The Business Research Company reports that the world’s financial services industry was almost $129.6 billion in 2022 and will increase by nearly 9.5% during the following decade. Regardless of the sector’s intensive growth, developers face certain challenges when making banking apps. By clicking the link https://keenethics.com/services-financial-software-development, one will find all-encompassing info on this subject. And below is a brief description of the most critical challenges in this sector.
Data Privacy and Security
This is one of the most significant challenges for financial software developers. That’s because over two thousand finance info leakages happened during 2018-2023, according to Comparitech. About 232,101,000 accounts were affected because of these breaches.
Passive Private Data Protection
Using advanced encryption protocols is surely worth mentioning. This data protection method makes the stolen information useless for hackers, as they can’t read it without decryption. Which, in turn, is almost impossible to decipher without a specific key.
Active Personal Data Protection
This group of protection methods for financial software includes the following:
- Multi-factor authentication. This implies the ability to access an account only after entering a specific code that is sent to one’s phone or email. That’s an effective tool against phishing attacks.
- Continuous monitoring. Often, account hacking can be determined by tracking financial activities made during its usage. When a specific AI-based feature detects suspicious transactions, it alerts bank managers. If the specialists see a hacked profile, they immediately contact an account owner.
- Personal notifications. This is mainly about sending messages when your account is accessed from new devices.
One can find more detailed information on the specified financial account protection methods in thematic blogs like Keenethics.
Banking Software Scalability
As the finance app sector grows rapidly today, successful financial organizations are forced to scale their digital servicing systems. Quality stationary equipment often costs too much, though. Moreover, additional expenses are needed to set up and maintain new servers.
Reliable developers solve this issue by creating applications based on cloud computing technology. Remote server providers take challenges related to scaling and serving equipment upon themselves. So, you can easily scale your FinTech software anytime without much money and time spent.
Providing Positive User Experience
Trustworthy financial software development agencies ensure this in the following ways:
- coming up with comprehensive UI/UX design;
- carefully testing the interface within the MVP stage;
- launching brief surveys on client opinions about the comfort of software’s use.
Also, software engineers ensure an application operates properly in popular browsers or on widespread OSes. Finally, developers check whether the apps they make work smoothly on low-cost and older devices. This test is needed because such PCs and mobile gadgets may not be powerful enough to sustain certain heavy software features.
Qualitative banking software can essentially improve a financial organization’s workflow and profitability. It’s advisable to order finance app development from only reputable IT agencies like Keenethics. That’s because unchecked firms frequently deliver poor-quality services and ask for extra payments during the project realization.