User experience and security in Fintech

User experience and security in Fintech

None of us likes the registration process on a new site for us. Nevertheless, when we talk about Fintech products, we immediately place high demands on the reliability and security of access to your personal account. The concept of security and stability of the site protection system or application is one of the main criteria for checking the financial product by the user. Agree if you see a simplified system of registration and entry without confirmation of the data is immediately puts the product in a number of potentially problematic. When choosing and getting acquainted with a new Fintech product, the user first of all wants to see the system of protection of access to his personal account.

When designing the product architecture, a well-thought system of access to the personal account, possible options for user interaction when entering the personal account, plays a very important role. The clever design emphasizes the need to responsibly fill in the registration data to further the user feel secure. In the development of financial products, there are elements that at the registration stage can prompt the user that the password they chose is very short or this password is included in the 100 best simple passwords according to Rockyou. Many users, when testing a financial product for the first time, intentionally use weak passwords and temporary mail to test the security system. If the user, after testing, discovers the security functionality of access to the product, he is likely to be re-registered using his real data. It should be noted that the visual display of the functions of protection of access to the resource should be as simple and understandable for the user as possible, not to embarrass or distract him on the way to the goal.

Development of security systems access to your personal account.

In the recent past, solutions for verifying the input of two different passwords were popular. In practice, these were the main password and a short password in the form of a pin code. Some resources are now using this approach, but it is not practical due to the need for the user to remember a large volume of information.

Another popular way to protect is to use captcha. This protection tool is evolving because now there are automatic value recognition programs that make this method of protection not completely reliable.

Another reliable and simple solution is to log in using a two-factor authentication system. In this case, after successfully entering the registration data, the user receives a one-time password to access the personal account on his e-mail, which he has to enter in the login form on the site.

Access to your personal account

Another relatively easy way to access to your personal account is to log on using the authorization by one of the big social networks. The big advantage of this method is the speed of access and just a couple of clicks.

An important aspect of maintaining the security of using a financial product is a mandatory request from the product to the user to change his access password. This allows the user to consciously change the password to a new one every six months. A very important safety aspect is to prevent the Remember Me function from designing a Fintech product. It is critical to limit user access to your personal account after 20 inactivity. Thus, the risk of taking physical access by third parties is removed at the moment when the user is not near the device from which the login was made earlier.

New access protection technologies

New access protection technologies

Advances in technology in 2018 gave more opportunities to access protection. To already familiar to many fingerprint added user’s face recognition technology. These technologies are dependent on the use of mobile phones, but today the percentage of users who do not use modern mobile phones is very small. These two technologies can be considered key in the near future, as they will be able to give confidence that previously registered users have access to personal accounts. In the near future with the use of these technologies and a commitment to the concept of a password to remember it will belong to the past. Many users have long expected simplified authentication, which will open a new era of user experience in protecting access to a personal account and confirming actions within financial products.

Balance between Privacy and Security

Privacy and Security

A modern user of a financial product wants to know that confidential information cannot fall into the hands of a third party. A very important design task is to communicate the need for a verification process, which is a requirement from the law.  The validation process should be provided to the user a sense of security and be understood. Otherwise, excessive requirements to fill in the fields with confidential information may give distrust to the product and its privacy policy. The collection of personal data should be the minimum possible, which will satisfy the requirements of the law or a state regulator of the financial sector.