The FinTech landscape is evolving faster than ever, with radical innovations disrupting the market now and then. FinTech CXOs and investors must keep an eye on these transformations and technology trends as they influence everything related to payments, money, and banking. With customers looking for on-demand finance, it is evident that people are more comfortable managing their finances online and are slowly moving away from the bureaucracy of traditional financial services. Today, financial organizations are embracing the agility and flexibility promised by FinTech solutions to modernize their existing business models and develop innovative financial products.

Digital Technology Trends for Fintech CEOs in 2023

So, what technology trends should FinTech CEOs look out for that will influence the customers’ decision-making in 2023 and beyond? Here are the top 7 predictions concerning the technology trends of the FinTech industry.

Open Banking – Technology trends

Open banking is an initiative by which banks share clients’ data with FinTech companies and other financial institutions via secure APIs. Statista reports that 63.8 million people will use open banking by 2024. Now, an obvious question arises as to why banks would share their sensitive financial data with other institutions. This data sharing enables banks to stay competitive, provide security, transparency, and offer personalized finance management.

Along with the users, financial institutions are also on the receiving end when it comes to gaining benefits from open banking. For instance, finance lenders get details of the risks involved in lending to clients and personalize the loan interest rates per client profile. With open banking, FinTech businesses can enable their customers to send, receive, and save money from their preferred bank accounts. Users can also access various bank accounts from a single application.

Blockchain

Market research by PRNewswire reports that the blockchain market will be worth $67.4 billion by 2026. One of the key reasons for the emergence of the Blockchain trend is that blockchain-verified data is secure. Blockchain algorithms protect financial institutions from fraudsters because all the transactions are recorded and checked by all nodes in the network. In case of intrusion attempts, Blockchain technology makes it easier to track and identify the hacker.

Along with providing a secure platform for financial transactions, Blockchain is enabling faster international transfers with a minimum commission. Proper blockchain implementation can allow fintech businesses to make their product stand out in terms of speed, security, and efficacy. Being one of the top technology trends for FinTech CEOs to look out for, transactions with these merits can help FinTech organizations make a mark in the Finance ecosystem.

Embedded Finance

Embedded finance is another key emerging trend that many financial businesses are adopting. Embedded finance enables non-financial organizations to leverage digital technologies to offer financial solutions to their customers.

Unlike reselling financial services, embedded finance is attracting digital service providers as it creates new revenue channels at a low marginal cost. With the embedded finance market predicted to be worth $ 7.2 trillion by 2030, this digital technology trend will enable new customer experiences that boost brand loyalty and repeat purchases. Following the successes of Plaid, Square, and Stripe, FinTech CEOs, VCs, and entrepreneurs are gaining more interest in this market and are pouring more efforts into it.

Super Apps

Super Apps is another digital technology trend that is making noise in the FinTech industry in 2023 and beyond. The Super App brings many apps with varied functionalities into one ecosystem, such as messaging, placing an order, making payments, shopping, and even making appointments. The fundamental principle for a super app is – one app, one sign-in, and one user experience for any kind of product or service.

WeChat can be credited for successfully experimenting with the idea of a Super App. A messaging app at first, WeChat has now enabled its 1.25 billion users to perform a plethora of tasks such as transferring money, taking out loans, and much more. Following the success model, WhatsApp is experimenting with banking features in India and South America, and PayPal looks forward to merging payments, crypto, and shopping in one place.

Voice Payments

Statista predicts that by 2025, there will be more voice assistants (8.4 billion devices) than people worldwide. People have shown keen interest in using connected devices for their day-to-day activities such as searching for information, listening to music, shopping online, and more. Voice biometrics will become reliable protection of the user’s data.

In 2023, FinTech organizations will continue to make their customer experience completely hands-free. By integrating voice biometrics into their applications, app users can check their account balance and make payments by voice commands while simultaneously doing something else. Manual data entries will be replaced by voice technologies, improving the accessibility of financial services, especially for people with disabilities.

Robotic Process Automation (RPA)

Financial organizations employ RPA to automate human interventions and accelerate business processes. RPA in finance takes over repetitive and mundane tasks by learning from the actions performed by the user in a graphical user interface (GUI) and then repeating those actions when required.

