Open development tools and third-party apps are allowing banks, retailers and payment companies to innovate quickly, but there's also a downside.

As the number of apps for banking and payments increases, so does the reliability risk. "With a mobile payment app, there's a certain number of experiences and expectations that they will be smooth," said John Rakowski, director of technology strategy for AppDynamics, a San Francisco-based company that digs through programming to identify trouble spots where apps may not work properly.

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