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Mobile banking app development

Top Security Features for Mobile Banking App Development

In the modern world, the development of Mobile Banking app development is considered to be a vital factor for any organization that is interested in offering their customers efficient services. However, mobile banking has its downside since it is more prone to cyber threats and data breaches. Security measures should be well implemented to safeguard users’ financial data and make them confident in using the application. This article discusses the most important security features that must be implemented while developing a mobile banking app.

What is Mobile Banking app Development?

Mobile banking app development means the process of designing and developing applications that enable the customers of financial organizations to perform banking transactions through their portable devices like mobile phones, tablets etc. These apps allow users to have easy, safe and immediate control of their bank accounts, where they can perform operations, check balances, transfer funds, pay bills and much more, from any location.

Top Security Features of Mobile Banking Apps

The mobile banking applications have become strategic products through which the banking institutions can easily offer services to their customers. The key considerations when developing an effective mobile banking application are the features that would improve user experience, security, and financial tools available. Here are the key features that should be included in a mobile banking app:

1. User Authentication and Security

  • Multi-Factor Authentication (MFA): This adds an extra layer of security since the user has to prove his or her identity through two or more means using passwords, OTPs, and biometrics.
  • Biometric Authentication: It employs fingerprint or facial recognition to enable users to log in within a short time and securely.
  • End-to-End Encryption: Secures all information exchange between the app and the bank’s server so that no data breach occurs.
  • Secure Session Management: Has features such as time-out of the session, and automatic log out of the application, if left idle for some time, to avoid compromise.

2. Account Management

  • Account Overview: Provides an overall view of the account balances, recent transactions and summary.
  • Transaction History: Enables users to get more comprehensive information on the transaction history, the date the transaction was made, the amount charged, and the merchant.
  • Multiple Account Support: Allows the users to operate more than one account from the same application.

3. Fund Transfers

  • Internal Transfers: Enables users to move money from one account to another with the same bank.
  • External Transfers: Manages cross border transfers as well as interbank transfers within the country and to other countries.
  • Peer-to-Peer (P2P) Payments: Enables users to transfer money to a friend or a relative through their phone number, email or ID number.
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4. Bill Payments

  • Utility Bill Payments: Allows users to purchase utilities like electricity, water, and even internet from the same application.
  • Credit Card Payments: Enables users to make payment for their credit card bills with ease.
  • Scheduled Payments: Allows users to make repeated payments for those bills which are paid on a regular basis so as to avoid missing any payments.

5. Mobile Check Deposit

  • Remote Check Deposit: Enables users to deposit checks through a smartphone camera by capturing the image of the check front and back.

6. Real-Time Alerts and Notifications

  • Transaction Alerts: Provides real-time alerts concerning the transactions that include deposits, withdrawals, and purchases.
  • Security Alerts: Alerts users about any unusual activity or login from unknown devices.
  • Reminders: Sends notifications on due bills or low balance on an account.

7. Personal Finance Management (PFM) Tools

  • Budgeting Tools: Assists users to make and monitor budgets for different spending categories.
  • Spending Analysis: Helps to understand spending tendencies by dividing the transactions into categories and creating graphs and charts.
  • Savings Goals: Enables the user to track and achieve savings for certain predetermined financial objectives.

8. Customer Support

  • Chat Support: Provides immediate support through the live chat or chatbot options.
  • Call Support: Allows customers to speak to a representative immediately through the phone.
  • FAQs and Help Center: Has an extensive Frequently Asked Questions section and tutorials for many problems.

9. Card Management

  • Card Activation/Deactivation: Allows users to easily switch on or off their debit or credit card from the application.
  • Card Limit Settings: Enables users to create spending restrictions on their cards to ensure they are secure and safe to use.
  • Card Locking: Allows the users to freeze their cards in the event that they are lost or stolen.

10. Location-Based Services

  • Branch/ATM Locator: It assists the users in locating other branches and ATM’s close to them through GPS.
  • Geo-Fencing Alerts: It provides notifications on the basis of the current location of the user like offers on the nearby associated stores.

11. Investment and Loan Management

  • Investment Tracking: Enables users to track their investment portfolios such as shares, mutual funds and other securities.
  • Loan Management: Allows users to access their loan information, check the repayment plan, and pay an amount towards their loan.
  • Integrated Trading Platforms: Offers an option for trading in stocks or managing an investment portfolio right from the application.