FinTech businesses can leverage RPA to deploy a “robot” that takes on repetitive tasks such as data entry, data storage, data management, reporting, insurance claims, ticket generation, and so on. Juniper Research reveals that RPA is a key to FinTech success, with RPA revenues in banking predicted to reach $1.2 billion by 2023.

Virtual Cards

Virtual cards are becoming one of the safest modes of payment for goods and services. The user pays for goods with a temporary 16-digit card without indicating the information of a physical bank card. Virtual cards are stored in digital wallets on mobile devices and are used for contactless payments. If required, a virtual card can be instantly blocked without losing access to the physical bank card.

The evolution of digital technologies and the need for robust solutions prior to the pandemic led to a growth in virtual cards to nearly $200B in North America. According to Visa, this growth will continue to rise, and the virtual card market value will reach up to $500B by 2025

Conclusion

The 2023 Fintech trends listed above are becoming the driving forces of the Finance industry’s development. Thanks to modern technologies, banks and other financial institutions can extend their customer experience capabilities by improving their service delivery models, maintaining the brand reputation, and attracting new customers. FinTech CEOs, VPs, and investors can make sure that they are investing themselves and the organization into the right trends by considering the following:

Empower customers with latest technology trends –

To match the advanced needs of today’s customers, banking & finance products and services should be adjusted to their behavior/preference.

Leverage the value proposition of products –

Modern technology trends and methodologies mentioned above should be used to enhance data analytics, create customer-centred business models, and promote secure data sharing within the fintech ecosystem.

Embrace the value of information –

Real-time information is an asset to fintech organizations. Trends such as open banking, super apps, blockchain etc. allow banking and finance businesses to process huge amounts of information and utilize it to create innovative products and services as per the anticipated customer needs.

Overcome the Challenges of FinTech App Testing with TestingXperts

Tx’s Banking Financial Services and Insurance Center of Excellence (Tx BFSI CoE)

TestingXperts’ dedicated BFSI CoE focuses on offering a comprehensive range of solutions for testing FinTech applications, which includes tests across key segments in the industry. The CoE is built across the key pillars of People, Processes, and Technology to ensure the right skills, competencies, tools, frameworks, re-usable business scenarios/ test cases, methodologies and infrastructure are in place.

Tx’s Enablers to Accelerate Quality Engineering for the FinTech Enterprises

TestingXperts has a wide range of next-gen proprietary testing frameworks, such as Tx-Automate, Tx-IaCT, Tx-Insights Dashboard, Tx-Reusekit, Tx-Insure, and more which effectively align with the needs of the FinTech market and help in improving quality and reducing the time to market of a FinTech application.

Tx’s Portfolio of End-to-End Managed Testing Services

For a seamless FinTech application experience, it is imperative to evaluate the performance, security, and business functions of the application. TestingXperts dedicated team of FinTech experts provide comprehensive testing approaches and strategies through its portfolio of end-to-end managed testing services, including Functional testing (Manual and Test Automation), Non-Functional Testing (Performance Testing, Security Testing, and Usability Testing), Test Advisory services, and specialized next-gen solutions.

The post Top 7 Digital Technology Trends for Fintech CEOs in 2023 first appeared on TestingXperts.

The global financial technology (FinTech) market is predicted to grow at a CAGR of 8.6% by 2024. This growth is driven by the significant rise of eCommerce and the increasing acceptance of digital payments and mobile banking. The high market growth makes the FinTech industry attractive for startups, investors, and cybercriminals. FinTech businesses manage sensitive financial information, but data storage, cross-platform malware infections, and other cyber vulnerabilities are always a concern that may impact critical data.

Content 1. Some Infamous Cyber Attacks of the FinTech Industry in 2023 2. Why is Fintech app security important? 3. Key challenges of FinTech app security 4. Common FinTech data protection regulations 5. How to ensure FinTech apps security in 2023 6. Top FinTech app security Testing Tools 7. Conclusion 7. How Can TestingXperts Help?

