In 21st century we can’t reckon global economy without swift banking that is only possible with lucid & incessant banking application development. Researchers & application developers are tirelessly working for banking application development so that Banking application can match up with the global economic activities. The rising demand of people relying online from their day to day needs to life changing decisions has increased the stake of banking application development for their clients. This has also increased the risk of online hacking , frauds, scams ,etc that holds the risk of data security breaches online . To protect the precious data & perpetual experience the banking application development is the only key to keep these risks at bay.
Here are the top amazing innovations that we can see in banking application development
1. Block chain
Data encryption & decentralisation of data is one of the key challenges for Banking software development. To secure the personal data and Bank servers for keeping sanctity online,the technology of block chain is being used in Banking applications . Block chain is invented so that data can be decentralised rather than storing data at one point centrally , it stores data on innumerable block chains having their own unique identity for banking application development . With a unique identity & almost difficult to alter data of a block chain , it makes the best tool to minimize the risk of data security in Banking software development . Block chain is one of the best innovations for banking apps as data is saved in a very unique way that is nearly impossible to be altered .
2. Biometrics authentication
Inclusion of a multitude of biometric authentication at various levels in a banking application can keep the users & the banking corporations at ease .It has highly increased the security level in the whole banking system with this innovation . It made access of banking services under the cordon of an extra protective layer of biometrics authentication, from fingerprint authentication to iris scanning in smartphones to wearable has greatly leveled the much needed extra layer of individual authentication .
3. Artificial intelligence
With the artificial intelligence bankis has innovated a personal application assistant in the banking application called virtual assistant . a virtual assistant is a tool for the people who don’t want to baffle themselves from various services that they don’t want to use in one go . With virtual assistants that work on Artificial intelligence , individuals can get options according to their unique preferences and can enjoy services by triggering a voice search. Specially people with disabilities find it very easy to get banking services just by giving voice command with the use of artificial intelligence , people can be informed about the services that they demand .
4 . Quantum computing
Quantum computing is the next generation technology in computers that are based on the quantum nature of a particle . It helps to create a more rigid & non porous firewall with unique encryption that can be calculated using the quantum computing capabilities of quantum computers. It is bringing revolution in the mobile banking application development that can only be hacked by defying the basics of quantum mechanics. So banking system developers hugely rely on quantum solutions for their financial data security & securing the data of individuals.
5. API platform
API or Application programming interface is one of the biggest developments in mobile banking application development that enables the 3rd party to access the core of the banking for ease of their customers & banking system . It reduces the time for business for immersive banking experience that synchronizes with several points of banking partners seamlessly . Many third party API made the daily transaction a piece of cake right from verifying payments , connecting peer to peer clients , disbursing salary etc. API gives the leverage to augment the banking application according to the preferences of their to work requirement with various platforms.
6. Use of NFC
NFC is called near field communication technology which is being used by mainstream Banks as it provides touchless financial payment solutions . from a smartphone application to debit or credit card this technology is used widely to pay at different public or private payment outlets. It works on radio frequency technology to provide the ultimate experience the tapping or just by waving the device having the banking application running on a smartphone.