FinTech Software Testing: What You Need to Know

QA in FinTech

Users like personalized budgeting apps. However, people trust their money to such programs only if they are convenient and reliable and meet FinTech industry standards. In this article, we’ll tell you about mandatory FinTech software testing activities.

The relevance of FinTech software

Improved digital technologies, relationships, and transactions are driving growth in all industries. Advanced financial services based on such technologies will be key to moving the global economy to the Fourth Industrial Revolution.

With the spread of smartphones, financial apps have become omnipresent. There are many digital solutions in the market:

Internet payment systems (Venmo, PayPal, etc.)
mobile wallets;
investment programs;
cryptocurrency trading apps;
mobile or online banking solutions;
crowdfunding programs;
credit management software;
insurance apps;
budgeting solutions and so on.

Think with Google says that people use two to three financial apps on average. Six out of ten users prefer mobile software to mobile-friendly websites. In addition, the use of FinTech services has doubled over the past five years, according to the Global FinTech Adoption Index.

Challenges of FinTech software development

Errors in FinTech apps are not just a matter of inconvenience. These programs process money transactions and work with customers’ personal information: bank account numbers, social security numbers, and passport data. Defects in financial software can lead to leaks of this data and financial losses.

Therefore, working with talented developers or using a third-party react development service is necessary to ensure these apps remain as secure as possible.

Some everlasting problems make testing financial apps essential:

Software security. Any mobile or web app has potential weaknesses in its cybersecurity. According to IBM estimates, if companies leave their products untested, this could cost them an average of $3.8 million.

Integration of Big Data and AI. Forbes estimates that modern apps use only 20% of the analytical information they generate. The rest of the data is difficult to process. Big Data and AI help organizations arrange user information properly.

But there are certain challenges. To integrate AI into a company’s business system, the organization needs high-quality data and experienced experts.

Blockchain implementation. Blockchain technology has established itself as the future of data exchange on the Internet. Blockchain makes FinTech software more reliable. Thanks to its secure structure, a user sees all stages of transactions and notices any changes in them. But there are difficulties with blockchain implementation: the technology cannot serve more than a threshold number of users and ensure high confidentiality of data.

Non-compliance with the law. Financial apps must comply with GDPR, HIPAA, LGPD, and other user rights and privacy laws.

A balance of usability and security. For a program to be successful, it is important to create a user-friendly UI/UX design and implement the optimal authentication option.

How to test FinTech apps successfully

Any FinTech software must undergo such standard checks as functionality and usability testing. Besides this, a software testing company includes the following checks in the SDLC:

Security Testing. QA experts look for potential security holes so that hackers cannot steal personal, financial, and banking information. To accomplish this, experts subject a system to artificial attacks, simulating intruders’ actions.

Database testing. QA experts check data integrity, data loading, database migration, and different triggers and rules. The main peculiarity of testing a financial app database is that a QA specialist cannot take any relevant information from it. Therefore, special programs simulate the creation of an account with all the necessary steps.

Legislative compliance testing. Any app must comply with the standards of financial institutions. Each country has specific consumer privacy regulations: GDPR for the EU, GLBA for the US, and so on. Compliance testing of a FinTech app ensures that the software solution is certified and its customers are protected.

Accessibility testing. FinTech apps must meet another important requirement – software accessibility. People with disabilities need convenient and user-friendly services. Financial software with enhanced accessibility will gain market success.

Regression testing. It is important to check how a system works after adding new features, if there are no glitches, and if the program is as safe as it was before the updates.

Performance testing. A financial app must be able to withstand any load on the system while maintaining the desired request processing speed. These tests are essential to prevent program crashes under increased load.

When developing a testing strategy for financial apps, companies providing QA services consider:

the type of app;
peculiarities of transaction processing;
multilevel functions,
compatibility with devices, platforms, networks, and operating systems.

New FinTech trends and QA

Financial technology continues to improve. The following trends are emerging in the development of this industry:

Open banking. The revised Payment Services Directive (PSD2) marked the beginning of open banking. Its essence is that banks are opening their systems to third parties – market participants. APIs help companies interact with the banking system. For example, a bank has an API platform through which FinTech companies can join it. The institution agrees to use financial services and offers them to its customers.

Personalization of banking products. A unique user experience is one of the technological trends of recent years. Users need customized banking products that consider their needs and preferences.

Powerful protection. Biometrics has proven to be a strong option for protecting personal data. This technology is improving and is already going beyond the usual fingerprints and Face ID. More and more often, developers implement iris and voice recognition and vein matching to confirm identity.

To provide high-quality financial software in line with the latest trends, a FinTech software development company such as Andersen must take the following steps:

Step 1: Work according to the Agile methodology.

Agile testing involves a step-by-step continuous approach to QA activities. Specialists test a product more frequently, so it is ready for release on time.

Step 2: Development of a QA strategy for testing innovations.

Testing such innovative technologies as AI, ML, and the IoT requires more sophisticated tools and exceptional expertise. Therefore, specialists should think in advance about efficient ways to control the quality of software with complex business logic.

Step 3: Creating a test plan.

Before you start software development, make a quality assurance plan: what types of testing to include, how to prepare a test environment, what testing tools to use, and so on.

Step 4. Testing automation.

Through automated testing, QA teams reduce testing time and expand test coverage.

Conclusion

FinTech software needs a quality assurance company. Software testing services help find and fix defects in apps before thousands of customers trust them with their data. By implementing nanotechnology with ongoing QA support, businesses become confident in the quality, reliability, and relevance of their financial apps in the market.

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