FinTech solutions offer better ways for people to manage their finances, so this change is for the better.
In this overview, we’ll reveal the key technology opportunities and share our experience on how to build secure FinTech applications.
Companies choose to build FinTech app solutions to simplify and increase the effectiveness of financial operations with a diversified set of high-tech solutions.
Currently, the secure FinTech industry encapsulates the set of various technologies, including payment processing, digital wallets, and lending services.
In addition to providing functionality for managing sensitive information, these automation tools have improved the efficiency of business processes. These benefits extend far beyond traditional banking.
As the leading trends in Fintech application development, artificial intelligence, blockchain, gamification, bots, and voice technologies shape the future of innovation. All of them possess the power to reinforce your business performance and customer experience even more.
These days, FinTech applications are very popular and serve the financial needs of various industries, including banks, insurance, and eCommerce.
Bank of America decided to build a FinTech app to enable mobile banking for their clients. Serving as a virtual financial assistant, this mobile solution has a diversified set of features:
All-in-all, this solution facilitates everyday banking and provides personalized and proactive insights to support financial activity.
As an eCommerce platform, Shopify adopts FinTech instruments to ensure safe payment processing in the system. This company is a striking representative of non-financial players that start offering financial services without leaving their industry. The term that represents this trend is “embedded finance.“
In essence, Shopify provides infrastructure for other eCommerce companies, including in-built FinTech solutions for trading. In particular, the platform has Facebook Shop integration and provides instalment payments to clients who buy for the price between $50 and $1,000.
This way, the ability to offer secure and efficient financial services with FinTech tools generates profits and creates revenue growth for the company.
The FinTech app offers instant access to a variety of insurance services. The set of features includes claims, giveback, and policy 2.0. Through AI-powered claim management, claims can be filed quickly and easily. To submit a claim, you only need to press the “Claims” button, tell the app what happened, and let AI run its anti-fraud algorithms to instantly approve it or send it to the team.
Giveback is a service that lets customers choose a nonprofit organization to care for and send unclaimed money that is left. All you need is to sign Lemonade Policy, a radically simplified, modernized, and digitized insurance policy.
Normally, the FinTech application development process consists of these stages:
In the FinTech app building process, it’s important to make wise decisions and consider all the opportunities in each development stage.
For example, the ideation stage should go beyond corporate brainstorming and include in-depth research, like PwC best practices. Moreover, MVP development isn’t effective without sufficient testing before the release.
From our development practice, going for outsourcing is the best choice in terms of cost-effectiveness and quality standards. These days, software development outsourcing is rising, meaning the ability to provide enhanced experience with AI and IoT, work with blockchain services, and stick to the highest cybersecurity standards.
Nevertheless, it is important to make an informed decision about your technology partner and to be aware of all the possible risks and pitfalls.
Generally, the development of the FinTech industry has improved the security standards for mobile apps. That’s because the safety layer is the key one for FinTech apps.
Unfortunately, not every tech vendor is aware of it: most developers prefer to copy the quick solution from StackOverflow or introduce already existing crypto algorithms. That’s how buggy software has flooded the market.
In the given circumstances, FinTech security is one of the strongest ones in the mobile app development market. Below, you will find the exact things to do to make secure FinTech solutions.
Providing a safe payment gateway is a must-have measure for secure FinTech development. Being a technology that collects and transfers data from a client to an acquirer, it acts as an interface between a merchant’s website and its acquirer.
In other words, it deals with sensitive personal information that should be protected accordingly. Among must-have measures, your Fintech app development company should add SSL for secure connections, have a PCI certificate, enable tokenization, and provide 3D secure authentication.
Also, FinTech security comes as a result of passing a sufficient number of checks and validation. In the software development process, they happen in the testing stage. Being titled “penetration testing,” this set of measures is aimed at detecting vulnerabilities in the app and contributing to creating an attach-resistant code.
The effectiveness of this step depends heavily on a clear understanding of the app security requirements. Besides, QA testers should work through every possible scenario during functional testing. That’s why the professionalism of these team members is crucial in FinTech development.
Finally, it’s impossible to maintain FinTech security in a vulnerable IT ecosystem in the long run. That’s why it’s important to develop a defensibility approach, meaning the creation of a safe cyber environment as a whole.
A list of key measures includes leveraging a robust IT infrastructure, designing secure application logic, ensuring web-server security, and writing secure code.