With the rise in digitization, there has been a revolution in the world with “E-“ concept. From E-commerce, the latest trend is E-wallet. This “E-“ concept has seen a great blow with the rise in mobile app development. So, along with E-commerce apps, there has been an increase in the number of E-wallet mobile apps. This trend of E-wallet mobile apps is all set to rule 2019. For these E-wallet mobile apps, there are some essential techniques which can help them dominate in 2019. These techniques include the following:
1. Cloud Computing to Handle the Data
Cloud computing plays an important role in the efforts of a bank for reinventing its business as well as operating models. Technically, a cloud computing platform assembles, connects, configures and reconfigures virtualized technology resources automatically so as to meet the business goals. In the terms of business, a cloud computing platform helps to eliminate the constraints around the locations of physical IT resources or the deployment of specific technologies, which further makes it possible to deploy the business services at a relatively lower cost. The cloud computing offers benefits in many areas in a banking system.
Today, banks include self-service, mobile as well as social apps along with their basic offerings. Across both staffed as well as automated channels, the customer activities trigger the appropriate responses. Selling and marketing are often based on the customer actions triggering an event. Instead of mass marketing, the precise, event-based marketing takes the advantage of information about the customer and forms a predictive analysis. The activities of marketing and selling offer a better customer experience, along with lowering the operational expenses via process optimization as well as balancing channels.
2. Apps Code Security from the Ground
The security of the mobile software has been a priority from the starting day. However, the native apps are different from the web applications, because data, as well as software, can exist securely on a server and the client-side acts as an interface. With the native apps, the code that resides on the device needs to be downloaded, which make the apps easily accessible.
The source code of an app can experience much vulnerability. The network along with the components of data security plays an important role in the overall security pattern, but the security needs to be there with the app itself. These vulnerabilities are caused by the developer error, failure to test the code, or hacking.
3. Implementation of An Encryption Policy
The code and data of the mobile app need to be stored on the device, as compared to a traditional web application. The more data stored locally on the device, the more vulnerable it is. The “leaky” apps release the customer data without the users knowing about it.
4. Data Storage with High Security for Preventing Data theft and Leakage
In most of the apps, the consumers can simply enter their passwords after activating the payment portion of the app and then use it multiple times to purchase without the need of re-inputting the password or the username. In these cases, the user data needs to be securing, for which all the credentials like usernames, email, and passwords need to be encrypted. The apps can be designed in such a way that the credentials like contact details, passwords, and credit card numbers don’t reside directly on the device.
The business needs to define some standard and secure practices during an app development. Keeping in mind the following points, the developer can ensure the overall security of the app:
- Data: How does the application fetch and display data?
- Network: How does the application access networks?
- Device: How vulnerable is the device to lose or theft?
- Application: How securely and effectively is the application coded?
5. Fingerprint Authentication Techniques
The updated version of the mobile banking app helps to log in and use the services of the bank using a fingerprint. These offerings in the bank include transfers and payments, making orders regarding investment as well as changing the payment profile of the customer. This updated version is compatible with iOS version 9 and above as well as Android version 6 and above.
All these bank offerings can be availed using the fingerprint which is quicker as well as easier instead of using an identification code because fingerprints are hard to copy. But still, it is important that the user is careful as well as sensible while operating his/her banking app so that his/her data is secured.
6. High Transaction Security
Since the mobile apps help the users to make transactions with the enterprise services, the risk tolerance for the transactions will differ. For instance, reading the HR-related content may deem the lower risk versus approval of a large payment to a supplier. The organizations need to adopt an approach of the risk-aware transaction execution which restricts the client-side functionality based on the policy that keeps into consideration various mobile risk factors like device security attributes, user location, as well as the security of the network connection.
7. Proper Session Management
Locating any server-side endpoint provides all the sensitive information as well as functions and verifies the enforcement of authorization. The backend services must verify the session ID of the user and make sure that the user has many privileges to access the resource.
8. App with Tamper protection
Most of the problems for Android apps, which can be easily decompiled, include tamper protection security. There are many copycat apps which are present in Google App are fooling millions of users. A number of different ways are there to tamper-protect any Android app, so it is necessary to implement one of them to protect the customers and the reputation of the developer.
9. Utilization of Behavior Analysis
There is specialized software on the market that will monitor and analyze the login location as well as online account activities of the customers. This technology has given a great blow to the mobile banking app which could investigate all the matter. Further investigation can take place via email or a text alert to the customer informing him/her about any suspicious activity, or a phone call from the bank investigating the suspicious activity.
The E-wallet mobile apps, as well as the online platforms, have made the banking system easy for the people. Since there is a large risk of hackers stealing the data making the apps insecure, the need of the hour is to implement online security measures to enhance the efficiency of these apps.
Varun Patel is the founder of Coreway Solution, a leading service provider of E-commerce and Mobile app development where creative and enthusiastic developers develop resources which empower entrepreneurs to start and succeed in business under the result-oriented leadership of him. With more than 8 years of experience, he has been working for all business vertical sectors including financial, health, education, retailers, gaming and many more with the aim of providing them efficient and effective IT solutions that serve the purpose of operational needs fulfillment of the organization.