With the consistent increase in digitization, E-concept has witnessed a drastic revolution across the world i.e. a big transformation from E-commerce to E-wallet i.e. the latest trend. Mobile app development is the major factor that leads to a significant increase in E-concept.
Accordingly, we have witnessed the increase in numbers of E-wallet based mobile applications along with E-commerce apps and the trend will continue for 2019. However, E-wallet based mobile apps require some important techniques to dominate for the New Year, which include the following-
Cloud Computation Platform or Technique to Deal with the Data
Cloud computation has a prime role to assist banks in their operating models and reinvention of their business. Cloud computation platform or technique connects, assembles, configures and re-configures virtual technological resources in an automatic way to fulfill various business goals.
However, if we describe cloud computing technique or platform in terms of any business, it eliminates constraints across various locations of physical Information Technology-based resources or deploys specific techniques. In this way, the platform deploys business services at the most affordable rate and thereby, provides plenty of benefits in different sectors present in a banking system. Today, a majority of banks include self-service facilities in both social and mobile apps, along with the basic offers.
Security of App Codes from its Roots
Security of any mobile software has remained a priority from the beginning itself. However, if we talk about native applications, they are different from web ones, as both software and data exist security on an online server, while the client side plays the role of an interface. Because of this, you have to download the code residing on any particular device in case of native apps, so that you make it easily accessible.
The source code of any native app often experiences vulnerability due to failure in testing the code, developer error, and hacking. Thus, experts are striving hard to provide security to app codes from the roots. Accordingly, data security components and the entire network are working together to deal with the complete security pattern.
Implementation of an Effective Encryption Policy
Both the data and the code of any mobile app require storing it on any device, unlike any simple web application. However, the higher the number or amount of data stored on any device increases vulnerability. Moreover, leaky applications release the stored customer data without any knowledge of users.
High-Security Data Storage to Avoid Data Leakage and Theft
In the majority of applications, consumers have to enter the password after they activate its payment option and later on, use it most of the times to purchase anything without entering the username and password repeatedly. In such cases, user data requires proper security, while mandates the encryption of various credentials, which include the email, username, and password.
Furthermore, app developers design apps in a way that credit card numbers, contact details, and password never reside directly on their devices. Along with this, every business requires defining specific standards and following secured practices during the development of any native app. By considering each of these facts, developers make sure complete security of a particular app-
- How any new application will display and fetch customer data?
- How the application will access the available networks?
- Does the device is vulnerable to lose any data?
- Does the coded application is a secured and effective one?
Techniques Related to Fingerprint Authentication
An updated version of mobile banking applications helps you logging in and using the available banking services via your fingerprint. These include payments and transfers, placing orders related to investment and making changes in the customers’ payment profile. The best thing about any updated mobile banking app is that it shows compatibility with both Android version 6 and iOS version 9 and other high versions.
Each of the mentioned bank offerings is available with the help of fingerprint, which is a quick and easy process rather than applying identification codes. The prime reason behind this is hackers fail to copy fingerprints. However, it is essential for every user to stay careful and sensible whenever he or she opts to operate the banking app to make sure about data security.
Security in the Transaction Services
A majority of mobile applications helps users in the accomplishment of transactions with various enterprise services, which lead to a huge difference in risk tolerance related to varying transactions. In this situation, organizations require adopting an innovative approach related to the execution of a risk-aware transaction.
The main role of this approach is to put restrictions on the functionality of client-side in accordance with the policies considered by various mobile-related risk factors, such as the location of a user, device security attributes and network connection security and so on.
Effective Session Management is Essential
Location of any server-side endpoint gives each sensitive information and function, while verifies the authorization enforcement. In this situation, backend services should essentially verify the user’s session ID and assure that users have enough privileges for accessing any server-side resource.
App Equipped with Tamper Protection Technique
During the last few users, Android apps have provided plenty of benefits and tons of enjoyment to phone users. However, the main problem with such apps is that one can decompile them easily. In fact, you will find a large number of copied apps in your play store. Positively, you are available with various ways to tamper-protect a particular Android app. Thus, you have to implement an effective tamper-protect feature to safeguard customers and retain your good reputation as an app developer.
Analysis of Login Location and Online Activities of Customers
Today, experts have come up with specialized software capable to analyze and monitor both login location and related online activities of various customers. This technology has created a huge buzz in the mobile banking app industry. Bank officials and other experts conduct the investigation work via text alert or sending email to customers by informing them about suspicious activity/activities or simply a phone call from the respective bank investigating any suspicious activity. E-wallet mobile applications combined with online platforms have made the complete banking system simple and easy for individuals.
As the native apps and stored data in them are at relatively large risk of hacking, app developers should implement the essential online security measures at the priority to boost the efficiency of such applications.