Some Infamous Cyber Attacks of the FinTech Industry in 2023

Unfortunately, cyberattacks and breaches make news frequently – hackers worldwide are always looking to tamper with unsecure data and breach immature security protocols. Here are some of the few FinTech cyber-attacks reported in 2022 so far.

• OP Financial Group, the biggest Finland bank, suffered a cyberattack in which phishing messages, claiming to be from a bank, asked recipients to click on a link to confirm the payment

• TeaBot and FluBot banking trojans were found to target Android devices and send over 100,000 malicious SMS messages to steal banking contacts and SMS data.

• Qubit Finance was targeted by threat actors and compromised $80 million worth of cryptocurrency.

• Aon suffered a ransomware attack that caused limited disruption to several of its services.

• Credit bureau TransUnion SA suffered a cyber-attack that stole around three million customers’ data from a third-party criminal.

Why is Fintech app security important??

Cybersecurity in FinTech is key to protecting personal and financial data. Many businesses offer mobile banking, electronic payments systems, and crypto trading with security risks. As the FinTech sector expands, financial service providers are prime targets for criminals. If a FinTech app fails to protect customer data, it may lead to severe consequences such as:

• Financial losses to customers

• Identity theft

• Misuse of customer data to perform phishing and other cyber crimes

• Loss of trust as a brand

• Legal implications as per compliances such as GDPR and PCI DSS

• Increased risk of phishing and other subsequent attacks

According to Global FinTech Market 2021, the sector is estimated to grow at a CAGR of 26.87%, reaching $31.5bn by 2026. As the FinTech market grows and attracts more hackers and intruders, common challenges of FinTech apps have emerged that are proving to be a roadblock to secure innovation.

Key challenges of FinTech app security

Identity management:

Seamless sharing of data is an essential attribute of FinTech. Since financial organizations gather loads of sensitive data, it creates concerns like data ownership and digital identity management. FinTech businesses must adhere to all necessary compliances to collect, manage, and store critical customer data to ensure maximum protection for customers’ data.

Data Security:

Hackers can exploit system weaknesses of FinTech apps and access critical data such as credit information, contacts, personal data, etc., and use it for financial fraud and data theft. Data security in FinTech should be of the top concern since it has been identified as the top concern for 70% of banks consulted during the Sixth Annual Bank Survey.

Regional FinTech security protocols:

FinTech applications should adhere to KYC (Know Your Customer) protocols as well as regional data protection regulations. For example, businesses that offer financial services in the European Union and the European Economic Area must abide by GDPR (General Data Protection Regulation). Non-adherence to these regulations can result in cyberattacks and huge fines from local governing bodies for non-compliance and exposing the data of users to non-reliable sources.

Common FinTech data protection regulations

Based on the FinTech company’s location and target markets, specific data protection regulations and compliance must be adhered to in the financial services industry. Some of the critical data protection regulations are as under:

General Data Protection Regulations (GDPR):

GDPR is essential compliance for businesses that offer financial services in the European Union and the European Economic Area. FinTech apps should comply with GDPR to ensure secure data storage for EU residents.

Payment Card Industry Data Security Standard (PCI DSS):

Data protection and compliance for businesses that manage credit card information. FinTech businesses should ensure their app is compliant with PCI DSS as it will optimize the security of credit, debit, and cash transactions and protect app users against any misuse of personal information.

Second Payment Services Directive (PSD2):

Regulation for electronic payments and cross-border transactions in Europe. FinTech apps compliant with PSD2 regulations can benefit from the security against cyber threats for processing electronic payments and safeguarding consumers’ financial data.

Regulation on Electronic Identification and Trust Services (eIDAS):

Provides a legal platform for transitions between FinTech organizations, businesses, government bodies, and citizens in the EU. eIDAS-compliant Fintech apps provide a consistent and legal framework for accepting electronic identities and signatures.

Financial Conduct Authority (FCA):

Data protection regulations for FinTech firms providing services in the United Kingdom. Since FCA is a renowned compliance body, FinTech app companies should consider FCA compliance to increase customer confidence and trust.

