The Importance of QA Testing in FinTech

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The Importance of QA Testing in Financial Technology

Financial Technology (FinTech) opens the door to countless opportunities for financial firms. At the same time, it comes with great responsibility. Firms offering FinTech services have a considerable amount of power since they handle sensitive user information. To ensure usability and security and to gain a competitive edge in the financial marketplace, superior QA testing processes must be employed by organizations, whether these testing is facilitated within their organizations or is outsourced to an independent software testing company. It’s the primary determinant of the success of the organizations and the safety of its users.

FinTech firms deliver various services, together with equity funding, budgeting, banking, mobile payments, investments, and so on. All of these processes need accessibility, reliability, security, safety, among added features. FinTech organizations particularly must know how to handle functionalities, integrations, transactions, data privacy, breaches, storage systems, and much more.

These are the crucial concerns to the development of software applications and services that are the backbone of the Financial Technology industry. Because they are key to creating and delivering high-quality products. Financial Technology firms must employ skilled software quality assurance services and testers to address them before the products reach the market. Research suggests that one of the main reasons FinTech software applications fail is poor software quality. There, carrying out a stringent QA on Financial Technology applications is a must.

What does the QA testing measure and assess?

The main purpose of software QA services and companies is to help to ensure that the Financial Technology products and applications are secure, reliable, and error-free (as much as possible). The testing process, using relevant defect tracking software, must be done at every stage of the product SDLC whether FinTech Firms outsource their testing or employ in-house QA testers. This will allow developers to detect areas of the issue initially on software testing that should assess the following points:

  • Security assessment – Financial Technology applications store and use sensitive data such as banking, financial, and personal information. Because this information could be attempted to be accessed by hackers, these applications must be put through severe assessments for checking any risk zones or vulnerability.
  • Protection of data – Data is a commodity that is bought and sold like any other, both legally and illegally. Illegal selling is the main concern which is why managing and protecting vital information is important during the testing phase.
  • Compliance assessment – Financial organizations must strictly follow the rules and guidelines set by the governed country in which they function. These rules are ever-changing, therefore it is important to keep track of them, evolve as law demands, and frequently assess to confirm the assumed products are compliant.
  • Product usability – Usability comes first when it comes to defining the quality of the product. Consumer experience is one of the top items of the FinTech firms’ priority list, and it is the job of software testers to confirm that the product can be operated by novice users. This must be done by them as well as by putting the product in the hands of real users. Usability issues can also be countered by using high-quality defect tracking software.
  • Functionality – Functional Testing is an imperative stage of any QA testing state. It aims to ensure that the product can meet its specified requirements for effective operation. Exchange of data and information makes Financial Technology software vulnerable, which is why testers need to examine all expected stressors, developments, risks, and communications with other system components and applications.
  • Accessibility – The “archetypal” usability requirements should also be taken into consideration while testing. It should also consider users who have disabilities and other needs, such as auditory, cognitive, visual, or physical impairments. It must be ensured that the product is within the accessibility of all users and can be accounted for this requirement.

Roy M is a technical content writer for the last 8 years with vast knowledge in digital marketing, wireframe and graphics designing.

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