Mobile banking is at the peak of popularity nowadays due to the current circumstances. It allows delivering rapid, convenient services with a personalized approach. More and more banks are considering the opportunity to create a banking app. However, apart from benefits, there are also some risks. While building a banking app, the security issues, data safety as well as user-friendly design should be taken into account. And sometimes, to gain the trust of a customer one needs to balance innovation and security.
Why create a banking app?
Digital transformation has also influenced the financial sector. It allows simplifying the finance management, personal and corporate budget operations as well as enables quick and easy transactions. You do not need to go to the banking institution, everything you need is in the palm of your hand on a smartphone.
According to the Allied market research, the worldwide revenue gained from mobile banking apps will reach up to USD 1,824 million by 2026. Here are the reasons why investing in mobile banking apps:
- Guarantees a wide amount of app users. 33% of respondents admit that mobile experience is the key reason why they stay with a current bank.
- Custom build banking apps guarantee a rapid return on investment. The active bank digitalization continues, thus the development of an app proves to be financially effective.
- Ability to generate user data quickly and easily, use it to send personal offerings and services, as well as to measure feedback effectively.
- Multi-featured banking apps will enable to retain the existing customers and attract new ones. The app guarantees 24/7 service availability, is less time-consuming, and offers a variety of abilities and functions.
- The popularity of advanced P2P(peer-to-peer) payment solutions continues to grow. It gains the attention of a big number of users since it ensures secure transactions.
Security and privacy issues in the banking apps
Banking apps belong to the finance sector where security and privacy are top priorities. Because of the security concern, users do not always trust their sensitive data to servers and devices, being concerned over the possibility of attacks. Here is the list of the most common vulnerabilities that banking apps undergo:
- Broken authentication;
- Confidential data leaks;
- Faulty security configurations;
- Insufficient monitoring.
The trusted banks value their clients and strive to secure the highest level of protection for customers sharing their valuable data. They take care that IT infrastructure and client software use data encryption and appropriate security protocols.
Here are some additional basic tips helping to build a secure banking app:
- Configuration of the application servers.
- Implement tools that will check the reliability of passwords.
- Multi-layered authentication. The modern banking app can be enhanced with multiple steps of authorization, decreasing the possibility of fraudulent actions. The app may include biometric or voice authentication, which has proved to be the most reliable one.
- The latest encryption technologies. These technologies help to encrypt the user’s valuable data, disabling access to it without authentication or permission.
- Advanced behavioral analytics system. It enables tracking and evaluating the normal behavior of a user for instant identification of deviations or anomalous activity.
- Real-time notifications. The app usually notifies the user that there is an attempt for authorization. One can either approve or deny access.
- Peer-to-peer secure transactions and QR code payments. The safe and easy way to conduct payment operations in the banking app. There is the highest guarantee that the money exchanges will be processed securely.
The security of the app is the key factor enhancing the users’ trust. When it comes to banking apps – it is paramount.
Develop a secure app with the unique interface
Apart from the security issues, considerable attention should be paid to the app designs. User-friendly interfaces ensure easy navigation and a pleasant experience. The focus should be on the latest trends:
- Minimalistic key functions. The banking app has the other aim, in comparison for example to the entertaining app. Thus make sure, the key functions are presented in the minimalistic, relevant, and accessible design.
- Voice assistant. An AI-enhanced feature that will considerably enhance usability and save the user time and effort.
- Quick authorization methods. The use of biometrical authorization will not only enhance the security carries but also allow instant authorization.
- Simplified transactions. Quickly manage the budget operations by entering the name of the receiver or his contact number. It enables rapid transactions with minimal effort.
- Accessibility. The design should also be accessible enough for people of all ages and possibilities.
Trust the development of a banking app to advanced professionals
The success of your future banking app depends on multiple factors. However, choosing a reliable development team is a guarantee of the app security, unique design, and all the necessary features included.
GBKSOFT is an advanced expert in mobile and web app development offering expert help in building banking apps. A trusted software development partner that focuses on security, accessibility, and the latest tech trends.
- Special focus on security. Implementation of the security testing from the preliminary stages of development.
- Regular data backups, advanced data security
- Unique UX/UI designs and easily navigable interfaces
- Utilization of agile technologies, transparency of processes
- Fast time to market to overpass the competitors and release updates within the shortest possible time