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Over the last few years, many financial institutions have been employing digitalized banking processes as part of their business model. This has proven to be a very consumer-friendly approach considering a lot of people rely on the convenience and flexibility offered by these digital products.
However, all this has also brought about an essence of skepticism linked to the security levels behind these systems. According to Finextra, on average, 30-40% of online banking users fear that their personal data will be used for illegal acts. This, therefore, presses fintech companies to leverage their security measures and establish an adequate balance between that and their innovations.
Let’s talk about mobile apps..
The mobile development lifecycle should ensure that security is implemented at every stage of product development so as to eliminate any potential hazards before the product is even launched.
Some common security errors in fintech apps include broken authentication, confidential data disclosure, incorrect security configuration and insufficient monitoring.
However, there is a lot that can be done to prevent these errors from emerging. Some solutions include multi-factor authentication; meaning that the app would require the user to go through various steps of signing in rather than solely relying on one pin code for instance. Whether it be fingerprint scanning, SMS or facial recognition, these extra layers add more of a safety net and make it more complex for hackers to obtain personal information.
When it comes to user monitoring, user behaviour analytics can be employed to detect patterns of user behaviour and track statistics such as user location and speed of entering data. This would give space to relevant and real-time text notifications about unusual activity from the user’s account.
The integration of digital signature technologies into the mobile app also provides a level of security, particularly during the transaction process. These are mathematical techniques that ensure the authenticity, integrity and nonrepudiation of a message, making them as significant as ink on paper signatures.
Auto log-off is another functional tool playing a role in enhancing the security level of online banking apps. This would simply log the user out of their account after certain seconds of inactivity are detected, setting a limit to any potential collection of details from the hacker’s side.
Alongside these measures, it should also be the norm for these banks to notify clients regularly of any general activity happening from their account, whether it be deemed suspicious or not. This can refer to transfers, cash withdrawals, and any other activities undertaken from their account.
In conclusion, security is paramount in the field of banking. Heavy loads of personal information are continuously being received and contained through these systems and users should not even dare to imagine any privacy breaches. Having proper security onboard makes room for trust and reliability and in spite of the costs associated with the development of such installations, the reward of a stable customer relationship deems far greater. Providing a smooth customer experience should be kept at the forefront of any business plan, keeping in mind its direct link to a successfully flourished business.