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.