Act on the Protection of Personal Information (APPI):

Essential regulation for FinTech businesses managing data of Japanese residents. Apps compliant with APPI mean that the apps have enabled necessary cybersecurity measures that will secure the personal information of the app users.

Personal Information Protection Act (PIPA):

Essential regulation for FinTech businesses managing data of South Korean residents. PIPA compliance requires the data controllers and collectors to integrate technical, administrative, and physical measures for securing customers’ data against loss, theft, alteration, or damage.

Along with being compliant with the respective data protection regulations, FinTech applications should adhere to the latest best practices to ensure cybersecurity.

How to ensure FinTech apps security in 2023

Security must be the top priority for every FinTech company. They must safeguard their customers’ data. Here are the essential steps for making a secure FinTech app.

Implement multi-factor authentication:

Considering the sophistication and ability of cyber attackers, FinTech businesses cannot solely rely on passwords to protect their customers. When building a FinTech app, it is advised to implement multi-factor authentication where users prove their identity by making two or more claims.

Use code obfuscation:

Cybercriminals can clone a FinTech app in order to collect personal user data disguise. FinTech businesses should consider code obfuscation to prevent app cloning. Code obfuscation includes encrypting the code, removing revealing metadata, naming classes and variables with meaningless labels, or adding unused or meaningless code to an application binary.

Data encryption:

Encryption is the scrambling of data in order to hide critical information from unauthorized users. Cryptographic tools such as cryptographic hash functions may be leveraged to convert plaintext to ciphertext. Businesses should use encryption when releasing a FinTech app to protect critical customer data at rest or in transition.

Secure APIs:

Creating, testing, and integrating APIs is a part of building FinTech apps. Organizations design, develop, and consume APIs as part of building a FinTech app. Cyber-attackers often target APIs to breach the system and steal critical finance data. FinTech businesses can secure their app APIs by implementing the following methods:

• Implement the OAuth 2.0 standard

• Use authentication tokens

• Encrypt your data and use digital signatures

• Proactively identify and address API vulnerabilities

• Use quotas, throttling, and API gateways

AI and Machine Learning:

AI-driven security solutions can learn from past incidents to predict and prevent future security threats. They can detect abnormal behaviours and potential fraud in real-time.

Blockchain Technology:

With its decentralized nature and cryptographic security, blockchain can offer enhanced security for transactions and data storage.

Security Information and Event Management (SIEM):

SIEM systems provide real-time analysis of security alerts and help organizations to track and respond to incidents.

Cloud Security Tools:

With many FinTech apps leveraging cloud technologies, cloud security tools help protect data stored off-premises and ensure secure data transmission.

Perform Penetration Testing

Penetration testing refers to performing false intrusive attacks on the app to identify any threats or vulnerabilities before the actual hackers do. Penetration testing reveals security vulnerabilities so that necessary enhancements can be made to improve overall app security.

To implement the security steps mentioned above, the following are the top cybersecurity testing tools that can be used to test FinTech apps effectively.

Top FinTech app security Testing Tools

To implement the security steps mentioned above, the following are the top cybersecurity testing tools that can be used to test FinTech apps effectively:

Conclusion

The rising Fintech market is taking a leap of innovation through customer-centric technologies such as open banking, voice payments, embedded finance, and more. The industry also experienced an accelerated adoption due to the recent pandemic. As FinTech services providers offer intuitive and customer-centric services, cyberattacks are also on the rampage and pose a significant risk to FinTech apps.

How Can TestingXperts Help?

TestingXperts (Tx), a next-gen specialist QA & software testing company, has been helping clients from the FinTech domain with a range of testing services. Our professional team of Certified Ethical Hackers (CEHs) ensures that FinTech apps are secure from cyber vulnerabilities and meet critical security requirements such as authentication, confidentiality, and integrity. Teams have 10+ years of expertise in assessing FinTech applications for security issues and ensuring end-to-end application testing for all possible vulnerabilities.

