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Fintech Application Testing: What and How?

Updated: Apr 18

In this article, let us explore the testing challenges of Fintech domain applications.

For any software, software testing is an integral part of the development cycle. It has certain vital benefits. Software Testing is crucial for any software. Today, we will see the Fintech Application Testing environment.

This article will inform you about the Fintech Application Testing.

What is this Fintech Application Testing?

We will dwell into the Fintech Application Testing but first, let us look at what Fintech is.

Fintech characteristics

  • Multi-tier Functionality: Fintech application can run thousands of concurrent sessions at a particular instant.

  • Large-scale integration: Fintech applications can integrate with various other applications such as third-party vendors, utility applications etc.

  • Security: FIntech software is generally very much secure and safe from hackers.

  • Massive Storage System: Fintech application has a massive storage space to store a massive amount of data

  • Recovery options: Data is crucial; hence FIntech has data recovery systems.

  • Logs: A recording system records all the day-to-day transactions happening on the platform.

  • Real-time and Batch Processing

  • Troubleshooting: It has troubleshooting features to find the error.

  • Support for multilingual users: It is supported in various locations and hence supports multilingual users.

As you see, as it has many characteristics, you always must make sure that your Fintech application has no such issues. Software Testing identifies issues

Workflow testing of a Fintech application by Testers

Fintech companies use a seven-step method to test for the software.

Going deep into the process is seemingly out of context. So we will cover the surface level of the processes.

Requirement Gathering and Review

This is the first step into testing. It involves basic documentation of requirements.

Requirements review follows it where requirements are cross-checked by QA engineers to look out for any violation.

Business Scenarios in Fintech Operations

After the requirement gathering part, business scenarios derive from the documentation. High-level scenarios are preferable than low-level ones. However, none of them is left here.

A banking app can have multiple scenarios such as withdrawal, investments, query etc. This makes testing every scenario possible very much necessary.

Functional Testing

Functional testing of a FIntech app is an essential and crucial task in itself. It involves testing every scenario with real-time data and values, which makes it very challenging.

It requires the testers to use financial data and look out for every interaction between the components. QA engineers are required to anticipate any mistake which may come along in the way.

Multi-Platform Testing

Fintech applications work among many different platforms. It makes testing the application on the different platforms a crucial task. QA engineers test the application for cross-browser compatibility. An application can work on any OS be it be Mac, Windows or iOS.

LambdaTest can be used to ensure cross-platform compatibility of your Fintech Application.

Database Testing

Function testing is essential, but what about the integrity of databases. For any application, a database is significant as it is the place where application data is stored. Testing the integrity of the database is a crucial task.

For any Fintech software, testing a database includes-

  • Testing Data integrity

  • Data Loading Testing

  • Database migration testing

  • Testing for various triggers

  • Testing for rules

You cannot just use a database and use it for any other application. A database comprises many confidential and tangible things. Security is a significant concern. Moreover, it is challenging to connect all the components to the database upon changing it.

Security Testing

Fintech applications have a specific focus on security. Generally, Fintech applications consist of money transfers, payment gateways and are highly prone to hackers stealing sensitive data. Hence, security is a significant step in testing applications. It holds a significant part in the testing phase of any Fintech application.

Technologies of the new dawn such as cloud deployment, 2-factor authentication and others make the testing phase a more effortless and straightforward task. However, some set of issues and precautions come complementary with these.

Multiple-factor authentication

Security concerns give rise to multiple factor authentications which make the security process complex. For example, if you replace a simple username/password entry with fingerprint verification, it will add complexity to the testing process. This can further give rise to bigger complexities in the testing process with more and more test cases.

API Security

It would be best if you tracked dependencies and vulnerabilities in the underlying components of a Fintech application. This is to make sure that whenever you have any vulnerable libraries, you have an alternative tested solution for that vulnerability.

User Acceptance Testing

This is the final stage of every development cycle. At this stage, the application tests for proper functioning as per the requirements of the defined customer. Every possible scenario is under the testing radar from the user’s point of view.

Testing thus plays a pretty imperative role at every stage of the application’s development cycle may it be security testing or user acceptance.

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