Even though customers are satisfied with their mobile banking apps, not everyone uses them. The conversion rate for m banking app is lower than expected.
One of the main reasons could be the Mobile Banking Security concerns most people have.
Almost every industry today is getting changed through the power of digitalization, and the banking industry is certainly not lagging behind.
Customers demand innovative ways to communicate with their financial institutions, so banks are pushing ahead with their digitalization plans and looking to enhance customer experience through mobile app development.
Customers today want versatility and freedom to perform transactions at any time regardless of the device and place they use.
Thus, for the finance sector to develop solutions centered on customers holds great significance. They need to provide services that are smooth, safe and reliable.
THE PROBLEM IN MOBILE BANKING SECURITY
Many of the leading financial organizations in the world are adopting strategies of Mobile First to optimize the platform that is ever-changing and has transformed banking and become the course of choice for most customers.
Even though mobile banking presents exciting opportunities, it also expands the limits of the possible threats, therefore stretching the attack probabilities dramatically and becoming a looming danger to the digitalization revolution.
For cybercrimes, applications are a chosen target. In fact, 80% of breaches that successfully attack the application are more dangerous.
And with the way, mobile channels are growing and user demand for access to service regardless of time and place is expanding, most mobile app development company are stretching the limits of safety and putting users in the middle of malicious threats.
Here’s something to consider: 60% of the attacks on mobiles actually targets financial data on devices and 95% of apps tested showed one vulnerability.
However, there are many ways to provide solutions to this problem. Using these solutions, the challenge of Mobile Banking Security can be overcome by banks.
TIPS TO IMPROVE MOBILE BANKING APPLICATION SECURITY
In reality, despite the familiarity and ease of mobile usage, mobile banking apps development is not easy. To optimize the intense potential and incorporate it seamlessly into organization infrastructure is a challenge filled with many issues.
Every online transaction involves several safe layers of data and has to support various platforms.
So, whether you are working on android app development or iOS app development, you have to ensure your app supports every device, every platform.
To meet those challenges, and provide solutions, here are 14 steps for ensuring a safe and easy experience with Mobile Banking Security:
1. ADOPTING CLOUD-BASED SERVICES
Cloud computing has been here for some time and organizations who adopted it have gained a competitive edge and other important gains like security.
The cloud can benefits banks by providing services such as quick delivery of services, maximum run time and availability, error correction efficiency, lesser cost and maintenance, high adaptability and amazing versatility.
Banks can even manage their patch operations easily and launch it through their app development process.
However, it is crucial to measure the size of your operations or credit union first before deciding to move to the cloud.
To make sure vigilance and safety are in place, banks mostly prefer for on-site servers and not off-site servers like other organizations from other industries do.
2. SIM CARDS EMBEDDED WITH NFC
You cannot force this option on every one of your customers, but you can suggest it highly. A SIM card embedded with NFC is a SIM card that lets customers to safely download their credit card data within their Near Field Communication SIM card.
This option is for protection of their account data overall and not just by carrying their card and not using it, it lessens the risks of compromising their credit card data and potentially providing access to the app.
3. QUICK, SEAMLESS AND SAFE AUTHENTICATION PROCESS
Customers want solutions that enable secure, easy and fast mobile banking experiences. They want to enjoy services, transact and communicate with their finances using the power of their mobile phones or other devices.
The best way to make sure both convenience and safety are there in place is to build a process of member authentication that is created with several layers but has simple steps.
Thus, financial organizations and banks can keep a system that needs customers to enter their login ID using easy PINS or biometric IDs instead of passwords that are easy to forget.
This method, if put in place perfectly through careful app development can result in quick, reliable and frictionless authentication.
4. END-TO-END ENCRYPTION
Several entities like merchants, cards, card brands and issuing banks have important roles to play in digital transactions. So much of sensitive data worth billions are exchanged every year.
Thank this, online transactions are a hotspot for cybercriminals. End-to-End encryption is an answer to this huge threat as it makes sure that information is secure and sound.
It orchestrates safety audits and infiltration tests which takes the safety measures to an extra level.
5. PAPERLESS BANKING
With digital experiences that are exclusive, institutions can change many of their processes into paperless services such as the one that needs customers to start a bank account.
Not only does this reduce the use of paper, but it also has a competitive edge and provides savings by sweeping transactions onto the digital platform.
For complicated transactions to go online, financial organizations need a robust mobile app solution that replaces paper effectively and covers its automatic capabilities during transactions.
All this includes digital form attachment, account openings, written documentation and signatures, account data updates, payments and more.
Using digital platforms help in improving transparency and efficiency as all the files are in digital shapes and its access is now fast and easy.
