The world has adopted digital platforms with open arms. Everything now is digital and the amount of data being churned is huge. People are now trusting digital platforms. The adaptability has also grown toward financial platforms too. Total transaction value is expected to show positive growth in the USA. It is expected to grow by 14.6% by 2027. The projected increment is projected to land at $3528 billion.
Fintech is credited to blockchain technology. It has had a considerable impact on the fintech industry. A total of 40% of fintech app development services are showing a positive response towards its adoption. The industry is proving to be reliable by creating relevant, secure, and productive digital platforms to create successful business models.
Organizations are now using Fintech applications to serve their customers and users across the globe while maintaining security and safety standards. The fintech industry is taking methodical measures to create applications that are scalable.
Let’s see how fintech application development companies make sure that users’ data is secure on the platform:
How Do App Development Firms Create Secure Fintech Platforms?
Speed, security, design, and ease of navigation are some elements to take care of while developing an efficient fintech application. As you can see here, security is one of the top requirements. Fintech industry giants create avenues to gain a loyal customer base for long-term engagement via platform security.
Security is not just a necessity for fintech applications, but a definitive ticket to efficiently retain mobile app users. Here’s how experienced IT firms make it possible:
1. Secure Encryption
The encryption process helps data become more safe making the fintech application seamless and secure. Since the fintech application consists of data with multiple variables, it is imperative to look for gaps and store data temporarily.
There is a multi-step checklist to take care of varying from design to managing the encryption key all the while authenticating multiple processes using the encryption to leave no data exposed. An iOS app development company can take care of a detailed checklist for you to help develop a secure fintech platform.
2. Repeated & Thorough Testing
Every application goes through time constraints in multiple developmental processes. Many times small errors get overlooked in the process. It is important to monitor and evaluate every process closely in the developmental stage of a fintech application.
3. Customer Education
Educating your customer base against fraudulent activities is an important duty of any business. More often than not they make the mistake of downloading applications or accessing platforms from suspicious sources.
You need to raise awareness, about any fraud taking place, to your customers so that their data is safe on your fintech application. This would also help prevent any data theft and leakage. This will help you in return in creating a loyal customer base.
4. Code Security
The application code plays an important role in keeping fintech platforms secure. It works on the server or on the user’s system and helps in keeping sensitive data. Keeping this in mind, the protection of the code and the sustenance plan needs to be executed in the initial stages.
Finding gaps in security and working on them is accomplished by the mobile application development company you partner with. This can be ensured by designing well-written algorithms and monitoring the code on a day-to-day basis.
5. Backend Strengthening
It is important to keep hackers away from the servers to prevent malicious attacks. When the data is on the cloud, such attacks are very common and easy. Unauthorized people can gain very easy access to the cloud which is why it is required to test the APIs.
There is also a requirement of creating special storage to record the data to prevent data theft and leakage. By running various tests and testing the capabilities of the application, threats can be prevented.
6. Powerful Authentication
There are many chances when a hacker tries to enter the system as a user. This gives the hackers ample opportunity to breach security and steal valuable information. This is the reason why there is a requirement of creating a system that authenticates and verifies a user.
API can help by restricting all gaps by making such features and setting a 2FA mechanism for better security. This should make the user journey on your application tiresome so that the user can log in and access the features of your application effortlessly.
Why Hire An Expert Agency for Fintech App Development?
Keeping the end user informed about such fraudulent activities is your responsibility as a business owner. More than that it is important to build a platform where users feel comfortable executing their finances. If you are looking for a team for a mobile application development agency that ensures security on your Fintech platform and evolves it in the future, Zazz will lead the way.