Rapid application development (RAD) is one of the agile software development methodologies that focus on rapid prototype development. RAD enables developers to make multiple changes and update software rapidly by eliminating the need for a development schedule from scratch each time. RAD came into the existence to overcome the challenges associated with the waterfall model, as once the program is in its testing phase it becomes difficult to change the features and core functions of the software.
BFSI industry is moving towards digitalizing the operations by focusing on two major trends— expansion of digital portfolio and workforce digitalization. BFSI industry is coming up with numerous digital offerings such as lending platforms, virtual banking, next-generation customer support, etc. The BFSI landscape is transforming, each and every day new products and services are launched, it is important for BFSI companies to adopt agile software development methodology which enables them to respond to these market changes quickly. For any BFSI company, flexibility and speed are among the major criteria for successful software development and here RAD comes into the picture, as it speeds up the overall process of software/app development. The major trends dominating the fintech mobile app development[1] are— automation, gamification, voice commands, microservice, open banking, and blockchain.
Security and data protection has emerged as one of the major concerns with RAD, as fintech software/application deals with highly sensitive personal data and business data. Data storage issues, weak encryptions, data leakages are some of the vulnerabilities areas that have been frequently discovered in FinTech applications. According to the Immuniweb[2]– “State of Application Security at Top 100 Global Fintech Startups”, 98 out of 100 fintech start-ups are vulnerable to phishing, web, and mobile application security attacks. Data privacy is also one of the key areas to focus on— regulatory legislation around the world is pressing towards increased control of personally identifiable information (PII) data to safeguard consumer privacy. The European Union’s “General Data Protection Regulation” (GDPR) and India’s “Personal Data Protection Bill, 2019” are a few examples.
At the upcoming FINSEC Conclave 2021, DSCI will be hosting a session on understanding the development of software/applications in the financial sector and will be focusing on the in-house “Rapid Application Development” and its security aspects. The discussion is more relevant to the CTO, CISO, IT Infrastructure leaders, and Technology leaders of the financial sector. FINSEC Conclave 2021 also provides a platform for everyone to listen to the panelists and ask questions and contribute to the discussion.
[1] https://www.n-ix.com/fintech-mobile-app-development/
[2] https://www.immuniweb.com/blog/fintech-application-security.html