solution, you need to be careful about the authorization part. There are only a few things that the user can view when signed in. there are a few things the admin can view, and a few things that 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 properly.

4. Security Code Systems for Certain Transactions

There are certain transactions that 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 not only ensure secure transfer of data but also make sure that the person transacting actually wants to complete it. To code these transactions, you should introduce well-written codes and algorithms, which will maximize security.

5. Complex Passwords is a Must

When a person is setting passwords for the transaction as well as logging into the system, make sure you get them to set a complex password. It should not be as simple as 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 of them have been solved as there is no clue where the threats came from. That’s why when you are building a fintech application, make sure you log every minute detail. From the sign-in to all the activities should be logged 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 important to have a strong and secure backend if you want to have successful and safe transactions with your banking app. That’s why you need to invest in good technical support as well as safe and secure servers that can handle the data load, and manage the privacy needs. You should always use servers that can be scaled with ease so that you can update or fix the system with minimal issues to privacy.

8. Include Digital Signatures

Frauds occur when your Fintech solution is being used on the different eCommerce, retail and other websites. You will need to build strong digitized documentation and include digital signatures as well if you want to enhance the security of the solution. the documentation will also offer huge benefits to the stores and sites that are planning to incorporate your Fintech solution.
Include Digital Signatures

9. Manage & Maintain the Server

As we have already mentioned that the server is important to both coding and managing the logging of the data, it is important to manage and maintain the server. Don’t add any apps or solutions to the server, as it will hamper the defense mechanism of the server. Apart from that, you 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, it is clearly important that you test your solutions before launching it to the market. If your solution has not incorporated local data storage methods or, is fighting hard with server patch updates, then you ought to clear it at the testing stage.

It is important you know the kind of solution you are looking for, have your requirements ready and have someone who has in-depth knowledge of the finance industry to work on your app requirements.

Author Bio:

Happy Patel is a digital marketing executive at Space-O technologies an iPhone app development company. She loves to write informative articles and share her knowledge through content marketing. She is an avid reader and likes to read about the latest trends and news in the mobile app industry.