Mobile banking has been a disruptive force in the banking industry. They have brought convenience and ease in carrying out banking transactions.
People appreciate this convenience, so much so that a survey conducted by Business Insider showed that 97% of millennials use mobile banking. Not just the millennials, the survey also showed that older generations are also in love with mobile banking applications.
The primary reason why people use mobile banking applications is the sense of control over their finances that these apps provide. Just by swiping fingers on their mobile phones, people can check their finances, pay bills, gain financial insights, and avail themselves of many other services. This level of convenience is making banking apps popular. Mobile banking apps are the most downloaded applications that are preceded only by social media and weather apps.
The same sense of control the banking apps provide also raises the question, how secure the apps are. Cybercriminals are always lurking to sniff out vulnerabilities in an app and siphon off money. It is why, as a responsible mobile banking application development company in Noida, we suggest our clients think of security first.
Here Are Some Ways How You Can Create A Secure Mobile Banking Application
Many banking apps store users ’ important information on the device’s internal storage. In general, this data is stored as plain text on the device, putting it at the risk of being misused by cybercriminals.
The way forward is to secure sensitive information by encrypting the data. Use algorithms in the app that will automatically encrypt the data and store it securely in internal storage.
A secure mobile banking app provides users with strong authentication. Without such security measures, malware can access sensitive data.
Putting in place a single authentication method is a common practice among Mobile App Developers. Instead, include a two-factor authentication method for better security. Also, you can enhance the app’s security feature by including a server-side authentication option.
Most modern mobile devices come with in-built security features. Face scanners, fingerprint IDs, voice access, etc., offer some of the highest security features. Use these permission systems to enhance the app’s security.
Android or iOS, each platform has specific security practices for mobile interface and server-side operations. Implement them.
One way or the other, mobile apps communicate with external sources like servers, bluetooth devices, etc. This communication is unavoidable.
Without proper protective measures, the communication channels are vulnerable to data leaks. And with a banking app, one cannot risk having weak links. Thus, making the app’s external communication secure must be a priority. Use appropriate communication security tools and encrypted communication technology to secure the app.
Code quality is of utmost importance in a secure mobile banking app. One measures code quality by analyzing the pattern usage, coding style consistency, proper layering, etc. Any variations in these parameters will lead to poor code quality, thereby making the app vulnerable to cyber attacks. It is why you should ensure that robust code quality is maintained.
Developers often create shortcuts or backdoors to access an app’s hidden functionalities. These are created to make the development process easier. But sometimes, some of these hidden functionalities are left behind even after making the app live. These hidden functionalities make a banking app vulnerable.
Thorough testing of the app will help weed out these hidden functionalities.
The Take Away
As much as people love using a mobile banking application, they worry about an app’s security. Banking applications that give priority to security are well-received. Thus, more than the features, keep app security on the top of the list while developing the app.
If you are looking to develop a secure mobile banking app, CHL Softech is here to help. We are an App Development Company in Noida with over a decade of app development experience. We have the expertise and necessary resources to build secure banking apps. Feel free to contact us and know more about our mobile banking app development services.