Banks, accounting, and financial firms in the fintech industry often face severe challenges when it comes to online security. According to a study, cyber crooks steal around $575 billion every year. While that study covered incidents involving both traditional websites and mobile apps, the potential for the app’s security vulnerability exploitation is now well-known. Therefore, building an effective financial mobile app development strategy has become a hot topic, especially because it relates to several security issues.
Your financial app development strategy should combine advanced encryption and robust security measures with features that help gain user trust. To create an effective strategy, you need to take help from a mobile app development company that has rich experience in delivering secure financial mobile app development services.
1. Build User Trust
Security is the most important aspect of your financial mobile app development strategy as these apps deal with large sensitive financial and personal data.
When building a financial mobile application, you must consider your end-users perception of app security and privacy. You need to focus on implementing high-end security features that will keep your user data safe and secure.
You can only achieve user trust and loyalty until they are reassured that their personal information and financial details will remain confidential and protected.
There are several security measures that you can implement to establish user trust. Some of them include:
Two-factor authentication when users login to the app
Add descriptive text to your loading app screens. For e.g. “Encrypting and Sending Data…” with a progress bar.
Also, describe security features in the app description, your app’s website, and marketing materials.
All these elements can establish user trust for financial mobile apps.
2. Prioritize End-to-End Data Encryption
When planning the financial mobile app development strategy, you must consider all phases of the data life cycle. Focus on protecting your data when it is transmitted and stored, whether it is on your private servers or the user’s device.
Data encryption is the process of converting raw data into an encoded format. Data stored in this format are unreadable and cannot be used by anyone who wants to intercept or access that data.
You can encrypt data when it is being transmitted from points A to B using SSL technology. However, additional security measures need to be implemented to ensure that the data is stored in an encrypted format.
While many mobile apps keep data on the user’s device, other data is stored in a dedicated server or cloud hosting solution.
You will need to hire mobile app developers to ensure your users’ data security and privacy during all phases of this process. Developers can integrate robust security features such as 4096-bit SSL technology, which is the most advanced level of SSL encryption that is available currently.
3. Hold Compliance with Privacy and Data-handling Regulations
Several laws and regulations have emerged that govern how sensitive data and personal information is handled and stored digitally. If you’re entering the US market, you must abide by the rules of the European Union’s General Data Protection Regulations (GDPR). This regulation affects any company that deals with residents of the EU.
If an American bank does not adhere to the stringent GDPR, it needs to pay a fine of up to 20 million Euros, or 4% of the company’s global revenue, whichever is larger.
The GDPR imposes regulations on data collection, storage, processing, and monitoring. Therefore, companies delivering financial mobile app development services must meet the GDPR guideline. They should also ensure that the app allows users across the EU to exercise their rights. Some of these rights include the right to access and modify data, the right to data breach notification, the “right to be forgotten,” etc.
When your app holds compliance with the GDPR, it is most likely to adhere to the state and federal laws that impact financial mobile app development strategy.
4. Use Robust Security and Mobile Technology
You should select robust security and mobile technology before commencing the development process. When it comes to building financial mobile apps, you must go with the native app development approach.
Whether you choose iPhone app development or Android app development, it is important that you partner with a reliable mobile app development company. They will follow an agile and systematic approach to development that will ultimately cut down your development costs and time frame.
Moreover, they can build a fully customized financial app that is tailored according to your needs leveraging the latest security and mobile technologies.
In Conclusion
Financial app development is undeniably a complex and time-taking process. With an effective financial mobile app development strategy, you can make your app a great success. You can add advanced security features and reduce the development time by 30 to 40 percent approximately.
If you’re ready to build your financial mobile app, you may hire mobile app developers to get started with the development process.