Importance of Biometric authentication in the Mobile Banking application

The one major problem encountered by every mobile app development company is developing a secure banking app. The mobile app development industry Is not leaving any industry behind and is setting firm roots in every sector such as hospitality, tourism, retail sector, games and many more. But even with such a strong foundation, designing a perfect banking app is one of the hardest challenges for developers. Due to the user’s paramount information added in an app, it becomes the first concern to keep it safe, secure and away from a hacker’s eye window. But this is not as easy as. How to develop a secure banking app comes with an obvious question of why to make a banking app secure. The banking app should come with all the security reasons checked due to under listed reasons-

• User-specific information on an app.
• Sensitive inputs from the user.
• Financial condition on the stake.
• Continuous message alerts.
• An industry with maximum cyber-crime issues.

All these reasons make security the foremost concern while developing a banking mobile application. But as we all know technology is advancing every second, as fast as developers can grow, hackers can simultaneously adopt new advancements and can easily overcome the strict secure gates of an app. This, in turn, raises another question of how to make a banking app secure and safe. While finding an answer to this question, one can get many factors such as incorporating chatbots, using recent technology innovations, integrating AI in an app and many more. But the most robust and applicable method of doing the same is incorporating Biometric authentication into an app.

What is Biometric Authentication?

Biometric is a collective term for measuring the biological parameters of one being that can prove his/her identity. These systems are highly specific to a user and cannot be halted if inserted properly in an app. Some of the common features of Biometric authentication are-

• Iris detection.
• Voice recognition.
• Fingerprint sensor.
• Vein pattern recognition.

This type of security soldier relies totally on the user’s parameters that cannot change over time such as voice, iris (eye-ball) detection and even fingerprint detectors.

All these measures help a user to control the app’s data and statistics. Being user-specific, these measures allow a user to be the monarch of their own information on an app. According to recent studies, biometric authentication has been proven the safest way to incorporate high-level security in an app.

How Biometric Authentication is providing the best solution to the security concern of an app?

Even though every individual is moving towards an online mode for their banking transactions, security and curbing data leakage is still a debate. Due to the sudden increment in banking mobile app users, developing an app with all the security measures is an utmost requirement for financial companies.

Due to this ongoing debate, developers have found a way to accomplish the same by inserting biometric authentication & encryption systems to an app. Here are some of the advantages of using biometrics in a banking mobile app-

• Password or security pins are drastically failing.

Password and Security pins i.e. the combination of 8-9 characters are the most common way of adding security from the user’s level. A user can add these pins or passwords according to their need and choice. However, due to its increased use and commonality, hackers have found an easy way to hack these passwords that give them the power to fetch data from your app.

These are no longer considered as safe due to less complexity, low level of precautions used by a user to keep it safe and various other non-relevant reasons that make them the weakest method for incorporating security to an app that shifted developers' concern to other security ideas.

• Providing various options for including security: Due to the various facets of biometric authentication, one can add any desired way of security method according to need and comfort level. One can add any way out of various ways such as voice recognition, iris detection or fingerprint sensors. Out of all of them, fingerprint identity is the most successful one due to the extreme uniqueness of fingerprints of people in the population and its advantage of not getting hacked or delivering high efficiency altogether.
• Two-factor authentication system: Integrating Biometric authentication to an app doesn’t mean the elimination of the basic password addition system. They both can be integrated into an app together and can thereby provide a two-way security authentication system for an application.

When combined with basic passwords & pins, it provides a user with a double way of securing the information and sets his/her beliefs in that app ultimately providing an increment in service to financial companies. This can provide two-way benefits as well.

• User-specific encryption needs a physical appearance.

Due to the involvement of biological parameters, this needs a user’s physical appearance which adds an extra step in the security of an app. Even due to the loss of a device on which the app was installed, this system keeps the data secure due to the need for the physical appearance of the user.

The user’s presence also fulfills the basic criteria of specific security as the app cannot be operated by any other being due to unique parameters added such as voice recognition, and fingerprint sensors.

Instead of all the up-listed reasons, biometric authentication is an utmost go-to tool for developing a secure banking app that can bring revolution to the financial industry.

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