Transaction notifications, security alerts, and authentication passwords: when sending these kinds of messages, fintech and banking apps have to take special precautions as they all involve processing sensitive user data. For this reason, security is a critical factor in choosing and implementing a mobile messaging solution for fintech and banking companies. Does your provider stand a security test? Does your messaging strategy stand guard over your customers’ peace of mind? Read our checklist to ensure you only build trust in your app when you reach your customers via mobile channels.
Ensure data privacy
Data privacy starts with the choice of a secure mobile messaging solution. Perform due diligence — consult a provider’s privacy policy to learn:
➡️ What types of user data the solution may request to access;
🧑💻 How you can control the process;
🧑⚖️ Whether the provider in question stores data on reliable servers and complies with national regulations of countries where servers are located.
In Pushwoosh, we do not collect any sensitive personal information about the user (email address, phone number, name, credit card or financial information, etc.) unless a customer decides to share this information with us. Neither do we share end-user data with any third parties. You can learn more about Pushwoosh’s approach to data safety in our FAQ.
Maintain compliance with regulations
Whichever channel you choose to send mobile messages to your customers, national privacy laws (for example, GDPR in the EU and CCPA in the US) require you to obtain the explicit user consent before communicating them.
Here is an example of a banking app prompting a user’s opt-in for account alerts:
Be cautious of any extra regulations that may apply. For instance, if you use SMS as a communication channel, be aware that for US citizens, you must obtain a written consent according to the Telephone Consumer Protection Act (TCPA).
Apply personalization with caution
When executing a personalization strategy for your banking or fintech app, make sure your messages turn out to be relevant and compliant with your privacy policy (=based on the data that your users permitted you to access).
We recommend using personalization based on user attributes and behavior for sending relevant promotions of finance products. Here is an example of a push notification promoting a new cashback offer to users who have enabled the cashback option in their account:
Trust is the key. When we talk about money, it’s very important to make sure your communication is clear, transparent and consistent; we should not give any reason for discredit.
Use secure encrypted pushes for sensitive information
Push notifications can be the fastest mobile channel, which is crucial for time-sensitive fraud alerts. To leverage fast delivery while preserving security, we recommend you opt for encrypted pushes. In this case, you can be sure that the recipient is the only one to read the push notification content and guarantees the confidentiality of transaction details and payment information.
Be proactive in your communications
Fintech and banking customers appreciate it when you are proactive in communication and provide them with suspicious activity alerts. By sending such messages, you can:
- Prevent fraud;
- Nurture trust in your app;
- Justify app value for the user.
Here are several strategies for making this type of messaging more effective:
1.Trigger: non-typical app open;
Channels to use: push notifications, SMS, email;
Message: “We detected an unusual log-in attempt. To secure your account, let us know that it was you”
Feature to use: recurring push, messaging via API
2. Trigger: user entering non-typical location;
Channels to use: push notifications, SMS, email;
Message: “Traveling overseas? Tell us where you are going to help protect your accounts while you are away”
Feature to use: location-triggered push notifications — they serve as a great way to ensure security of users’ transactions. Here is an example of a bank sending a push notification to the user when their app recognizes they have traveled outside their home country. There’s a simple call to action to prompt the user to inform the bank about their travel plans to prevent fraud:
Leverage secure mobile messaging with Pushwoosh
Secure messaging starts with a choice of a compliant solution and prioritization of data safety in the first place. Get in touch with our team to learn how Pushwoosh guarantees security to provide your users with trustworthy and seamless experience:
