Fintech is a booming industry, which can be seen reflected in the number of Fintech software that we have available today. So, naturally Fintech QA is important.
There’s a lot of expectations for a Fintech system. So, while assuring quality of such systems, it is vital that we look at them holistically rather than testing individual components.
In that vein, let us discuss why Quality Assurance is vital in Fintech and the unique challenges we need to address in Fintech applications.
Challenges in Fintech QA
A fintech application has a wide range of services such as banking operations, payment processing, investments, equity funding, insurance, and many more.
These sectors have their specific requirements set and challenges that they need to address appropriately.
But whatever the sectors maybe, there are essential pillars in Fintech such as:
Safety and Security – A fintech application needs to be safe and secure to use. There shouldn’t be any issue with security leaks in terms of transactions and safety concerns need to be addressed promptly.
Privacy – Any fintech system needs to have privacy features so all the information of a user remains secure. Any kind of user data leak can have terrible repercussions.
Reliability – Fintech systems need to be reliable. The servers shouldn’t be down during critical hours, and backups need to be created to anticipate and resolve issues. So, while testing a fintech system, it is important to test it for a longer duration to ensure that the testing is on-point.
Performance – A fintech system obviously needs to perform fast. Millions of transactions can happen at any given moment and these transactions shouldn’t take more than a few seconds to go through. Therefore, performance becomes a crucial aspect of a fintech system.
Accessibility – Most of the customer facing fintech systems are used by your average joe. So, it is critical that these systems are accessible and usable. Therefore, a QA also needs to make sure the system isn’t complex to use.
Fintech QA – Must Have Components of a Fintech System
When we are QA-ing any fintech application, there are certain components that are must have. Here’s a rundown:
Fintech systems may need many integrations.
- There’s high data volumes which need to be processed in real-time.
- Record keeping and tracking mechanisms for all transactions.
- Risk management features in case of emergencies.
- Every fintech system needs to have some form of cybersecurity and all data should be confidential.
Since the transactions in a fintech application happen at bulk, it is best to have some type of mechanism for handling concurrent transactions.
What does Fintech QA cover?
QA testing in Fintech is not limited to identifying bugs. Instead, it is about discovering the underlying flaws in the design of a system and preventing bugs altogether.
Let us now look at different aspects of Fintech covered by QA:
Security
The first thing a QA needs to look at while testing any Fintech product is the security. QA engineers need to rigorously analyze Fintech software if they are to search for vulnerabilities and inherent risks.
Data Protection
QA professionals also need to assess how the data is stored, if the data is available when needed, and other similar aspects. It is also worth considering how the system handles and transfers critical information.
Compliance
Compliance is one of the primary things that a QA professional needs to look at. QA engineers need to see that the software adheres to all rules and regulations.
Usability and Functionality
In a fin-tech system, QA engineers evaluate how user-friendly the application is. This includes testing the intuitiveness of the interface, clarity of instructions, and ease of navigation.
Identifying any confusing elements or functionalities that might frustrate users and hamper smooth operation.
QAs validate if all the features of the Fintech product work as intended. This involves testing core functionalities like money transfers, investment options, bill payments, etc.
They ensure these features accurately perform their designated tasks and integrate seamlessly with other parts of the system.
Final Words
Fintech is revolutionizing finance, but with great innovation comes great responsibility.
Robust QA practices are the bedrock of a secure, reliable, and user-friendly Fintech experience.
When you address the unique challenges of the industry – from data privacy to high transaction volumes, you ensure a flawless fintech application that inspires trust.
And if you are looking to QA your Fintech system, feel free to contact us today!
