Secure Mobile-First Experiences for Finance, Insurance & FinTech Apps
The top priority for all financial services, banking, insurance and fintech firms is to protect their customer mobile app transaction information against theft, unauthorized use, or malicious exploit. NowSecure, through complete lifecycle testing, is helping financial services firms ensure the safe development and deployment of mobile apps, compliance with relevant standards, and services into the mobile apps of non-banks at the point of sale — a practice integral to the growing trend of fintech and embedded banking.
Finance, Banking & Insurance Mobile Apps Must Safeguard Sensitive Data while Innovating
processed daily by the mobile money industry, 1.2 billion finserve accounts globally per GSMA research
active mobile users refusing to access financial services mobile apps cite security issues as the prime reason.
smartphone users interacting with their bank via a mobile app.
daily increase of financial service clients mobile online bank access, vastly exceeding in-person visits
Deloitte survey respondents use smartphones for home access to financial services
The Dangers Facing Mobile Security for Finance, Banking, Insurance & FinTech Are Growing
As finance, banking and insurance user preferences continue to shift to mobile-first experiences, all companies must meet consumers with modern mobile app experiences that are safe and secure.
Mobile Apps are a Financial Services Competitive Advantage
Financial institutions of all sizes spanning the entire secure mobile value chain are under profit pressures. Shipping additional mobile app features while performing accurate, repeatable security assessments across industry standards like OWASP, GDPR, PCI, FFIEC is key to gaining customer loyalty and usage. Deloitte research notes 33 percent of survey respondents finding security issues prompted them to severely restrict the use of mobile devices for financial services. Within the same survey, a little over one-third of respondents were insecure about transacting financial services organization on mobile devices due to a lack of security trust for Wi-Fi and mobile networks transmitting their data
Financial Marketplace Modernization
The race for mobile first access and digital transformation is clearly driving financial service mobile app usage. 80 percent of users requesting financial application modernization requested the ability to remotely disable a lost or stolen device. Additionally, 72 percent wanted application biometric identification (such as fingerprints or eye scans) to enable the mobile app and device for financial services transactions.
Accelerating from Financial Services High Touch to Virtual Touch
Advances in mobile app innovation, coupled with more robust network and data infrastructure, will further accelerate adoption. This includes increasingly sophisticated yet already present mobile app APIs or device elements such as high-quality cameras, imaging, voice commands, finger scanners, heart rate sensors, and fitness trackers. These innovative options present financial services companies with tremendous new mobile app virtual touch competitive advantages requiring equally advanced security testing.
Valuable Financial Services Mobile App Information Protection
GSMA notes the global value of mobile transactions will surpass $3 billion a day by the end of 2022. Mobile applications and their extremely sensitive PII, credit card info, banking details and statements represent the main barriers to adoption. Using a complete mobile app security testing suite like NowSecure ensures app developers address and extend competitive advantages in each area. Additionally, secure mobile app inclusion of biometrics authentication overcomes adoption issues for the most valuable financial transactions over mobile including difficulty of reading and entering information on smartphones, concerns about device security, and transaction complexity.
NowSecure fintech Clients
“Unlessyouhaveinfinitetimeandmoneyandcanhireyourownteamofpenetration testers, then NowSecure is an absolutely incredible solution for testing your mobile apps for security vulnerabilities.”
We don’t want security to be a root canal. Automated mobile appsec testing makes it easier for development to embrace security because it’s baked into the software development lifecycle process.”
Application Security Executive, Regional Bank
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