Our Differentiators:

• A talented pool of Certified Ethical Hackers (CEHs) with years of expertise in delivering security testing services

• Flexible engagement models to meet customer’s business needs

• In-house security testing accelerator Tx-Secure makes security testing quicker, seamless, and result-oriented

• Well-equipped security testing labs where QA engineers perform effective security testing for all applications, including Blockchain, IoT, etc.

• Conformance with key industry standards such as GDPR, HIPAA, PCI-DSS, and OWASP

• Detailed test reports delivered to stakeholders for informed decisions

The post How to Ensure FinTech Apps Cybersecurity in 2023? first appeared on TestingXperts.

We have discussed FinTech challenges and the growing need for QA in the industry in our first post in this series.

Contents 1. TestingXperts’ (Tx) accelerators and Test Automation Solution to Overcome FinTech Challenges 2. Tx’s Banking Financial Services and Insurance Center of Excellence (Tx BFSI CoE) 3. Tx Enablers to Accelerate Quality Engineering for the FinTech Enterprises 4. Tx’s Portfolio of End-to-End Managed Testing Services 5. Conclusion

In this post, let’s look at ways to overcome the challenges of testing a FinTech application, with TestingXperts’ specialized next-gen FinTech testing solutions.

As per some researches done to identify key causes of FinTech software application failures, one of the main reasons turned out to be poor software quality. Therefore, it is critical to carry out stringent QA on FinTech applications to avoid poor quality launch to end users.

TestingXperts’ (Tx) accelerators and Test Automation Solution to Overcome FinTech Challenges

Placing special attention on testing your Fintech app results in an application that works reliably across various channels. This gives company a good reputation in the market while enabling it to deliver excellent customer experience. Below mentioned are TestingXperts’ (Tx) accelerators and test automation solutions, which can be leveraged to overcome many potential FinTech application testing challenges.

Tx’s Banking Financial Services and Insurance Center of Excellence (Tx BFSI CoE)

TestingXperts’ dedicated BFSI CoE focuses on offering comprehensive range of solutions for testing FinTech applications, which includes tests across key segments in the industry. The CoE is built across the key pillars of People, Processes and Technology to ensure right skills, competencies, tools, frameworks, re-usable business scenarios/ test cases, methodologies and infrastructure are in place.

Tx Enablers to Accelerate Quality Engineering for the FinTech Enterprises

TestingXperts has a wide range of next-gen proprietary testing frameworks, such as Tx-Automate, Tx-IaCT, Tx-Insights Dashboard, Tx-Reusekit, Tx-Insure, and more which effectively align with the needs of the FinTech market and help in improving quality and reducing the time to market of a FinTech application.

Tx’s Portfolio of End-to-End Managed Testing Services

To ensure a seamless FinTech application experience, it is imperative to evaluate performance, security, and business functions of the application. TestingXperts provides comprehensive testing approaches and strategies through its portfolio of end-to-end managed testing services, including Functional testing (Manual and Test Automation), Non-Functional Testing (Performance Testing, Security Testing and Usability Testing), Test Advisory services and specialized next-gen solutions.

Conclusion:

If you want your financial firm to be competitive and achieve a winning position in the BFSI space, you must develop and launch high-quality FinTech applications in the market. Enhancing the quality of your FinTech application (software/product/service) will have the highest overall impact on your business and financial performance. Therefore, make sure your FinTech application testing strategy is comprehensive and covers all aspects of testing.

Connect with us to build a robust testing strategy for your FinTech application.

The post FinTech – Overcome the challenges of testing a FinTech application with TestingXperts first appeared on TestingXperts.

Financial Technology – FinTech for short, describes businesses which offer financial products or services to customers by leveraging technology. These businesses aim to offer new tech-driven financial solutions enabling convenience and superior user experience, and ultimately drive innovation in their industry.

Contents 1. FinTech Main Challenges 2. The need for QA 3. Conclusion

This revolution in financial technology has brought in many new entrants who are redefining the financial services sector. Large, well-established financial institutions and technology giants are focusing to adapt and re-engineer their existing processes to enhance speed, offer better customer experiences and provide differentiated value to customers.

