Thanks to the introduction of financial technologies, it has become possible to carry out various financial transactions online: money transfers, investing, lending, insurance, and much more. But to ensure the effective operation of FinTech applications, it is necessary to conduct testing to ensure that the created products work correctly.
You don’t need to be a financial company to connect to the financial industry and provide specific solutions. About 70% of users consider using financial products developed by an organization unrelated to FinTech. We list some categories that are quite in demand among non-financial organizations:
- Internet of Things (insurance section);
Regardless, your company must offer new FinTech solutions by providing consumers with simple and quick solutions to ensure your products succeed financially. In addition, the application must provide high security and confidentiality; otherwise, your company will need to incur costs associated with compensation for information leaks or software errors related to financial transactions.
Thanks to high-quality software testing for banking apps and financial app services, it is possible to reduce the influence of the human factor when creating software, reduce financial development costs, and ensure a high level of product safety.
Main aspects of economic testing of FinTech applications
To ensure quality products when developing software, you must follow some rules, which we will discuss below.
Hire experienced and qualified testers
Only qualified testers will result in the creation of products that meet the necessary security and privacy requirements. An inexperienced team may need to be more familiar with cookie devices and, therefore, may be unable to detect errors affecting the application’s security or notice these expired cookies. All this will lead to negative consequences: a decrease in the company’s reputation and adjustments to the software. Therefore, hiring qualified specialists who can provide high-quality testing is recommended.
Provide training to the quality assurance team
The main task of testers is to check the basic functionality. Still, a qualified quality specialist will not only perform the check but will also be able to provide options for eliminating the problem in the future if it arises. A trained team will not work according to the principle of “what to do with it” and “what principle of operation” but will automatically find modular relationships. Moreover, it will test specific scenarios, allowing you to detect inconsistencies such as important ones such as security and privacy. Failure to detect such gross violations in the software will lead to substantial financial costs.
You can’t skimp on a tester and practical tools
You must be able to expand your staff as necessary to attract additional testing specialists during the peak period of product development. Even one or two experienced and qualified testers will not physically be able to complete the checks of a large-scale project within the established time frame. Therefore, it is recommended to have testers in approximately the following ratio: one tester should be provided for three/four developers.
You should also use high-quality equipment and tools to create functional and secure FinTech application software. It is only possible through effective testing, using various equipment and devices that create real scenarios for testing as much as possible.
Testing should not be separated from product development
Integrating collaboration between testers and developers is essential, and it is better to do this in the early stages of software development. This approach allows testers to compare development stages with test methodology already at the planning stage. In this case, timely and high-quality testing of any piece of software will guarantee the success of product sales.
Suppose testers do not initially collaborate directly with development specialists. In that case, a considerable amount of time will be spent understanding the process from the beginning of project development, which will delay the implementation of the FinTech application. It is essential that testers take active participation directly at each stage of development – this will allow timely detection and elimination of shortcomings during project development. Otherwise, many returns for software improvements will lead to increased financial costs and loss of time.
Apply specific rules for testing and monitor their implementation
It is necessary to check new options along with the definition and be sure to exclude such incorrect principles:
- Software is initially released and then tested – testing should be carried out on each development site;
- Unstable and untested tasks are executed in parallel in the test area, making detecting errors in the program difficult.
Automated testing significantly reduces labor intensity and verification time for faster and more efficient verification. In addition, it is necessary to systematize all working documentation to ensure ease of work. It should reflect all functional and non-functional requirements scaling tasks for the software being developed. It is also essential to record each testing stage, indicating the errors detected (if any) and the measures taken to adjust the FinTech application program. You can also read full info about testing bank apps if there are any questions left.
Follow these recommendations when developing software for a FinTech application. The created products of your organization will best meet the security and confidentiality requirements and the product release deadlines.