24 Sep 2018
20 Mar 2017Key Challenges in Testing Financial Applications
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.
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 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.
So, 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 these questions do not have simple answers. Let us briefly discuss all the challenges associated with testing the financial applications.
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 data it handles. 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.
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.
Our team at TestingXperts specializes in providing testing solutions to the financial 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 client time zone
• Enhanced product scalability with the help of performance testing
• Dynamic team extensions
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.