The sector of financial services has become one of the TOP domains showing accelerated growth and utilizing the cutting-edge technologies for bringing out the best solutions to satisfy the needs of both service providers and their customers. The Fintech domain, probably as other spheres, involves the use of tons of data in order to provide the most advanced and up-to-date business solutions to its users as well as to bolster decision-making accuracy, hence, enlarge the global financial services sector.
For the past few years, financial enterprises worldwide have encountered the growing demand for accessible and easy-to-use solutions that would help to collect and analyze large volumes of data, structure them and provide the required solution for the sake of the business value. Even more so, in the event of the global pandemic of COVID-19, the number of users of financial services applications in some parts of the world has increased by 55% due to the lockdown policies adopted by the governments. Great convenience, access to financial insights of an individual’s accounts, secure fund transfers are only a few of the long list of benefits mobile banking apps’ users get.
Following the global trends, our client contacted Agiliway in search of a reliable partner to help them enhance the mobile iOS application that will have advanced functionality to satisfy all the needs their clients have related to their financial management.
EXCLUSIVE FEATURES FOR IOS MOBILE BANKING CLIENT
The Fintech startup had an idea to provide a custom mobile application that would allow its clients to perform different types of financial operations with their accounts online. With that in mind, the Agiliway software development team had to enhance the existing application to enable its users to have full control over their bank accounts and minimize the visits to the bank.
Taking into consideration the growing demand for this type of service, our Fintech customer required the most advanced solution that would be beneficial for both its investors as well as its target audience. The key functions of mobile banking included:
- 24/7 accounts access;
- complete transaction details;
- ATMs geolocation;
- customization of the operations, e.g. scheduled payments;
- creating virtual accounts;
- P2P system;
- bill, loan and travel payments;
- cash withdrawal at the ATMs without a bank card.
One of the most exclusive features the mobile banking app has is the possibility to withdraw cash from ATMs without using a card. This solution was implemented through the development of a separate program installed in the ATMs which, through QR-code scanning or SMS, communicated with the backend and enabled users to receive their money. Another peculiarity of the application lies in the possibility to permit your friends or relatives to withdraw money from the user’s account through the ATM. To verify the transaction, a user informs a person empowered to act for them the SMS-code and that’s it. Pretty simple, isn’t it?
DATA SECURITY AND FRAUDULENT ACTIONS PREVENTION
Mobile banking so far is viewed as one of the most secure ways to manage your finances since modern gadgets have numerous options to prevent third-party access to your personal information unless you allow this. Apart from setting a regular password like a set of numbers, you can also opt for biometric verification like face scan or fingerprint.
In the case with our client, where permitting the third-party people to access to cash withdrawal is one of the application’s features, it was decided to implement the SMS verification, so that no one except for the authorized agent could receive any personal financial data. By informing the code for the transaction, users bear full responsibility for any potential fund loss. Therefore, it is highly recommended to carefully provide sensitive data to any third party.
In case of suspicious account activity, users receive in-app security alerts. Hence, every user can immediately react to potential financial fraud and prevent it through the application themselves or by contacting their bank.
To prevent a sensitive data leak or the breach, Agiliway recommended our client to:
- pick a reliable data storage service provider;
- avoid storing any confidential or sensitive information on the physical device;
- set up two-factor authentication before the app starts.
TECHNOLOGICAL STACK BEHIND IOS MOBILE BANKING APPLICATIONS
First and the utmost requirement regarding the application development, except for its user-friendly functionality was the matter of data security. For that reason, all user log-ins and data synchronization are performed through Amazon Cognito so that a user can easily sync across all the devices they use as well as ensure high-level information security. Owing to the service, the mobile application development process took less time and provided the requested security level.
Further development process for the frontend features was performed utilizing SWIFT Version 4, frameworks from the standard iOS package for better app performance and compatibility. Within the development process, it was also requested to create several features, for which we utilized the following libraries:
- Hydra for better and faster synchronization and enhanced functionality;
- Charts JS to build interactive charts to visualize the user’s balance changes, money spending, payment plans, etc.;
- BlinkID to scan user documents using the mobile device’s camera to verify and authorize user’s ID (through passport or driver’s license) faster and without adding too much of a data;
Overall, the Agiliway software development team had to change over 60% of the application architecture, update the existing systems, and introduce new features from scratch. These include ATM operations without inserting a card, user balance, money transfer, payment options like P2P, virtual accounts opening, generating of charts based on in-app and fund transfer activities.
The full case you can read on our website.