The fintech industry can transform financial institutions and deliver a superior user experience by integrating financial services with innovative technologies. According to statistical studies, e-Payment systems have increased dramatically in recent years, which speaks to their ease of use and efficiency.
Challenges a Fintech App Might Face
Fintech applications provide users with a wide range of financial services, namely: e-payments, investment, lending, insurance, and much more. But there are several problem factors:
- changing user expectations from electronic payments;
- ensuring the confidentiality and integrity of information;
- regulation of financial transactions of increased complexity;
- comply with regulatory conditions.
Similarly to the above issues, fintech organizations are striving to be competitive in the financial technology market. For this, electronic modification should be taken into account to achieve the efficiency of service delivery and increase the value of the business. It concludes that fintech is responsible for striving to improve functional processes and test applications not only at the level of attracting developers and creating a good product, but also at the level of after-launch testing. This integral part of any product viability cycle should always be present in a banking or financial application growth strategy. This testing service not only notices any bugs in such fintech apps, but also saves hundreds of thousands of dollars on such financial applications that won’t break at an inopportune moment.
Essentials to Provide Quality for Fintech Products
Since the modern financial market is focused on accumulating and processing confidential information, users are primarily concerned about providing security and reliability when using Fintech applications for financial needs: credit card details, bank details, personal data, and much more.
The following vital point is the comfortable use and fast processes for making financial transactions. When developing such applications, the main thing is to find a balance between quality assurance, reliability, and usability. In addition, fintech applications must meet the established requirements during testing.
Six Key Principles While Testing Fintech Products
Below we will look at the main points when testing fintech applications.
1. Ensuring data protection
Since all financial transactions contain confidential information, a high degree of protection should be provided for them. To do this, testing for all databases intended as a personal information repository is recommended. According to the testing results, the stored data must be ensured for integrity, migration, and fast loading.
To create a high-quality application, you need to provide high protection in the product structure. Moreover, high-quality testing will ensure the minimum probability of information leakage.
2. Security Testing
Recently, financial companies have been subjected to cyberattacks by many scammers. Because every year, the use of mobile devices increases, not only the number of cyber-hacks increases but also their complexity. Research has shown that virtually all prominent fintech startups are vulnerable to hacks, and third-party payment and transaction gateways make it easier for hackers to break into the security protections of these applications.
Test methods can be used to control the security of a fintech application and detect weaknesses that need to be protected. Manual testing will determine the safety of the organization as a whole. It is also necessary to systematically monitor and conduct tests to identify bottlenecks in software security aimed at protecting users’ confidential information.
3. Compliance check
Like banking companies, Fintech companies must follow the requirements of AML to avoid financial losses and not lose the company’s reputation. Because regulatory compliance requirements vary from state to state, compliance testing is created using all regulations. The checklist for compliance with safety requirements has the following points:
- KYC. This aspect is essential to reduce the risks associated with financial fraud and corrupt practices.
- CDD. It is aimed at the occurrence of customer risks in force majeure situations.
- PCI DSS. It is a payment card security standard that protects bank cards and transactions.
If the company cooperates with the relevant regulatory authorities, it will keep abreast of changes related to compliance, providing users with reliable electronic financial services.
4. User Experience (UX) Testing
User experience testing guarantees that the product interface is intuitive, easy to navigate and provides a smooth work with interface. Testing all features on different devices and screen sizes helps you identify and fix usability issues. In addition, prioritizing security and privacy measures in UX testing will help you gain user trust. Focusing on accessibility will allow you to meet the needs of a wider range of users, including people with disabilities.
Integrating UX testing into the fintech product development process can significantly improve user satisfaction, increase the number of users and ultimately lead to the success of a fintech business.
5. Performance check
Application performance testing predicts the behavioral characteristics of an application in an area. It ensures that the fintech application responds promptly at times of increased load, for example, during simultaneous user transactions.
When creating software, performance testing is essential in the early stages of development. Consider 2 types of testing:
- Stress resistance testing. The application is subjected to a specific load, and it is determined how it will affect the performance of the fintech application. The main task is determining the maximum load limit the application cannot function under.
- Method Shift-left (shift to the left) – includes functional aspects related to performance. This method provides timely resolution of emerging problems that affect performance efficiency.
Experienced specialists can easily select financial inclusion solutions, considering the specifics of your project, economic possibilities, and the type of tools you used to create the software.
6. Automated testing
Automated testing avoids repetitive problems and speeds up the testing process. Repetitive problems, if automated, lead to a reduction in the risks of the human factor.
Thanks to artificial intelligence, new models are being studied, and various methods are expanding the boundaries of automated testing.
Conclusion
For the niche of fintech applications, the demand depends on high-quality products using innovative technologies used in modern times. It is essential for users not only to ensure efficient functioning but also to ensure security in the implementation of financial transactions.
