The Growing Need for QA Testing in Fintech Industry

Shormistha Chatterjee
4 min readMar 22, 2020
QA Testing in Fintech Industry | Software Testing

Financial Technology (popularly known as Fintech) offers immense opportunities to financial institutions, improving their overall user experience. FinTech is considered as the “4th industrial revolution”, which has remarkably waves even at a nascent phase. Cutting-edge innovations like AI and Blockchain are ushering the new ways of doing business in the financial sector. It offers customized services through a shared ecosystem with customer consent and hence, unlocking the immense potential for Open Banking. Fields like insurance, banking, electronic payments, loans, and wealth management are all getting a digital facelift.

The Value of Financial Technology Applications

Value in Fintech

Growing Trends- Market Scenario

· The overview of Fintech with a focus on B2C, comprising business models, consumer views, market size, blockchain technology, and company profiles can be found in our Statista Report 2019.

· In 2018, 70% of senior banking executives said that collaborating with Bigtechs and Fintechs to create a new service was a significant opportunity for financial institutions and banks.

· According to Andrew Chen (expert technology analyst), the average application drops 77 % of its usage 3–4 days after install and 90 % just after 30 days. These statistics can be intimidating for product companies hoping to become the next big thing.

FinTech Applications Challenges

FinTech apps are different and wrap an extensive range of financial services. They range from app payments to investment to lending, budgeting, insurance, consumer banking, etc. with the focus point on varied functions like security and fraud detection management, data visualization analytics, risk and compliance management, digital banking, and more.

While FinTech (or fourth revolution) is offering a huge number of exciting prospects for banking and financial firms, there are varied challenges that these Fintech firms are grappling with. Most of the financial companies or fintech firms aren’t sure on how to cope with the risks or challenges these new-edge technologies bring, for instance:

– Complicated Transactions Processing Lifecycle

– Varied and Multiple Channels or Devices used by End-Users to Access Apps

– Large Scale Integrations and Multi-Tier Functionalities

– Data Confidentiality and Integrity Threats

– Risk Management of Complex Financial Transactions

– Strong Regulatory Compliance Needs for Financial Transactions

– Efficient Transactions and More

Does it meet business specifications? Does financial software or apps meet current regulatory standards? Can it handle large transaction volumes? So, how do you ensure your financial applications run faultlessly meeting the user’s requirements? The answer is through efficient and effective QA testing. Quality Assurance Testing must be one of the top priorities for financial app developers to assure users that their money is secure.

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

When people’s data and precious money are at risk, QA testing is not just “good-to-have” — it’s compulsory. Apps must be usable, functional, agile, and secured enough. The quality assurance team must understand the challenges linked with financial firms. During the software testing process, they must attempt to “scrutinize” Financial technical systems and software to uncover errors, potential security threats and breaches, and other bugs. This ensures that users will have a safe and sound experience while using Fintech services and products.

Whether firms employ software testers in-house or outsource, the process should be performed at all phases of the product development cycle. Software QA testing mainly assesses:

– Security- Software testers put FinTech apps through rigorous assessments to scrutinize any areas of threat or vulnerability.

– Compliance- Financial organizations are mostly adhering to strict regulations governed by the countries, software testers continually assess whether given products is compliant or not.

– Data Protection- Protecting and managing important information is vital in the testing phase.

– Usability- Fintech firms prioritize the user experience and software quality assurance testers ensure that the app is operable by laypeople.

– Accessibility- While considering usability requirements, quality assurance testers also consider users with disabilities and differing needs, such as cognitive, auditory, visual, or physical impairments.

Standard Seven Steps Testing Procedure of Fintech Application

Like any software testing procedure, Fintech Application Testing also follows the standard 7 crucial steps:

  1. Requirement gathering
  2. Requirement review
  3. Business Scenario Preparation
  4. Functional Testing
  5. Database Testing
  6. Security Testing
  7. User Acceptance

Benefits to FinTech Firms from Quality Assurance and Testing

· Quality Improvement: Our proficient testing engineers can increase the test coverage thus ensure new quality standards. Increase in quality and the reduction in the amount of cost and effort spent while testing.

· Collaboration between Development and Testing Team: Set up great work collaboration between development and testing, thus reduces application time to market.

· Make your Fintech app Faultless- All the Business logic tier, Static resource tier, and Permanent storage tier will be defect-free or bug-free to make your Fintech apps flawless for your users.

· Comprehensive Test Coverage — Expert testers rigorously test your critical apps to ensure performance, compatibility, security, and reliability.

Solutions- How can we help you?

ImpactQA’s committed BFSI tests solution focuses on offering comprehensive solutions for testing FinTech apps, which includes Non-Functional Testing (Security Testing, Performance Testing, and Usability Testing), Functional testing (Test Automation and Manual), Test Advisory services and Next-gen testing services. Our experts completely understand the nuisances of BFSI applications involving legacy systems, asynchronous messaging, voluminous test data, multiple subsystems, diverse data sources, and complex authentication systems

Our BFSI Testing services are built to ensure the right competencies, tools, methodologies, infrastructure, frameworks, business scenarios, or test cases, are in place. ImpactQA has successfully delivered testing services for leading banking and financial companies across multiple geographies.

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Shormistha Chatterjee

Dzone Contributor| Blogger| Co-author | Sr. Writer| Silent observer on Medium, reads every day and love to write.