Fintech is transforming financial institutions and delivering a superior user experience by bridging the finance and technology innovation gap. You can make payments, receive loans, insure, and more thanks to Fintech products. Fintech makes companies competitive by allowing them to expand their service delivery business.
Why is it necessary for Fintech products to be of high quality?
High-quality Fintech products are necessary for several key reasons. Firstly, they inspire user trust by ensuring the security and confidentiality of sensitive financial information. Secondly, compliance with regulations and industry standards is crucial to avoid legal issues and maintain a reputable standing. Thirdly, providing a seamless and efficient user experience enhances customer satisfaction and fosters loyalty. Additionally, robust security measures protect against cyber threats and data breaches. Moreover, high-quality products differentiate Fintech companies from competitors, driving market demand and growth. Lastly, scalability and adaptability enable seamless expansion and integration as the business evolves. By addressing these aspects, Fintech companies can establish a strong foundation for success in the competitive financial technology landscape. Check out the best practices for testing Fintech applications on the TestFort company website.
Top five requirements for testing Fintech products
The specific requirements of the testing process must develop the software for financial technology products. Consider the basic principles of testing.
1. Prevention of leakage of confidential information
The financial sector entirely consists of confidential information of users, and therefore it is essential to ensure reliable data protection. It is necessary to test all databases where users’ personal information is located.
Testing is done to verify the following:
- integrity of stored information;
- gradual data migration;
- high-speed loading of the site (or application);
- possibility of data storage hacking.
To develop high-quality software, a high degree of protection should be used in the structure of Fintech products, starting from the very first stage of development. Rigorous testing minimizes information leakage scenarios. In addition, it is necessary to update the software promptly (as soon as a new version appears) to improve the protective properties of products regularly.
2. Product safety assurance
Since financial institutions are a potential target for hacking, providing a high level of security is highly advisable. The larger the user audience becomes, the more complex the methods of hacking the system evolve. Not only large financial institutions are subject to cyberattacks, but also small ones, so you should pay attention to the system’s security, even if your company is not significant. The primary purpose of such testing is to detect weaknesses that are most vulnerable to external intrusion by fraudsters. As soon as such sites are found, additional protection is provided for them, considering specific scenarios for cyber attacks.
You can know the banking app challenges in advance, which will help you prevent errors related to the security level in advance.
3. Products must comply with AML and KYC policy
Financial technology software must be developed entirely by the requirements of AML and KYC, aimed at preventing illegal financial transfers, and have the necessary data about their customers. Each country has different software requirements. Therefore, we created general conditions that include all regulatory requirements. In addition to the above policies, CDD (checking the degree of risks of their customers) and DSS (protection when using payment cards) are also applied.
It is also highly recommended to contact regulators, who will instruct your company on changes in regulatory requirements.
4. Ensuring performance
The performance test results will give you an idea of how all the features provided will work in your simulated environment. The main thing is that there are no system functionality failures under increased loads. To develop high-quality products, conducting tests already at the initial stage of creating Fintech products is necessary.
Two types of the following tests are carried out to check the performance:
- Stress (or load) testing, where the developed software is subjected to a predetermined, highly elevated load, and its peak performance is tested. For example, requests may increase sharply, or mass financial transfers will begin later.
- The ‘shift left’ method is designed to test all the features that make the product perform. Each function can be checked separately, and then all the functionality simultaneously.
The more timely such a test check is performed, the more likely it is that there will be no failures in the program’s performance.
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5. Carrying out tests in an automated way
Until recently, automated and manual testing was used, depending on the simulated scenario. But manual testing is more time-consuming, and errors associated with the human factor often occur (routine and repetitive operations, often complex ones). Automated testing minimizes the risks of making mistakes, and the same check can be performed several times, saving the specialist-tester from performing repetitive tasks and significantly speeding up testing.
With the advent of artificial intelligence in financial technologies, the boundaries of its application have become much more significant, allowing you to perform more complex tasks and provide your services to more consumers.
In the end
It is necessary to carry out all the main types of automatic testing, allowing you to check all the essential points in the development to ensure the high quality of the developed Fintech products. In addition, if your product has high reliability and uninterrupted performance, more consumers will use it.
You should not save on testing; otherwise, you must invest more later (software adjustments are expensive) because low-quality products are usually unprofitable.