Steps to Consider While Building a Banking Mobile Application
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Steps to Consider While Building a Banking Mobile Application

Shivam Srivastav
By Shivam Srivastav| Friday, July 8, 2016 12:38 PM |6 min read
Banking App

Mobility is everything in the digital era. As the technology is evolving over the years, we are getting tangled up with them. The Indian mobile internet users is set to reach 314 million users by 2017 and it will continue increasing. The users prefer opening any site on their mobile phone rather opening on their desktops.

These days banking app are also getting popularity and there is a great opportunity for entrepreneurs. Here are some steps you should follow before building a mobile banking app:

  • Opportunity
    Mobile phones and tablets are one of the medium through which people connect to the internet. Due to this reason the Mobile Banking has grown along with this trend. A study from 2014 found that mobile deposits had multiplied by a factor of 5 in the space of 3 years (2011-2014).
  • Issues
    All the big, regional banks have their own mobile app, but many of them fail to meet the expectations. These include poor user interface, buggy app which leads to drop offs and inactive users but most important factor is security which leads to putting customers at risk.
  • Solution
    It is not that difficult to improve the app or remodel it. We have the resources to build an exciting user friendly and secure banking app and it will not cost you million dollars.

Let’s talk about the big issues and the steps which can be taken to develop a secure Banking App:

  • MiTM
    It Stands for “Man In the Middle Attacks”. It means when a third party intercepts  communication between two parties. So when communication is intercepted by a third party between user and financial institution then the third party can alter the communication as per their needs.
    The best way to prevent this is to utilize an SSL Certificate. SSL blocks the third party from intercepting, so the communication will remain secured.
  • Security
    Many apps store information such as account number and transaction history in their logs. This makes the app vulnerable to be attacked by programs loaded into user’s device. To stop this use, native API that encrypts all banking data are stored on the device.

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Shivam Srivastav
About The Author

Shivam Srivastav is the Marcom Manager at Appinventiv. He is a dynamic marketing strategist who believes in transforming technology in ways that are digestible to the end users. Shivam plans strategies to cross the technical corporate speak and reach the masses in a language that they can relate to - value, knowledge, and solutions. In order to reach the masses of untapped potential, he keeps himself well read on the issues that small and mid-cap organizations face and what they need when in the marketing funnel.

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