The introduction of fingerprinting into devices adds another layer of safety in mobile banking apps. It gains various collections of signals such as browser, IP address, screen size, location, time, device type, location and so on.
It is best to hire a mobile development company who can develop an app which will have this feature or anything that is compatible with fingerprint devices.
7. DEPENDABLE ACCESS
The online transactions that your banking app enables should be made convenient for every kind of users.
Users with disabilities like visual impairment, hearing issues or cognitive problems must be able to access and change data through online transaction modes.
To approach this point, it needs experts in mobile app development to be involved. It needs testers and veterans in the development sector who know how to use special tools and modern methods to ensure user-friendly features with optimal safety.
8. REAL-TIME ALERTS VIA TEXTS AND EMAILS
We can safely assume that if a customer is using mobile banking, they have access to their phones, thus, they have access to their texts and emails.
By sending a real-time, fast alert via text or email to notify customers of activity on their accounts could easily avoid frauds. For instance, some banking apps let you know if more than the specified amount is credited from your account.
These notifications can easily allow you to know if your account is under attack.
9. CLEVER OMNI-CHANNEL BANKING
It does not mean that when banks go digital they need to shut down all conventional practices. For several reasons, not every bank customer will switch to digital entirely.
To attract the interest of whole demographics and stay functional in a competitive market, you need to focus on more than just mobile app development and establish a way with which you can deliver excellent user experience across every channel and not just on mobile.
However, it is important to offer an equally enjoyable experience without any friction. To ensure this, the processes of authorization and authentication have to be synced for every customer touch point to accomplish automatic, simple and unified transactions.
10. APPLY BEHAVIOR ANALYSIS
There are many software systems now available that monitor and evaluate the location of the login and the online activity of users.
Due to this technology, your app can flag unusual behavior for future investigation. Further evaluation could be a text or email alert to the user letting them know of the suspicious activity, or the back will call regarding investigating this activity.
11. SOPHISTICATED CUSTOMER PROTECTION
Mobile application development companies have a new challenge with the increasing use of mobile devices for online banking.
To support the competitive landscape, the development layers must be developed with the highest level of security.
Previously, malware in the Bankbot Android banking app had caused major consequences for banks across Germany, Netherland, the US, France, and Austria.
Such malware penetrates into user data by building a secret window via loose safety regulations.
You can improve app safety with stronger protectors like Runtime Application Self-Protection and other non-breachable protocols.
This decreases the vulnerability against dangerous attacks and ensures the backend system remains unbreakable as users use their apps on devices with lesser standards of safety.
12. SECURE DOCUMENTATION
When developing a powerful and versatile digital signature platform, keep in mind to support every kind of business processes that can operate over multi-channels such as call center, e-commerce stores, and retail branches among others.
Enhanced mobile app development methods can provide much of the documentation on platforms, enable financial institutions to integrate its advantages in customer experience.
From efficiency compliance to cost leverage and productivity, mobile banking apps can offer a lot to banks and credit companies.
13. USER ONBOARDING SERVICES CENTERED ON MOBILE
Due to the rising popularity of using mobile apps for the least of all transaction operations, banks are more forward in adopting digitization to enhance the banking experience for their customers.
Due to this reason, new customers are asked to go mobile and take their banking on their personal mobile service platform.
Thanks to the transformed mobile app development technology, the financial sector now motivates user on-boarding centered on mobile users where customers enjoy opportunities of rewards when they accept mobile banking from the starting.
Customers can trust such online transactions thanks to the highly regulated digital payment and multi-layered process of authentication for data access.
14. UPDATE PROCESSES AND POLICIES
The overall experience of the customer is more important than you think in what you offer in your M banking app.
The Principal Analyst at Altimeter Group, Brian Solis, suggested that financial institutions need unconventional, hyper-linked experiences that duplicate the approachable world of Instagram and Tinder.
He said, “It’s not just digital innovation or transformation, it’s also about re-inventing dated policies, processes, and products for new and more discerning generations of connected consumers.
UX design strategies and principles and human-centered design belong in the C-Suite now more than ever.” This implies that mobile app development for financial organizations should concentrate on updating customer service ways to insert ease and accessibility.
While mobile apps have made banking easier for people, there is the risk of cybercriminals comprising information resulting in chaotic situations.
So, the key is to put these online measures of safety carefully. The methods which we mention here can help you greatly to fight the ways where traditional methods fail and to make your app more secure.
So, the next step consists of you getting in touch with a mobile app development company and asking about the cost of implementing safety features in your app.
This article is originally published on 21Twelve Interactive’s Blog Page.