The Growing Need for QA Testing in Fintech Industry

Overview

Globally, financial technology (FinTech) is a relatively new industry. However, as a result of digital modernisation, this market segment is thriving, thanks to two primary drivers: demand and technology.

The extent to which cyberspace has permeated people’s lives contributes to the increased demand for high-tech as well as trustworthy and understandable FinTech software solutions for the end-user. And cutting-edge technologies such as artificial intelligence (AI), machine learning, robotisation, big data analytics, the Internet of things (IoT), virtual and augmented reality all contribute to the acceleration and simplification of financial procedures and the automation of corporate processes.

Table of Content:

  • Overview
  • FinTech Applications Challenges
  • What is the role of quality assurance?
  • Why do you need QA, and How Can It Save Your Business?
  • What does QA testing assess and measure?
  • The Importance of quality assurance for FinTech systems

Businesses are attempting to improve and optimise their financial services significantly. Thus, what enables businesses to improve the user experience while engaging with the fintech applications and maintaining the competition in the financial services market? -Observing trends.

Developers include face and fingerprint recognition capabilities into their software, which streamlines and simplifies the process of interacting with services. Additionally, the degree of user engagement improves dramatically as a result of the personalisation of client communications and multichannel accessibility.

Having said that, financial applications should be evaluated more thoroughly than other types of software. Continue reading to learn about the value of quality assurance and the sorts of testing ElmoSoft advises for each of these applications.

FinTech Applications Challenges

FinTech applications are unique in that they encompass a wide variety of financial services. They span from mobile payments to investing, lending, budgeting, insurance, and consumer banking, with a particular emphasis on diverse services such as security and fraud detection management, data visualisation analytics, risk and compliance management, and digital banking.

While FinTech (or the fourth revolution) presents a plethora of exciting opportunities for banking and financial organisations, these Fintech firms face a variety of obstacles. The majority of financial institutions and fintech firms are unsure how to deal with the risks and issues that these cutting-edge technologies entail, for example:

  • Complicated Life Cycle of Transaction Processing
  • Diverse and Multiple Channels or Devices through which End Users Access Applications
  • Integrations on a large scale and multi-tier functionality
  • Threats to Data Confidentiality and Integrity
  • Managing the Risks Involved in Complex Financial Transactions
  • Financial Transactions Require Strict Regulatory Compliance
  • Efficient Transactions and Additional Features

Is it compliant with business specifications? Is financial software or mobile applications compliant with current regulatory standards? Is it capable of handling high transaction volumes? Thus, how do you ensure that your financial applications work flawlessly and match the criteria of your users? The answer is efficient and effective quality assurance testing. QA Testing must be a major priority for financial app developers to reassure customers about the security of their money.

What is the role of quality assurance?

Quality assurance (QA) is a process that focuses on avoiding software errors and faults. The objective is to create the best possible product during development by enhancing the quality of the output through enhanced processes. QA testing businesses examine development processes to determine their efficiency and effectiveness and their compliance with the quality standards established for the final product.

Fintech has extremely high-quality standards, as previously stated, due to the highly sensitive nature of the assets and data used by Fintech software. Thus, the function of QA testing services is critical when it comes to Fintech products. It must verify that the methods used to build such products result in functional, secure, useable, and reliable applications.

Why do you need QA, and How Can It Save Your Business?

When people’s data and hard-earned money are at stake, quality assurance testing is not optional – it’s mandatory. Apps must be sufficiently useable, functional, agile, and secure. The quality assurance staff must be aware of the difficulties associated with financial institutions. They must attempt to “scrutinise” Financial, technological systems and software during the software testing process in order to find faults, potential security concerns and breaches, and other problems. This enables customers to enjoy a secure and reliable experience while interacting with Fintech services and products.

Regardless of whether businesses use software testers in-house or outsource, the procedure should be carried out throughout the product development cycle. Software quality assurance testing primarily evaluates the following: – Security- Software testers subject FinTech apps to rigorous examinations in order to identify any areas of threat or vulnerability.

– Compliance- Because financial firms must generally adhere to stringent country-specific requirements, software testers are always evaluating whether provided solutions are compliant or not.

– Data Protection – It is critical to safeguard and manage sensitive data during the testing phase.

– Usability – Fintech organisations place a premium on the user experience, and software quality assurance testers guarantee that the app is simple to use even for non-technical users.

– Accessibility- While quality assurance testers evaluate usability standards, they also take into account people with disabilities and unique needs, such as cognitive, aural, visual, or physical limitations.

What does QA testing assess and measure?

Finally, software QA firms and services contribute to ensuring that Fintech apps and products are error-free (to the extent possible), dependable, and secure. Whether Fintech organisations utilise in-house software QA testers or outsource testing, the procedure should be carried out at each stage of the product development cycle. This enables developers to correct mistakes early in the development process.

Software quality assurance testing should include the following:

Security

Fintech applications make use of and preserve sensitive data, such as personal, financial, and banking data. Due to the possibility of hackers attempting to obtain this information, quality assurance testers must subject apps to rigorous testing to identify any areas of vulnerability or danger.

Protection of personal data

In the world of Fintech, data regularly changes hands, making it critical to protect and manage critical information during the testing process.

Compliance

Financial institutions are subject to stringent laws and regulations imposed by the countries in which they operate. As these rules evolve, quality assurance testing must advance alongside them and continuously verify whether provided items are compliant.

Usability

The use of a platform is critical to its quality. Fintech organisations place a premium on the consumer experience, and a software quality assurance tester must guarantee that the product is usable by non-technical users. To do so, they should test it themselves and, if possible, place it in the hands of actual people.

Functionality

Functional testing is a critical component of every quality assurance testing scenario. Due to the nature of Fintech software, which involves the sharing of sensitive data and information, testers must thoroughly analyse all potential risks, developments, stressors, and interactions with other applications and system components. This process verifies that the product satisfies the standards for effective operation.

Accessibility

While quality assurance testing should include “normal” usability criteria, it should also take into account users with disabilities and unique needs, such as visual, cognitive, auditory, or physical limitations. Testers must check that the product meets this requirement by ensuring that it is accessible to all users.

The Importance of quality assurance for FinTech systems

The need for QA

In the FinTech business, quality is critical to delivering excellent consumer experiences. FinTech organisations cannot achieve industry transformation unless they focus on providing high-end technological goods to their end-users while prioritising Quality Assurance across multiple aspects of their application/product.

Fintech firms must provide error-free functionality, high performance, impenetrable security, universal compatibility/access, zero-tolerance compliance, and an exceptional user experience to provide great customer service.

This requires a highly customer-centric approach to quality assurance and testing in order to handle the industry’s primary concerns. FinTech organisations should incorporate quality assurance into every level of product development in order to obtain the desired benefits, which include the following:

  • Enhancement of the user experience and overall product quality
  • Comprehensive coverage of tests
  • Accelerated time to market
  • Lower quality-related costs
  • Adherence to regulatory requirements
  • A software development lifecycle that is both efficient and effective

Conclusion

Fintech provides financial organisations with a plethora of new prospects. At the same time, it entails considerable responsibility. It is critical for the safety of its users and the organisation’s performance. Financial technology firms wield significant power as they manage the sensitive data of millions of people worldwide. To assure security and usability and maintain a competitive edge in the financial industry, they must have better quality assurance testing processes, whether they do testing in-house or outsource it to offshore software testing organisations.

Innovative products/services of superior quality will always outperform the competition and will undoubtedly assist FinTech firms in improving customer service and gaining a competitive edge. This will benefit financial institutions’ efforts to achieve long-term growth.

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