mDevCamp 2024: Building a Secure Fintech App
May 17, 2024
Building a banking or fintech app is a complicated task. We have seen multiple companies (often just three guys in a t-shirt with a dream) underestimating the complexity and failing after several months of hard work.
At mDevCamp 2024, Petr Dvorak covered these topics in great detail to help you build financial apps faster and better. The advice will allow you to apply best practices right off the bat and focus on the users’ benefits instead of regulatory compliance and other items that do not bring any visible benefit to your product.
Talk Summary
The three most important aspects that people underestimate are:
- User Experience (UX) - Do your research and make sure that your app is trusted. The fastest way to do things may often alienate the customer. Instead, go for a comprehensive flow to reach the critical mass.
- Security - Money is an attractive target for cybercriminals and as soon as you reach 50k monthly active users, you will notice the first fraud. Unless you are ready for it, the damage can be astronomical.
- Compliance and Legal - Unlike other apps, with financial apps, politicians will tell you how you can register new customers, authenticate them, or secure your mobile app. Failing to comply may result in loss of license or even criminal charges.
The good news is that there are some ready-made and easy-to-implement building blocks you can rely on.
The following are the most common:
- Digital Onboarding (KYC/AML)
- Strong Customer Authentication
- Server-Side Biometrics
- In-App Protection / RASP
- Secure Networking
- Mobile Anti-Fraud Solution
- Built-In Anti-Malware
Did you enjoy the talk? If so, please reach out to [email protected] to learn more.