According to the World Fintech Report 2018 by Capgemini and LinkedIn, in collaboration with Efma, more than 90% of FinTech firms said agility and providing an enhanced customer experience are key to competitive advantages. More than 76% cited their ability to launch new products/solutions, and improve existing products or services, as critical to their success.

FinTech Main Challenges

FinTech applications are diverse and cover a wide variety of financial services. They range from mobile payments to lending, investment, budgeting, consumer banking, insurance etc. with focus on different functions like, digital banking, risk & compliance management, data visualization analytics, security & fraud detection management, and more.

While FinTech revolution is offering a number of exciting opportunities for financial firms, there are a number of challenges that these financial firms are grappling with. Many companies aren’t yet sure on how to deal with the Fintech challenges these emerging technologies bring, for example:

– Large scale integrations and multi-tier functionalities – Multiple and varied channels/ devices used by end users for accessing applications – Complex transactions processing lifecycle – Data confidentiality and integrity threats – Risk management of complex financial transactions – Strong regulatory compliance requirements for financial transactions

The need for QA

Quality is the backbone for offering rich customer experiences in the FinTech industry. The industry transformation cannot be achieved unless FinTech companies focus on offering high-end technology products to its end users while giving significance to Quality Assurance across various dimensions of their application/product.

To deliver superior customer service, Fintech companies need to offer error-free functionality, high performance, infallible security, universal compatibility/ accessibility, zero-tolerance compliance and exemplary user experience.

This needs a very customer-centric QA and testing approach so that they address industry’s key challenges. FinTech firms should integrate Quality Assurance within every stage of its product development to achieve the required benefits like:

– Improved user experience and overall quality – Comprehensive test coverage – Quicker time to market – Lower cost of quality – Regulatory compliance – Efficient & effective software development lifecycle

Conclusion

Innovative products/services with excellent quality will beat the competition, and definitely help FinTech organizations to improve customer services and gain competitive advantage. This will help financial institutions in their quest for long-term growth.

TestingXperts, with its FinTech Test Center of Excellence (TCoE), DevOps aligned continuous automation testing framework (Tx-Automate) and extensive experience working with companies in BFSI space has helped organizations to succeed in their digital transformation journey. Tx offers a comprehensive range of QA/ testing solutions and helps clients achieve sustainable competitive advantage with superior customer experience.

The post Challenges in FinTech and the growing need for QA first appeared on TestingXperts.

Functional Testing of any financial application is crucial to establish its reliability and proficiency. Banking institutions have introduced a wide array of financial services to meet growing customer expectations, and this has increased the need for quick consolidation and continuous availability.

Contents 1. Testing Financial Applications 2. What are steps QA should follow while testing financial applications? 3. What are some effective use cases QA should follow for financial app testing? 4. Challenges Associated with Testing the Financial Apps 5. Advantages of TestingXperts’ Financial Application Testing 6. Conclusion

Testing Financial Applications

The financial services sector has been a front-runner in scaling and adapting to the IT changes as and when they occurred. It is, therefore, no surprise that Digital Transformation has been indicated by the future digital initiatives and trends like P2P transfers, Mobile Wallets, Ping Pay, Omni-Channel Banking, etc. to be the prospect of the BFSI industry.

The financial domain has been bursting with the ever-changing technology and complex functionalities entangled into the applications. Being in the middle of a hard-core commercial activity, it has a huge functional framework spread across payment gateways, cards, delivery channels, service offerings such as centralized banking, corporate banking, to name a few. Smooth and secure support for transactions, performance, and ease of access and use are imperative for any financial application to succeed.

What are steps QA should follow while testing financial applications?

Performing Data Segregation:

It is the initial stage in banking app testing where a QA specialist has to research to get domain knowledge so that it helps in understanding the required business standards.

Analyzing the test requirements:

According to the information or the data collected in the initial stage, the teams have to identify the requirements for testing. These requirements should include both functional and business needs.

Separating banking app test cases:

An online banking app test suite is created by a QA specialist; and here the collected test cases are separated based on functionality, user experience, performance, security, etc.

Validating the Functionality:

In this stage, the teams run test cases to verify whether the app is functioning as expected or not.

