What are the challenges of developing Financial mobile apps that are secure?
#1. Integrating Big Data & AI
Developing a strategy for managing AI and Big Data in your company has several benefits and challenges. In the Fintech industry, it is important to find the right domain specialist on your team. Retirement withdrawals, investment plans, etc. require special attention from experienced professionals for easy identification. So while using AI on your application platform You need domain expertise to deliver detailed contextual information. Additionally, your banking application requires a dedicated and experienced team of leading artificial intelligence (AI) companies to achieve the expected goals of interesting market
Similarly, in Big Data, you must adhere to data privacy accuracy and regulatory compliance to achieve broad results. Therefore, you can hire a leading Big Data analytics company to meet the needs of your customers. you effectively
#2. Ensurng Data & privacy Security
Security for any application or software belong together Internet crime is a major concern of financial institutions and businesses. Although the customer data is 100% secure, customers are also concerned about the security of their data with banks or organizations to manage online transactions. So there is zero tolerance to protect the network from unauthorized users.
Some sensitive information includes codes and passwords, CVV numbers and PIN codes, credit or debit card details, etc. Even the smallest number of rounds in the system allows hackers to gain access to confidential banking information. Therefore, it is important to outsource a thorough analysis of experienced experts from leading application security testing companies.
#3. Compiling App with Govt Regulations:
One of the major challenges in the banking industry that has a direct impact on building mobile apps is regulatory compliance. It came because of the huge increase in regulatory fees to offset credit and revenue losses incurred after the 2008 financial crisis.
In addition, compliance with anti-money laundering laws has forced financial institutions to interact face-to-face with customers to identify them, a difficult process. moreover If your banking business is operating overseas, especially in Europe. You will be required to comply with the requirements of the General Data Protection Regulation (GDPR) without doing so. It will make running a business difficult for you.
To prevent catastrophic consequences due to non-compliance, banks face the risk of additional cost burdens to update with the latest regulatory changes. As such, banks that provide mobile platforms (such as apps) are required to comply with this regulation based on their deployment technology.
And if they do not comply They then face various legal actions, including fines. suspension And in extreme cases, permanent closure. Why are banks afraid of it? This is because non-compliance with the regulations will deteriorate the image of the brand. And customers will stop using banking apps and return to their services.
#4. Understanding Business goal and Target Audience
A recent survey found that 4 in 10 mobile users use their devices to conduct financial transactions. Additionally, another report found that 1 in 3 smartphone users has a mobile app. At least one app on your device to perform financial activities.
What is the purpose of providing these details? Just so that you are serious and do not use the UX of the application without permission and do not compromise on this feature at any cost, must not neglect the focus on user-friendly app design by With the customer in mind, customers will also need to feel at ease with complex transactions from mobile banking apps. and give proper attention to specific problems
Although these challenges are not enough. But providing customary updates and keeping up with the latest OS versions are essential to building user-friendly applications. Then create an eye-catching UX for the mobile app so that customers can transact easily and without any hassle.
#5. Finalizing Tech Stack
Problem Statement — Dealing with technology that can deliver the best mobile usability results while keeping development factors consistent.
The technology stack refers to the architecture on which the app is built. This includes databases, front-ends, servers, and operating systems. The best technology stacks are those that have the most technical advantages for implementing solutions and require the least effort to build apps.
1. Compare Top Tech Stacks — Compare the most used tech stacks for Fintech App Development to rank the most suitable options according to your needs. Refer to the advantages and disadvantages of each technology stack to settle.
Tech stack has the following main components:
Operating System — Android, iOS, Windows
Servers — Node.js, Apache Tomcat, IBM WebSphere
Databases — MySQL, SQL Server, MongoDB, Firebase
Backend — Python, Dot NET, Ruby, JAVA
2. Cost and Effort Constraints — Specify whether the constraints of your project can be supported in a given technology stack. For example, is it possible to develop an Android app with a 6-month time frame and funding? 20,000 dollars? The right technology stack is what will help you achieve your project’s technical goals within project economics.
3. Consult a System Architect — A System Architect’s primary role is to plan the components. to be used for the application Fintech software development companies will give you access to architects who can help you make the right decisions early on.
#6. Identifying App development Complexities
Document and categorize the features that mobile apps will offer with a launch timeline.
Mobile apps can be designed to solve 100 problems at once with low impact or 1 continuous problem with high impact. Identifying all the problems you want to fix determines the app’s complexity. Again, app complexity has to be balanced with the available resources to build the app.
1. Creating SRS — SRS stands for Software Requirement Specification. It is used to clearly define the scope, delivery, features, challenges and expectations of a project. It is a document that helps you plan your mobile apps smartly. and develop a roadmap for action
2. Managing Expectations — As a Business Owner You have to know that mobile apps will grow gradually. It is not possible to solve all market problems at once. and must adapt to the times
So let’s start with a few key features that best reflect the solution. Use only the core of the app in the early stages. and then moved to the peripheral feature.
3. Creating an MVP — Minimum usable product is a great idea to build. Proof-of-Concept quickly and easily marketable. It’s the first version of the app. The only inevitable feature is when an MVP goes through the public eye. can be added Helps manage complexity in a planned and economical manner.
#7. Defining Right User Experience
Another major challenge that plagues banking apps is that they are available on a wide variety of platforms and devices. Because customers are everywhere. they are everywhere It’s a challenging task as most banking apps are platform-specific design and take it as a guide. “Best Practices”
But there are several challenges involved in creating a mobile banking app that can run on multiple platforms. Sometimes apps may work best on Android devices but not on iPhones, which is confusing amongst people.
In addition, users want to perform financial transactions on the desktop, but cannot because they do not have the features that allow them to work most proficiently. Therefore, creating a cross-platform banking app for customers is not as easy as it seems.
The new generation is becoming more aware of practicing the habit of saving money for the future. For this, They need a smooth banking application to meet their needs within a few clicks. It is clear that there are several challenges in maintaining a complete banking application for online transactions. Moreover, these challenges are opportunities for businesses. To provide on-demand Fintech applications and curate outstanding banking applications using the expertise of experts to outsource quickly and efficiently. You can go to USM Business Systems, a platform that offers the right reviews and ratings to choose the best Mobile app development company with quality services to meet your business needs.