4 Ways technology is revamping mobile banking experiences

Mobile apps have changed lives, right from the way we shop to the way we live and work. The BFSI sector too has witnessed huge changes after being proliferated by the mobile technology. However, simply investing in mobile banking app development does not guarantee success. A recent study suggests that as many as 90% of users discard an app if it fails to engage them. So, user retention is perhaps the biggest challenge for any organization. Banks too need to work on delivering the best mobile experiences. There are several technologies that can prove to be effective for revamping the mobile banking experiences. Let’s check them out:

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Secure your Mobile Banking Apps for Consumer Use

The Mobile Banking Application Development is increasing at a drastic speed owing to the convenience of its usage and also the necessity in developing countries like India and others where the country is determined to move towards the cashless economy. Though the citizens are comfortable with the usage of smartphones, the developers face the real challenge in developing the applications. The organizations demand a functional and secure app so as to ensure their customers for a trusted service and also protect the assets from the malware attacks or the wrongdoers.

The majority of the public today tend to make an attempt or wish to use mobile banking services if provided. Evidently, this evolving tendency has compelled the banks to go mobile, and that too as soon as possible in order to retain their existing customers and gain new ones too. The addressing of mobile security in a more advanced way is the task for today’s mobile app developer.

Let us analyze the parameters that need focus on security and the recommended measures for them.

Authentication: The strong recommendation lies in the multistep authentic process for user ID, password, secure SMS, and also check the users’ location with the help of GPS during the authentication process.

Authorization: The authenticated users must be facilitated with the business functionality they are entitled. The entitlements could be checked for the said rights at the backend for each request before implementation.

Data Confidentiality: The application must not store any of the sensitive data on the file system, or get leaked through an error message or the logs. The data could be cleared off by the application cache manager; use tools like Dexguard8, Arxon’s EnsureIT9 for Android and iOS platforms respectively.

Data Cleanup: The data requests, account data, user-related information, and other data structures must be wiped at the trigger of log-off. The application must force shut when a tampering is detected.

Prevent Data transfer: The clipboard data should be removed so as to prevent the data being transferred to the application outside or its unauthorized copying. The long press must be disabled for the sensitive field data.

Encrypted connection: The HTTPS protocol could be used to connect the back-end applications and thus traffic related to the network is encrypted. Moreover, the list of IP addresses and the domain names prevent cross-talking with the non-specified domains.

OS Security check: The application must not run on the jail-broken, malware infected or the rooted device. The application must be able to get closed unless and until further investigations or actions are taken favorably.

In addition to these, the banking app development companies must secure the app with an anti-debugging mechanism, blacklisting of older versions, security log, tamper checking, and etc., to provide secure apps for their bank clients.

The Banking Sector Is Gearing Up For The Wearable Revolution

The wearable technology has evolved over the years. A few years ago, the use of this technology was restricted to gaming and healthcare industry but now, it is making inroads into several other verticals. Banking is one of the verticals that is witnessing its impact to a significant extent. Today, some of the big names in this vertical have already made this move and more of them are keen to take up wearable app development services to stay in the race.

How can wearables propel the banking industry?
Mobile applications are something that almost every banking entity has today and this makes the space more competitive. After investing in Mobile Banking App Development, banks have to think of something bigger to excel in terms of customer service. And wearable technology serves as the perfect answer to this quest. Here is how these smart devices can propel the industry to new heights….

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Testing of Banking Applications is Essential for an Optimal Customer Service

Banking services is the forerunner today in scaling up the changes with regards to IT world. The Demonetization step towards curbing corruption in India is also one of the great influencer for these activities at a faster rate in India. The digital initiatives such as the mobile wallets, P2P transfers, Omni channel banking, and etc., are going to be the future of this banking industry. Most of the bankers are flocking behind the banking app development companies to develop apps for their internal admin activities and customer services as well. Though, the banks were a step backward to incorporate technology into their sector for fear of security, today it is the first industry to adopt the trending technologies. Still, reliability, scalability and accuracy of data are quite important where monetary transactions are involved and there are certain challenges with testing of the mobile banking. Let us see the challenges associated with testing of their services.

The users may login into the bank’s web pages through different web browsers such as Firefox, IE, Chrome and so forth through a varied Internet conditions such as broadband, dial-up, and, etc. The testing of the performance of the page across all the connections and the major browsers must be made during the mobile banking application development so as to provide an optimal experience while banking.

The Internet banking may have an enormous number of usage paths. Henceforth, the users may access various link sequences and the testing should also ensure that the link is connected with its next one without any faults.

The bank caters to a wide range of people across the country that may or may not have the technical skills and the financial awareness as well. However, in favor of them and their transactions, the website must be tested against the odds of the usage and made simple and efficient to make it user-friendly for different groups of customers.

The banking portals are the primary targets for fraudulence and hacking. The mobile app developer must make them secure enough to use by using vulnerable scanners and perform penetration testing. They must ensure the compliance of the portal as per the international standards and prevent the site from getting attacked.

In addition, during festival time, or start of the month, we may expect a spike in the traffic. The performance failures may adversely affect the customers’ activities and could be quite disturbing. Thus, the performance testing is of prime importance to provide satisfactory customer services.

Thus while developing apps for the banks, every iPhone and Android app development company must ensure these quality measures and provide the best-in-class services to the banking customers’ who use mobile and gain the trust of them in order to perform normal functioning of the bank.