![]() Luckily, it’s easy to implement biometrics in your app because Android and iOS have them by default. It’s effective because it’s difficult for hackers to steal or replicate them, especially online. That way, when one fails, the attacker won’t be able to get through.įor personal finance apps, the two that you must have by default are biometrics and two-factor authentication.īiometrics uses a person’s physical characteristics, such as their face or fingerprints, to authenticate them. To combat this threat, your app should have multiple layers of authentication. For example, phishing attackers will attempt to steal a user’s password by pretending to be a bank representative. Social engineering involves the use of human errors to breach systems. That’s because the finance industry is one of the most commonly targeted by hackers and financial criminals.Īnd one of the top techniques they use is social engineering, according to the Verizon 2022 Data Breach Investigation Report. If there’s one thing in any personal finance app that should work flawlessly 100% of the time, it’s user authorization. ![]() Of course, connecting with a user’s financial information is risky without proper security and privacy protocols in place. You don’t need to account for every bank when integrating-the API usually does that for you.įor instance, the Plaid API supports connecting to hundreds of financial institutions and platforms with a single API call. The main benefit of using bank account integration APIs is flexibility. You don’t even have to code it from scratch-instead, you can use an Open Banking API.Īn Open Banking API (application programming interface) is a tool that gives third-party apps access to a bank’s data.įrom a developer’s perspective, they simply insert the API call into the code whenever the app needs to access the user’s bank details. It’s such a huge pain point that 57% of consumers say they’re willing to switch to a financial service that provides a more holistic experience, according to a Mulesoft study.įortunately, it’s relatively easy to implement bank account integration in your app. Unfortunately, doing so tends to involve opening two to three different banking apps and then using a separate app for tracking your overall expenses. You’ve probably experienced this if you have multiple bank accounts that you want to manage effectively. That’s because it helps solve a common complaint among bank users-a disconnected experience. Indeed, account integration is the main appeal of having a personal finance app in the first place. It can help them spot patterns that would be difficult to see otherwise. ![]() In addition to the convenience, account integration can also provide insights into a user’s spending habits. This allows the user to manage their finances effortlessly in one location.įor instance, they can instantly know their overall balance instead of gathering and adding it manually from various sources. A fundamental feature of every personal finance app is the ability to link the user’s various bank, debit, and credit accounts. ![]()
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