What Do FinTech & Banking Testing Services Do?
Today, banks and other financial institutions are the largest customers and users of IT services around the world. Transactions performed by banking applications have an increased level of privacy and security as they relate to important financial data. That’s why every company that works in the field of finance is committed to creating convenient, functional, and secure software/applications that allow users to perform various financial operations freely.
The world does not stand still and is continually evolving, changing the usual business models, working with clients, etc. The global economic crisis of 2008 had a huge negative impact on all sectors of the economy, especially the banking and financial sectors. The number of banks has decreased rapidly, and people’s distrust of traditional financial institutions has increased so much that the emergence of new technologies and approaches in the field of finance was simply necessary. Thus, the concept of Fintech – a powerful trend and a new approach to providing services in the financial sector – appeared. In recent years, a whole class of new generation banks – which build their work only through remote interaction with clients – has grown significantly in the world. Specialists estimate that over the past year, Fintech mobile applications have been used more than 1 trillion times, which once again confirms the rationality of creating applications, websites, and other technological solutions that modernize traditional financial services.
To deliver quality services to customers, both traditional banks and Fintech services equally need reliable and secure software. Any software product’s success in financial technology depends on how safe and reliable it is, without losing quality and competitiveness. Today’s Fintech and banking application testing is the only right way to gain confidence in software reliability.
“When we talk about the importance and necessity of testing any software product, quality assurance in banking takes on a particularly significant meaning because banking applications involve storing and processing confidential financial data. And only quality banking application testing can guarantee that all actions related to confidential data of users will not only be performed well and correctly but also will remain protected from hackers,” says Oleh Sadykow, a co-founder at DeviQA – a leading FinTech banking testing company.
Quality assurance in banking includes several stages of banking application testing:
- Requirements analysis
- Review of requirements
- Documentation on business requirements
- Database testing
- Integration testing
- Functional Testing
- Security Testing
- Usability testing
- Acceptable user testing
Considering the active development of digital technologies in banking and finance in today’s world, we have the following question: “How is mobile technology likely to influence the banking industry in the future?”
It should be said that mobile technologies are increasingly entering the banking industry and have already had a huge impact on it. In recent years, many leading banks have developed their unique financial applications that provide users with the ability to pay, transfer, control debts, commissions, manage funds in personal accounts, and check their movements without contacting a bank branch. As we mentioned earlier, another example of the development of digital technology is the emergence of neobanks – financial companies that offer standard banking services in full digital format. Even though customers have actively begun to use the services provided by neobanks, they still trust their money to traditional banks. Therefore, it is difficult to say whether mobile technologies and neobanks will be able to displace and replace traditional banks in our usual understanding.
The modern rhythm of life, economic instability, and the global financial crisis have triggered the need for new approaches to providing financial services. Rising people’s distrust of traditional banks has led to the emergence of Fintech – technologies that modernize traditional financial services. It’s hard to say if Fintech will ever be able to replace traditional financial institutions, but one thing is absolutely obvious, both traditional banks and Fintech services equally need quality software testing to provide quality services to their clients.