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Fintech Mobile App Development

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With the development of modern technology, Fintech and mobile banking apps have become a far superior choice to traditional financial solutions. We have experienced team of Fintech app designers and developers to build highly integrative mobile apps for ios, android and web platform. – PowerPoint PPT presentation

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Date added: 23 September 2019
Slides: 24
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Title: Fintech Mobile App Development


1


Fundamental Practices
of
FinTech App Development
And
Current FinTech Trends 2019
2
Index
  1. Fundamental Practices of FinTech App Development
  2. Current FinTech Trends 2019
  3. Our Work
  4. Contact Us

3
  • Fundamental Practices
  • of
  • FinTech App Development

4
Information Security
  • FinTech apps need to comply with information
    security, as security is above all. The security
    mechanisms should be strong with multi-factor
    authentication, password security practices, and
    in compliance with The Payment Card Industry
    Data Security Standard (PCI DSS). For ensuring
    the compliance, FinTech businesses have two
    choices either they can build their own tools or
    rely on third parties, whose services specialize
    in identity management.

5
Eliminate OWASP 10 Vulnerabilities
  • Before putting the plan of building a FinTech app
    finally into action, the development team has to
    scrutinize the list of OWASP (Open Web
    Application Security Project) 10 vulnerabilities
    through open source or proprietary tools.

6
  • OWASP Vulnerabilities are
  • Injection
  • Broken Authentication
  • Sensitive Data Exposure
  • XML External Entities (XEE)
  • Broken Access Control
  • Security Misconfiguration
  • Cross-Site Scripting
  • Insecure Deserialization
  • Using Components with Known Vulnerabilities
  • Insufficient Logging and Monitoring

7
Financial Monitoring
  • By integrating with third parties, FinTech needs
    to prevent activities like smurfing, and money
    laundering. It keenly monitors and looks out for
    the suspicious transactions. To get a hold over
    such illegal activities, FinTechs have to
    establish the identity of their customers. They
    can either write their own code, integrate with
    third parties, or can associate with compliance
    agencies. Example mobile and biometric identity
    authentication apps, blockchain-based KYC, and
    trade transactions solutions, etc.

8
Fraud Detection
  • It is important to detect fraudulent activities.
    Machine learning is a prominent tool to detect
    the pattern of fraud behavior and for that
    machine learning system like Generative
    Adversarial Network (GAN) is used. Based on a
    zero-sum game, a generator network deliberately
    creates fake data, while a discriminator network
    identifies between fake and authentic datasets.
    Both of them learn from each other in order to
    improve the results overtime

9
Create an API Call
  • If you are unable to make idempotent API calls,
    you can create an API call with a specific ID. In
    such a scenario, if an API server fails, another
    one can back it up. Even when that failed server
    once recovers, the transactions will not pass
    twice.

10
Stay Agile With APIs
  • While designing APIs, you need to be cautious
    about the confidential tech details. Do not
    indulge in auto-incrementing of IDs in records.
    In case of errors, dont reveal the tech details,
    as the attackers may use it against you. APIs
    bring in automation, flexibility and swiftness in
    the workflow.

11
Microservices Architecture
  • In a microservices architecture, a request passes
    via different nodes in the network. It is
    advisable to generate a unique ID since the
    inception. So that we can trace it easily from
    the very start. It provides benefits like
    improved fault isolation, ease of understanding,
    and it removes the vendor or technology lock-in.

12
Microservices Areas
  • Today, 68 of the organizations are interested in
    microservices architecture. Hence, You need to
    ensure that each services should cover one
    functionality. Not all at once, but organizations
    have to gradually replace the monolithic
    architecture by adding new microservices. The
    design of microservices should be able to
    withstand faults.

13
Test Coverage
  • Refactoring can be cumbersome and have
    consequences, so before going ahead with that you
    need a good automatic test coverage. Test
    coverage takes care of the quality of the test.
    It can help in minimizing errors bugs, time to
    market, and lastly the releases can be more
    frequent.

14
Deployment of Services
  • Continuous integration and delivery manages the
    deployment of multiple services. Docker helps in
    making the microservices portable by manifesting
    standardization, while Kubernetes helps in
    automating deployments, load balancing,
    orchestration of containers and scaling the
    resources, etc. Fintech app development teams
    need to ensure over seamless logging and
    monitoring mechanisms.

15
Maintaining Financial Ledger
  • FinTech developers need to pay more attention to
    financial ledgers. Atomicity, Consistency,
    Isolation, Durability (ACID) databases can be
    used to write those ledgers. Through ACID
    properties, consistency is maintained in the
    database with a guaranteed validity.

16
Legal Purview of FinTech
  • Licencing is an essential aspect in FinTechs
    which cant be ignored. Different types of
    FinTech are liable to different licences, which
    is an utmost important regulatory formality.
    Certain bodies are looking after financial
    regulations like Swiss Financial Market
    Supervisory Authorities (FINMA) in Switzerland.

17
  • Current FinTech
  • Trends 2019

18
  • Blockchain
  • The most obvious yet significant reason of
    involving blockchain in FinTech app development
    is security. As the biggest challenge is trust.
    Blockchain is cost effective and ensures safety.
    As it involves blocks, a company can easily track
    the entire life cycle of the financial
    transactions.

19
Artificial Intelligence
  • AI includes machine learning, natural language
    processing, general intelligence, which delivers
    personalized content, increases app productivity,
    leads to automated reasoning, and helps in image
    recognition. The ultimate goal is to provide
    customers an exquisite user experience.

20
Quantum Computing
  • It is based on Quantum theory. Quantum computing
    can exponentially increase the speed of
    transactions, resolve scalability issues, lower
    down the processing cost and keep the financial
    transactions secure. It can detect unusual
    patterns in order to identify fraudulent
    activities.

21
Our Work
22
Contact Us
23
  • Thank You
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