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Steps To Developing A Secure Fintech App

A blog with vital tips to ensure your Fintech company builds a secure app to avoid security issues on any system or mobile application.

Fintech (financial technology) is one of the most significant disruptive technologies that have revolutionized the banking and financial sectors. The growth rate we have witnessed in fintech is utterly exponential. Here are some statistics that show you how dominant fintech has become;

  • Research conducted by the Business Research Company reveals that 2022 will see the highest market share of the global digital financial services that will stand at $26.5 trillion
  • Organizations and companies around the world continue to invest heavily in fintech. According to Accenture 2018, A total of $55.3 billion was made in Fintech investments. More details of this statistic are shown in the attachment.
Global Fintech Financing Activity by Region
  • According to Research and Markets, 2020, The compound annual growth rate (CAGR) attributed to the global Fintech market is projected to grow by 23.58% from 2021 to 2025.

These statistics show that the Fintech environment is characterized by a great technological revolution, heavy investments by companies, and a fast-growing market.

Incorporating fintech into your organization’s strategy could help fulfill the greater goals of an organization. A Fintech app is one of the ways you could invest in fintech services.

7 Steps To Developing A Secure Fintech App

An excellent mobile application is characterized by design, simplicity, excellent user interface, fast loading speeds and excellent performance, operating system compatibility, and ability to address users’ needs.

A fintech mobile application that possesses these features will attract many smartphone users. You must understand that fintech apps majorly focus on the specific scope of activities that range from facilitating online payments, savings management, and credit and bank account management.

These activities are significant since they involve handling vast amounts of money and sensitive user data. It is for this reason that fintech apps have become a number-one hackers’ target.

Hackers will use all forms of weapons to steal money and information. Security threats such as data storage concerns, data leakages, and weak encryption links are some of the worries in fintech app security.

The security of fintech apps is now the sole responsibility of the app owners and users. But that might not be the case if we abide by a certain set of rules when developing a Fintech app.

Here are a few steps to developing a secure Fintech app to protect the apps from intrusions.

1. Always Ensure the Code Written Is Secure

Writing a secure code is one of the most vital security procedures you must take to create a secure fintech app. Such applications require the storage of essential and sensitive data on the user’s gadget. Such data needs to be safeguarded from security vulnerabilities at all costs.

This is why it is critical to use adequate security algorithms that will come in handy in detecting and eliminating code flaws that could consequentially culminate into dangerous vulnerabilities. Frequent code scannings are necessary to help uncover code flaws that hackers might take advantage of to infiltrate the app with all sorts of threats.

Ensuring code agility and portability is also a crucial security practice you should never ignore. A code that portrays such features will give developers an easy time when updating the code in cases of code threats.

2. Use A Code Signing Certificate

The code signing certificate is a very vital security protocol that every fintech app should have. It is a distinct form of digital certificate that supports the security of codes and software scripts.

Before any app user installs the app, they must first confirm the legitimacy and integrity of the app. Establishing the legitimacy of the app helps a user to ascertain whether a code has been tampered with since its publication.

The code signing certificate is a vital app component since it addresses both the legitimacy and integrity elements of the fintech mobile app. The certificate will shrink-wrap the code to prevent it from unauthorized edits by malicious parties. The certificate also helps instill trust and confidence in app users and lets them know that the app is from a genuine source.

6 Common Fintech UX Mistakes To Avoid Immediately

3. Adopt a Secure App Logic

Each step of the app usage must adopt a secure app logic. However, this is usually not the case, as most fintech apps start showcasing security flaws in the first step.

Some developers have also had the tendency to secure points that have sensitive data while leaving other app elements insecure. This is a poor practice, especially considering the fact that hackers tend to use more minor and unsuspecting features to access other parts.

To start with, it is crucial that all fintech applications explore and use the most robust app infrastructure. For instance, if the application operates on the cloud, it would be best to seek the services of an excellent cloud merchant who takes the application’s security with the seriousness it deserves.

Going for a decent storage service provider such as Amazon Web Services could help boost the security of your app. Amazon Web Services possess all the tools, guidelines, and procedures to protect mobile applications from the most devastating threats, such as the distributed denial of service attack. Such a service also provides you with enough assurance of service restoration in case of any disruptions.

4. Force Usage of Strong and Unique Passwords

All systems that deal with sensitive information and financial transactions must be protected using good authentication. Usernames and passwords are fundamental login credentials that all systems must use.

However, they are prone to attacks such as brute force and dictionary attacks. Such attacks usually leverage weak login credentials to access users’ accounts or devices. The remedy here is to stick to safe password practices.

For instance, fintech app developers should enforce strong passwords by requiring users only to use passwords of specific lengths and character combinations. Users should never be allowed to sign in using weak passwords. Additionally, users should be required to change their login credentials after a specific time.

5. Enforce Two-factor Authentication

A quick look at previous breaches will tell you that, more often than not, passwords and usernames have failed to provide the required security to apps and website accounts. Relentless attackers will not rest until they crack your passwords. The best option, then, is to use extra authentication factors.

With additional authentication, even when a hacker manages to get past your password or login credentials, the attacker will still not be able to provide the secret code, one-time password, biometric authentication (or any other extra authentication factor). Such practices will significantly help with the security of your fintech app.

6. Good Mobile Encryption

Data protection through encryption is another crucial aspect of fintech mobile app security. Both static and in-transit data must be attached to efficient encryption algorithms to protect data from theft.

Data encryption will convert the app’s data from plain text into ciphertexts. Only individuals with the proper decryption keys will be able to read and decipher the data. With good encryption, even if attackers force their way into accessing the app data, they will still not understand its implication, which means that the data will remain secure.

7. Have a Robust Application Programming Interface

Fintech apps, like all other mobile applications, use the application programming interface when interacting with backend information. As such, API tokens and keys play a very significant role in the efficiency and security of the fintech mobile application.

One of the best practices for safeguarding the application programming interface from security vulnerabilities is through token rotation. It would be great to keep the API tokens on frequent rotation. Lastly, the security of the application programming interface should consist of three fundamental elements; identification, authorization, and authentication.


Most companies have been investing heavily in fintech. Fintech apps provide companies and individuals with a golden opportunity to reach new global markets, manage credits, accounts, and savings, and facilitate electronic transactions. The fact that fintech apps hold a considerable amount of money and sensitive user data makes them an easy target for cyber attackers. Implement the steps discussed in this blog, and protect your fintech apps from security threats.

Zuci’s Banking Application Development Services is one of the top five Fintech Solution providers. Apart from this, our comprehensive security testing services ensure that your banking application is secure and reliable. With extensive experience in IT, we create unique fintech apps by leveraging the latest technologies. For customized web and mobile application development, get in touch with Zuci today!

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Janaha Vivek

I write about fintech, data, and everything around it | Assistant Marketing Manager @ Zuci Systems.

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