IMPROVE THE SECURITY OF YOUR MOBILE BANKING APP

The mobile universe continues to expand. There were 3.6 million smartphone users five years ago; that number has more than quadrupled since then, and is expected to reach 7.5 million by 2026. Banks, like other businesses, are embracing mobile technology. Banking applications simultaneously acquire, store, and communicate large volumes of sensitive financial data.

India is predicted to see the fastest growth in digital banking adoption over the next five years, with a 21% increase in the number of people having online-only bank accounts. This means that by 2025, only about 400 million Indians are expected to have neobank accounts.

The key question now is how developers can reduce risks while designing FinTech, the best mobile app development company. Let's take a closer look at everything in this essay.

WHAT IS MOBILE BANKING?

Since mobile banking solutions offer faster, more convenient and personalized services, an increasing number of companies are exploring developing mobile banking apps. However, as data breaches and security issues become more common, mobile banking app development should prioritize security and data protection.

WHY DOES MOBILE BANKING REQUIRE AN APPLICATION?

Here are the benefits that describe why exactly does mobile banking require an app:

· Mobile banking saves the bank money by removing the need for paper, bill distribution, multiple employees and branch operations.

· Customers who shop on their phones are regarded to be more engaged. They stay with their bank for longer, conduct more transactions and use more bank products.

· When compared to using internet banking to access a bank account, mobile apps often provide a higher level of security.

· Using mobile banking apps improves the client experience by providing services 24 hours a day, whether it's managing expenses, making quick payments or getting assistance from AI-powered chatbots.

· Growing from a regional to a national bank - banks can grow their client base without having to build new branches, which would be expensive.

STEPS TO FOLLOW TO SECURE YOUR BANK

Here are the steps you can follow in order to make your mobile banking app more secure:

· Download a trusted banking app; make sure it’s an official one:

To help you choose the right app, many banks' websites contain links to app stores. "Your bank should be able to tell you what kind of mobile app they use, what features it has, and what you'll need to utilize it," Walsh of FS-ISAC says. "Then, go to a reputable app store and look at the app's owner/developer and see if there are any other apps with the same name. Confused? Always check with your bank before downloading a program from an open forum.

· Check to see if your bank uses two-factor or multi-factor authentication:

Customers who use two-factor authentication must log in with not just a password or PIN, but also a second method of verifying their identity, such as reproducing a code sent to their phone via text message. According to Korinchak, two-factor authentication enhances security but isn't totally secure. "To obtain the code, someone may gain access to your phone or intercept SMS communications," cautions Korinchak.

· Refrain from using public wi-fi:

When you connect to a public wi-fi hotspot, you may receive a notification that you are not on a secure network and that others may be viewing your online activities. That is a solid reason to avoid using a public network for financial operations. To further protect your personal information, use your smartphone network or your home wi-fi.

· Use a strong password:

One of the most effective ways to protect oneself is to use a password that consists of random upper- and lower-case letters, digits, and symbols. Use a password manager instead of relying on your browser to remember it for you. "Reputable password managers are created in a way that reduces risk to the user and is exceptionally protected against probable attackers," Korinchak explains. The bulk of cyber security experts advise using password management software."

· Set-up an SMS or email notifications:

This early alert aids the consumer in recognizing possibly fraudulent activity, which can then be handled quickly with your bank.

CONCLUSION

Banks are doing everything possible to strengthen the security of mobile banking apps, but customers must also take precautions.