Tips To Protect Your Banking App from Cyber Attacks
Tips To Protect Your Banking App from Cyber Attacks
How To Make Mobile Banking and Finance Apps More Robust and Secure?
Mobile banking and finance services are assisting banks in transforming their traditional operations into digital. Every bank is offering mobile banking apps where users can access and can also request banking services anytime from anywhere.
Such convenience and instant access to their banking accounts over secure platforms (Android and iOS) are deriving the success of banking software solutions.
According to analysts, it was found that over 80% of banking customers are using mobile apps to meet their desired service requirements.
For transferring money, paying bills, availing loans, checking account balances, applying for credit cards, or checkup books, requesting account statements, etc., people are using mobile banking applications.
All these features of mobile banking applications are helping banks and finance companies to deliver more personalized and enhanced online experiences to their customers.
On the other side of the coin, digital banking solutions with weak data encryption capabilities are highly susceptible to cyber-attacks. If your app has no proper information security features, hackers can easily crash the app and steal the user’s confidential banking data. It will hamper the brand value of your bank and will surely lose the trust of customers.
Being a top mobile app development company, we have compiled a list of the best tips that help you make your new banking solution more secure and reliable. These tips will help you protect your application from cyber-attacks and grab the customer’s loyalty.
Tips To Protect Your Banking App from Cyber Attacks
- Integrate Fingerprint Authentication Feature
Mobile banking apps with fingerprint verification processes will ensure top-level security for the sensitive information of the users.
Using advanced biometric and pattern recognition technologies, this feature maps the user’s thumb impressions, verifies their identity, prevents unauthorized access, and protects data from being hacked.
- Enable Multi-factor Validation Functionality
Besides fingerprint authentication, enable a few more security features to firewall your user’s banking information. Multi-level identity varication for confirming money transactions, bill payments, and any other services will take your online banking services to the next-level.
Hence, enable OTP or iris verification along with fingerprint authentication functionality to improve application security level.
- Instant Push Notifications
Mobile banking apps with instant push notifications features will helps banks to send automatic and instant notifications and alerts to users on money transactions, offers, deposits, and wrong password/PIN attempts. This feature in mobile banking apps allows Android & iPhone users to stay on top of what is happening in their accounts.
- High-Priority To Instant Customer Support
Banking mobile app development with an in-app customer support bot will improve user personalization and stands out from the clone apps crowd.
Being a leading banking app development company, our top app developers in USA and India will use the most advanced Artificial Intelligence (AI) and Speech recognition techniques and integrate digital virtual chat assistance in your applications.
Get the cost of banking chatbot app development!
- Threat Monitoring Capabilities
Integration of threat monitoring is one of the key functionality that must add to your mobile banking application for ensuring security.
Threat monitoring tools will track the user behavior and trigger alerts if it finds any fraudulent act. Such intelligent features of banking apps will improve the application quality and protects data from unauthorized access.
These are a few things that you must consider for the design and development of highly-secured banking apps for Android and iOS devices.
Are you in a plan to develop a mobile banking application?
So, here is the information that gives you a complete guide on estimating the cost of baking app development in 2023.
Mobile Banking App Development Cost Impacting Factors
- Banking App’s UX/UI Design
Mobile app design is one of the core factors that influence the overall cost of application development. The cost of a mobile application will depend on the app’s design. Adding 3D representations, motion images, and any graphical presentations on UI will increase the final cost of banking apps.
However, a simple and eye-catchy user interface will enrich the application visibility and increase the user experience.
- Mobile Banking App Features
The features of your mobile banking app also decides the cost of application development. If you want to reduce the burden of extra costs, launch MVP with a core set of features and functionalities. Later, based on your application vision, business objective, and the feedback of your end users upgrade it.
- Application Development Company’s Location and Tram Size
Mobile app developers’ location and team size will also impact the final cost of mobile app development. For instance, the hourly cost of mobile app development companies in the USA will be around $110-$150, whereas the cost of mobile application development companies in India-like countries would fall around $50-$75 per hour.
Accordingly, the mobile banking app development cost will also depend on the application development team size of the app development agency. Hyena is one of the largest application development companies in the USA. We have a team of full-stack developers, designers, testers, and quality analysts who involve in the design and development of best-in-class and flawless banking apps on time.
How Much Does It Cost For Banking App Development?
A banking app development with core features for a single platform (native app development) will cost around $25,000 to $45,000. The banking apps developed with advanced location tracking, in-app chat assistance, credit score tracking, etc., will be around $50,000-$100,000+.
However, the final and exact cost of banking application development will depend on the features list, application platform (android/iOS), app type (native or cross-platform), and design.
Further, the cost of mobile app development for the banking industry will also highly depends on the location and team size of the custom mobile app development agency you hire.
Final Words
Since e-banking apps are in trend, the development of user-friendly applications by considering all the security parameters that we discussed above is the best option. We are the right app development partner who develops a highly secured banking application on time within your budget.
