FinTech applications are used to store business and personal data all around the globe, and it is one of the most booming technology. According to a recent market report, the annual growth rate of the FinTech market is 26%, and it will cross the 30 billion dollars mark by the year 2026.
Data security is one of the biggest concerns in today’s world, and fintech security issues have alarmed developers to develop secure FinTech applications to get rid of these issues. FinTech applications handle some of the most sensitive data, and any compromise on data security will have drastic results.
Hire a professional Mobile App Development Company and share all your security-related concerns with them to develop the best FinTech application. Here are the steps that you can follow to create a secure FinTech application but first, you need to learn about some features that an ideal FinTech should contain.
Must-Have Features of a Fintech App
People trust FinTech applications with their money, so fintech security should be your prime concern. Below here are some features that you can incorporate into your app.
- Biometric Security
- Biometric security is one of the best fintech security standards that every developer should include in their app to make it secure. Biometric refers to a security system that uses physical characteristics to grant them access to the database.Today, most smartphones feature fingerprint scanning and facial recognition, which are some of the most commonly used biometric methods. Biometric security is the best alternative to conventional security methods such as passwords because a person needs to scan their fingerprint or face to access the database.
- Two-factor Authentication
- Two-factor authentication uses a password you need to enter and a second passcode that you can get through an email to tackle all the fintech security concerns. The two-factor authentication method is set to increase the work of a hacker as they need both the password and the passcode to access the app.
- Blockchain Friendliness
- Blockchain is a revolutionary feature for FinTech applications as it features a complete ledger to track all the transactions to their origin. The database is decentralized and saves all the computers through the internet, meaning that no one can change it no matter how professional they are.
With the implementation of blockchain in your FinTech app, you can securely store and retrieve sensitive data with a single click. The downtime with blockchain is zero because you can access data from any available computer even if the main computer is done.
- QR-Code Scanning
- QR code scanning is a must-have feature in the FinTech application to make it user-friendly. Users can scan QR codes to send payments to anyone in the world without manually entering all the account details. Most financial app and big financial companies these days features QR payments.
- Complete Data Analytics
- Analytics gives users an insight into how they are spending their money and how they can save their money. Provide users with complete data analysis to make better decisions in the future. Graphs and charts give users a graphical representation of their spending.
Guide to Build a FinTech App
The whole development process of a FinTech app is similar to the development process of similar apps, but there is something that you need to keep in mind. Here are the essential steps for fintech mobile app development.
Find your Niche and Do complete Research
FinTech is a large industry with more than 15 different subsets, so deep market research is advised to find the perfect niche based on your expertise and needs. Many FinTech trends are yet to come into the limelight, so finding a niche market will help you in later stages of the market.
FinTech is a very profitable industry, but the competition is fierce, and you will be left behind if you don’t introduce new features in your application from time to time. You can search for answers to some of the following questions below to finalize your niche and subset.
- Which problems would my app solve?
- Why will users prefer my app?
- Who is the biggest competitor in my niche?
- What are the chances of profit in this niche?
Use surveys, questionnaires, and interviews to learn all the features users want in the latest fintech security solutions. Learn about features that your competitors are offering in their FinTech apps to include them in your wish list and add them to your app.
Check all the Legal Requirements
It is crucial to learn about all the legal requirements for finance-related businesses because you need to comply with them to successfully launch your app. financial laws are strict in most parts of the world to avoid money laundering, terror funding, and things like that.
Comply with all the legal requirements before starting the development phase, or you may have to abandon the whole development process in the middle, which will cost you a lot of money. If you don’t comply with financial requirements, the least you will face are some heavy fines, and your business hasn’t even launched, so you have to pay those fines from your pocket.
You can hire an experienced financial lawyer to learn about all the economic laws in your country and deal with them accordingly instead of going all by yourself.
Choose Development Technology for your Application
FinTech is a sensitive industry, and you need to learn about the development technology you are using to avoid any issues with the app. One wrong move in choosing the programming language, framework, or library, and everything will go to waste.
These little details impact your app’s performance, security, and scalability. You can ask developers the questions given below to pick the technology stack compatible with your niche.
- What are some features of the FinTech app?
- What is the minimum level of security that your app needs?
- How many users will access the app?
These questions will set your direction towards suitable tools for your project. Security is the biggest concern with FinTech apps, so you should use the latest technology to avoid holes in your app that hackers can use to access users’ data.
Share your Idea with the Development Team
Now that you have researched the market and are aware of all the financial laws related to your industry, it is time to look for developers for fintech app development and share your idea with them. The development process of FinTech applications is different from the development of other apps due to the different architecture.
Include a cyber-security expert in the development team to deal with data breaches and take the security of your app to a whole new level. The chances are that your app will be a success if you hire the right people for the job and manage to brief them about what you want.
Build APIs for Core Functions
API stands for application programming interface and is used by applications to communicate and share information between them. It would help if you built APIs to connect your app with relevant third-party servers.
Save the fintech app source code on a secure server to keep it safe from data breaches and later modify the app. You can develop APIs and use them in your other projects by slightly changing them based on the project’s needs.
Ensure Infrastructural Security
Security is vital in FinTech apps, and you should protect the whole infrastructure of your app from security issues. Everything from the back-end server to the network hosting the server and the front-end server should be secure at all costs. Use next-generation firewalls and proxy servers to secure your networks from the start point to the end.
Try to keep your server’s operating system updated all the time and use the latest anti-virus software to get rid of any viruses and malware. Buy third-party tools from trusted sites and avoid using pirated tools as they come with viruses and malware all the time.
Design the User interface
No matter which app you are developing, the interface is what users will deal with most of the time. Add as many user-friendly functions to the interface as you can and choose vibrant colors for the interface to make it look good. Avoid any unnecessary features, buttons, and gadgets that obstruct the activities of the user.
Test the App
Testing is a crucial phase in developing a fintech cyber security project as you will learn about all the bugs and issues with the app and resolve them before the final launch of the app. In the finance industry, the security of user data is the biggest concern, and even small bugs which most developers ignore can make the difference.
FinTech apps require testing just like other apps, so you don’t have to spend extra or work extra for the testing. Hire professional QA testers of the relevant industry to put your app to the ultimate test before the final release. Performance testing and security testing are used to detect any vulnerabilities in the app.
Launch the app
After the testing is done and the development team gives you the green signal that the product is ready, you should launch your app in the market. The work isn’t done after the app is launched, as you still have to read reviews to work on the betterment of your app and remove undetectable bugs on the small-scale testing.
Update the app
With every new day, hundreds of new features are released, so updating your app and adding the latest features to it will ensure that you will stay at the top of your competitors.
Do you have an Idea?
Undoubtedly, the FinTech sector is on the rise, but there are a lot of security challenges that you need to overcome to get your fair share of the profit. You should build your FinTech app by ensuring that it is 100% secure no matter if you don’t add some features in the app as you can add them in future updates.