Not a single field of activity can do without financial technologies since the convenience and effectiveness of digital technologies are confirmed by many years of use. However because it is necessary not only to have a FinTech application but also to ensure product quality, it is required to conduct testing during development.
FinTech is a separate infrastructure that enables many organizations to use innovative digital technologies for financial transactions. It allows you to increase the company’s efficiency, attract more users, and significantly reduce economic costs.
Given the challenging competition, it is necessary to have a team of professional developers and testers who can create the highest quality and functional products. FinTech testing services are subject to higher privacy, reliability, and security requirements since these applications are designed for financial transactions.
The presence of software failures in such applications is generally unacceptable. After all, a small error in a financial transaction for an organization can cause enormous economic losses. And for a well-known brand, it is first of all a loss of reputation and a lowering of competitive positions, which is much more valuable than the loss of income.
Strategic Test Plan For FinTech Applications
If a good strategy is applied in testing these products, the result will be high-quality products with a quick start and distribution. The main thing is to consider all the requirements for the structure of the application and the quality of code coverage.
There is a single test program for all FinTech applications, which includes the following test checks:
- ease of use,
- uninterrupted functionality;
- high speed of access to finance;
- ensuring confidentiality;
- ensuring a high degree of reliability and safety.
These are the most critical aspects that must be considered when conducting tests. Now let’s look at the main methods of testing.
Legal Compliance Check
Because financial technologies are constantly subject to changes and active development, providing the application for users with the latest changes in financial legislation is recommended. Such verification provides for absolute compliance with all industry regulations and rules.
Automated Process Testing
Conducting a FinTech application review is a complex process. To fully function, such products require a rapid and continuous integration process that systematically improves the quality of work. Since manual testing is inexpedient, automated testing will be the most effective way of checking, ensuring reliability, and eliminating repetitive routine checks.
With automated testing, a competent approach is provided when checking the software of the developed application. Efficient tools guarantee the quality and timely release of products to the market.
Application Load Test
Carrying out load testing is equally essential for automated testing, especially for FinTech applications. It is carried out to determine how the software will react to an unpredictable load increase or the ability to conduct a large-scale financial transaction. Such a check provides an opportunity to identify weaknesses in the software when there is a sharp increase in traffic to the application.
For FinTech applications, security checks are essential. This is because it is necessary to provide a high degree of confidentiality that hides users’ data, the number of transfers made, the availability of capital, payment gateway data, passwords, and much more.
Such a check will allow you to determine the level of product security and detect potential risks associated with cybernetic hacking by intruders. It is necessary to eliminate any possibility of unauthorized intrusion into the software that could violate users’ privacy.
One way of testing is penetration testing. It is determined how the software will react to certain hacking attempts. Therefore, it is possible to detect weaknesses and the possibility of software damage to establish additional protection (sometimes multi-level) on them.
System Regression Check
Some factors in the software may be adjusted over time to improve performance in use. For example, a change in the program code or the relative position of software components may be carried out. It is where regression testing comes in handy. Such testing allows you to discover how the product’s software continues to have high security and functions correctly, even though the codes have been corrected.
Database Integrity Check
Since financial technologies are inextricably linked with large-scale financial transfers, it becomes necessary to check the integrity of the database. Such testing includes testing for heavy loads (stress testing). It is essential to find out how the database will behave with a sharp increase in traffic and to find out the level of its capabilities – whether it can also fully work and ensure complete consistency with information data.
When performing system testing on a FinTech application, there are many more ways than those listed above. Each software is unique and requires an individual and professional approach for various checks. For this, it is necessary to choose a specific testing strategy to consider all aspects responsible for the quality of the developed products. Functionality, privacy, and security are the most critical indicators for the success of a FinTech application.