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:
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).
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.
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:
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.
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.
How did you find the article? Let us know in the comments section below.