Companies in the financial sector face many serious challenges when it comes to digital security. According to one study’s estimate, hackers steal as much as $575 billion annually.
Our development strategies blend sophisticated encryption and security measures with features that cultivate and encourage user trust. As an elite company with extensive experience in the realm of secure financial application development we meet these challenges head on, on a daily basis.
Major financial applications need strong security measures, as we know they deal with sensitive financial and personal data. If a customer is inputting info about their identity, their finances or will send/receive money via your user interface (UI), security and privacy are imperative facets of our application development process.
Most financial applications such as, banking, credit, or property applications, face these challenges few other niches must consider so intently: the user’s perception of application security and privacy. For your business to be successful we are tasked with implementing and then showcasing high-technology, top-of-the-line security features that will protect your users’ data. You can’t achieve trust—and in turn, user loyalty until your user is assured that their information will remain confidential.
As such, you’ll need to work with our elite developers who can highlight high-level security features in a way that’s apparent to the your user. It can be as simple as implementing an option that allows for the use of two-factor authentication when logging into the application, or adding descriptive text to your loading screens (e.g. “Encrypting and Sending Data…” in addition to the traditional loading bar or spinning pinwheel). It’s also wise to mention your security features in the applications description, on your website and in your marketing materials. These measures are key to establishing the fundamental element of customer trust.
Development
We develop bespoke digital solutions and applications for financial institutions. We have 15 years of experience developing mobile and web solutions that solve real business challenges and creating better customer engagement and experiences.
As Industry leading digital architects and software engineers we are proud of the high quality mobile and web applications we deliver to our clients globally.
Data Management
We create bespoke solutions that help with managing structured and unstructured data, integration, governance, data distribution and analytics.
Business Process Management
Mobile and Web applications that drive operational efficiency, audits, compliance and regulatory systems and ease business processes. Innovative, ground breaking digital solutions that redefine customer experience.
Encrypting Data as it’s Sent, Received and Stored
When planning the financial mobile application development process, we consider all stages of the data life cycle. Data must be protected both when it’s transmitted, in-transit and when it’s stored, whether it’s on your private servers or the user’s device.
Encryption refers to the process of converting raw data into an encoded format that’s unreadable and essentially unusable if anyone were to intercept and access that data. SSL technology allows you to encrypt data when it’s being sent from point A to point B, while additional measures are required to ensure that data is stored in an encrypted format. Many mobile applications store data on the user’s device, other data is kept on dedicated servers or cloud hosting platforms. We will work with you to ensure your users’ data is safe and secure during every stage of this process.
Applications developed in house at bitConcat include highly-refined security features like 4096-bit SSL technology, the most sophisticated level of SSL encryption currently available.
Meeting Privacy and Data-Handling Regulations
In recent years, we’ve seen the emergence of complex laws and regulations that govern how sensitive information and personal data is to be handled and digitally stored. Many companies are impacted by the European Union’s General Data Protection Regulations (GDPR), which affect any company that deals with a person physically situated in the EU or an EU citizen. The global nature of finance and banking means that financial institutions are among the most frequently affected business types.
Many companies across the globe are using the GDPR compliance criteria as their new benchmark, since these regulations are amongst the strictest and most comprehensive on the planet. The GDPR imposes rules on data collection, storage, processing and monitoring. This means companies and developers alike must meet the GDPR criteria and ensure the application allows EU-based users to exercise their rights, including rights to access and modify information, the “right to be forgotten,” the right to data breach notification and more.