Ensuring the Data structure:

It is essential for every financial app to have data in a structured and easy to use manner. In order to maintain this, the QA team has to follow proper database testing measures to ensure effective data structure, data restoration or migration is maintained.

Protecting the banking app from breaches:

For banking apps, it is very important to handle unauthorized access for protecting the user data that is available on the application. For this, the testers should follow security testing practices to improve user authentication and efficiency of data encryption.

Verifying the App Usability:

The QA teams are required to verify whether the users are able to navigate the app or not. The testing teams have to perform usability testing to ensure that the app is accessible to people with special needs.

Monitoring the app performance:

The QA teams should check the app performance by verifying the speed to load a page, the app performance when exposed to more traffic, and should also check the app response on various browsers, etc.

Testing User Acceptance:

In this stage, the app is used by a limited number of users to verify its performance. This will help the development teams to examine the user experience with the app. Based on the participants’ feedback, the teams can effectively find the bugs and resolve them at the earliest.

What are some effective use cases QA should follow for financial app testing?

– To change a user password: It is important for the testing team to include the feature of modifying login credentials. To ensure this, the development teams have to implement a secure way for editing personal information.

– To enable login with valid credentials: It should be ensured that the users login their accounts with valid credentials; if they fail to provide the right information, then there should be a restoration mechanism enabled for the users.

– To send transactions to several users: The teams have to ensure that users are allowed to send funds only when they have sufficient funds in their account.

– To block an account after multiple login attempts: In order to secure the user account, the teams have to make sure that the account gets blocked after multiple login attempts. However, there should be an account restoration method, wherein the user can login by providing valid information.

Now after having known about these banking apps, the main question that arises is why are these financial applications considered to be mission-critical? Can they afford to fail? If yes, how would the failure be defined? All of these questions do not have simple answers. Let us briefly discuss all the challenges associated with testing the financial apps.

Challenges Associated with Testing the Financial Apps

Security testing:The variation in the networks and operating system across all devices makes security testing a challenging task. Financial applications are sensitive due to the nature of the data it handles. Software Testing should make sure it adheres to all the security standards across networks, platforms, and OS.

A wide range of devices: Testing of applications in any sector can be challenging owing to the devices, networks, and platforms that the application needs to be available on. Proper attention has to be given to ensure the application provides an optimum user experience across networks and devices.

Lack of knowledge on the Finance domain: When testing the financial applications, it may be a challenge to the QA team if they do not have the required familiarity in the industry.

This may lead to ignorance on important financial rules, common issues and may require an experienced tester to resolve such queries. However, to avoid such situations in financial applications, it is crucial to train the teams on all financial requirements. Helping the teams to gain needful knowledge ensures in achieving proper results.

Time-to-Market: Financial service providers or banks are usually in haste to attract clients with their new features. This haste causes testing teams to cut down their usual time for testing, which sometimes can have consequences on the security front. It can also affect the customer trust and loss of credibility.

System migration: The IT industry is growing with new frameworks and technologies with high frequency. This is effectively increasing the need to optimize the existing applications or creating a new one to meet the market standards. Migrating from one system to another system is a great challenge to the financial sectors as it involves the migration of sensitive data. In order to make this procedure to be smooth, the teams should complete the Data Migration Testing and perform regression testing on both the systems to ensure that the data is matching.

Our team at TestingXperts specializes in providing testing solutions to the financial and banking services sector.

Advantages of TestingXperts’ Financial Application Testing

• Skilled and dedicated talent pool proficient in finance software testing

• Convenient and ready to use test packs for financial application testing

• Faster turn around and expert application testing team that works according to the client time zone

• Enhanced product scalability with the help of performance testing tools

• Dynamic team extensions

Conclusion

TestingXperts, a specialist in providing QA solutions for financial applications, ensures that the software meets all customer expectations. TestingXperts’ QA specialists have accumulated wide domain experience in testing a variety of financial software applications including financial statement verification, account reconciliation, and transaction matching. Our comprehensive approach to specialized software testing and software quality provides our customers with peace of mind that the risks have been reduced and managed.

The post Key Challenges in Testing Financial Applications first appeared on TestingXperts.