12. Personalization

  • Customizable Dashboard: Enables users to arrange the app interface by widgets, favourite options, and account display options.
  • Personalized Offers: It offers specific discounts and special offers to the user according to his/her spending pattern and choice.

13. QR Code Payments

  • Scan and Pay: Allows for payments to be made through a QR code, which is common with in-store and P2P purchases.

14. Voice Commands and Chatbots

  • Voice Assistants: Connects with voice assistants like Siri or Google assistant to allow the users to perform banking activities through voice.
  • AI-Powered Chatbots: Provides self-service for frequently asked questions and routine business transactions.

15. Regulatory Compliance

  • KYC (Know Your Customer): Assists in the collection and validation of user identity documents as may be demanded by the relevant authorities.
  • Anti-Money Laundering (AML): It is also responsible for monitoring and reporting activities that are suspicious in compliance with anti-money laundering laws.
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How to protect mobile banking apps on phone

  • Use Strong Passwords and Biometrics: Use strong passwords for your accounts and unlock the biometric features such as fingerprint or facial recognition.
  • Enable Two-Factor Authentication (2FA): Enhances security since you have to enter a code that is sent to your phone before entering your password.
  • Keep Your App Updated: It is also important to update your banking app and phone’s operating system to avoid exposing yourself to such weaknesses.
  • Avoid Public Wi-Fi: This is because the banking app can be accessed from insecure public Wi-Fi, which puts you at risk of cyber threats.
  • Download Apps from Trusted Sources: Only download banking apps from official app stores and ensure that the developer is genuine.
  • Monitor Account Activity: Always monitor your account statements for any signs of fraudulent activities and contact the service provider immediately if there is any.

Mobile banking apps security requirements

  • Developing a secure mobile banking app involves several key requirements:
  • Data Encryption: Any data that is considered personal must be encrypted when in transit and when stored on the system.
  • Secure Authentication Mechanisms: Use of multi-factor authentication, biometrics, and secure session management are some of the measures that should be put in place.
  • Code Obfuscation: Prevent the app’s source code from being accessed or modified by unauthorized users by using code obscuring methods.
  • Regular Security Audits: It recommended to perform security audits and vulnerability checks at least once in a while to address possible security issues.
  • Compliance with Regulations: Make sure that the app complies with the industry standards and legal requirements such as PCI DSS, GDPR, and others for banking and finance.
  • User Session Management: Use secure user sessions with the option of automatic logout to ensure that unauthorized persons do not access the system.

Benefits of Mobile Banking App Development

  • Investing in mobile banking app development offers several advantages for both banks and customers:
  • Convenience and Accessibility: Customers can transact at any one time without necessarily having to walk into a banking hall.
  • Enhanced Customer Engagement: Mobile applications provide various services, notifications and alerts to customers and enhance their interaction and satisfaction level.
  • Cost Efficiency: Saves on space and infrastructure needed for establishing branches and other facilities, thereby cutting on operational expenses of the banks.
  • Increased Security: Current applications incorporate biometric and encryption to ensure that users have a safe banking platform.
  • Competitive Advantage: The development of a user-friendly and rich in features application allows the banks to attract and maintain the interest of technology-oriented consumers in a highly competitive environment.

How to choose Mobile Banking app development company

  • Choosing the right development partner for your mobile banking app is important for a secure and efficient product. Here’s what to consider:
  • Experience and Expertise: Choose only companies which have prior experience in banking and finance app development. Look into their portfolio to see if they have done similar work in the past.
  • Security Focus: Select a company that is committed to security and has a good record of following secure software development principles.
  • Regulatory Compliance: Make sure the company knows and complies with the rules of the financial industry like PCI DSS or GDPR.
  • Client Testimonials and Reviews: Check previous client’s feedback on the company and how they were informed, and if they were followed up after the launch.
  • Development Process: Choose a company that is clear with its development process and engages you in the process regularly.

Last Words

As the world continues to go digital, it is critical to have a safe and efficient mobile banking app for customers and the company’s needs. This way, you will be able to secure your banking application and find the right development partner for the project. 

Are you in a position to have more sophisticated banking services? Contact Creatah Software Technologies today to discuss your Mobile Banking app development project and get an estimate of the job to be done to make your dream come through.

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Author

Kaira

I'm Kaira, a copywriter and article writer at Creatah Software Technologies. I'm passionate about crafting compelling content that resonates with audiences and drives results.