Fintech is a growing industry with an increase in investment and technology that’s expanding like never before. The global fintech market has an expected annual growth rate of over 23% between 2021 and 2026 to reach a market value of US$324 billion by 2026. This may be a staggering estimation, but infrastructure-based technology is transforming the future of the financial services industry.
Because of emerging technologies, Fintech companies are able to deliver low-cost personalized products that are resulting in an increase in customer expectations. AI interfaces and chatbots are redefining customer service, while Fintech solutions look to replace legacy online and mobile banking systems.
However, for Fintech companies to be profitable, they need a successful platform, skilled developers, and QA to offer a competitive product while adhering to strict industry regulations. The latter should entail, among other things, mobile testing services tailored to the product’s needs.
The financial technology sector has to operate at a fast rate to stay ahead in adopting new technologies and methodologies. This could not be truer than with the COVID-19 pandemic. The global pandemic changed the world in ways we could never have imagined. From the initial global standstill, businesses had to swiftly adapt to a new reality to survive the economic storm that had a major impact on everyone’s financial stability.
This is where financial services became a lifeline for private customers and organizations. Fintech companies were well-positioned to scale up their infrastructure to accommodate the increased demand. Fintech solutions that offered improved, automated services for business owners and consumers to better manage financial transactions and processes had a competitive advantage.
But it’s not all that easy to develop a robust Fintech app. The industry has to navigate a maze of regulations, policies, risks, and conditions that are still evolving. So, if security in any Fintech solution falls short, it can be the demise of the Fintech company that comes with a load of liabilities.
This is where quality assurance and software testing services play an integral role in business responsiveness, sustainability, and growth. The role of QA is paramount in ensuring customer satisfaction by detecting and resolving defects, verifying business requirements, and validating security controls. However, this all needs to happen with an element of speed.
In the 2020-2021 Word Quality Report, statistics were good indicators that the majority of surveyed Fintech companies adopt Agile and DevOps, and have the appropriate QA and testing expertise, IT strategies, and processes in place to achieve high results. One factor that did stand out was not having sufficient time for testing. If testing coverage is compromised, it can threaten the entire business. So, how do managers and QA overcome this?
The objectives of an Agile and DevOps environment are to improve the quality of product while improving speed in delivery. The benefits offer enhanced security, better customer experience, a high level of business responsiveness, and a faster time to market.
However, the average Fintech model comes with several testing and QA challenges. QA has to respond with a testing approach that meets the objectives through frequent software releases while measuring quality. In DevOps, QA focuses on continuous integration and automated testing for regression and functional testing. Ultimately, testing should be entrenched in the process from development to QA.
When development does a daily code drop, automation can ensure there is sufficient coverage of testing features without affecting delivery times. Manual software testing is necessary but should always be kept to a minimum or reserved for user experience and exploratory testing. But when it comes to Fintech apps, security must always be at the forefront for both developers and QA.
With some applications like social media apps, software testing can survive a trade-off if there’s insufficient time. Known bugs may still go through to the production environment even though it’s considered low risk. The same cannot be applied to Fintech apps. Even the smallest defect can have serious consequences.
Fintech is a diverse industry that can have a range of different types of apps such as retail banking services, brokerages, or stock trading. What they have in common is being able to process a lot of data quickly with the guarantee that the data is accurate. Because Fintech is such a competitive industry, rapid development and release sit at its core. Some challenges with testing Fintech apps include:
If a well-structured QA and testing process is embedded in the process early on, it provides a solid foundation that ensures quality in a fast-paced environment. One advantage is that Fintech apps rarely have to rely on legacy code and systems so tests can be written in parallel with the requirements and development user stories.
Using design patterns breaks down the code into units makes it easy to test and maintains the momentum of checking quality while developing new features. Utilizing modern software development practices allows both developers and QA to integrate new additions without compromising on stability and security.
Fintech is revolutionizing the way financial services are delivered with an emphasis on rapid delivery and user experience. QA can ensure there is always added value in the process by proactively engaging with development from the start of every project.
By putting security at the center of every featured design and developing a continuous integration process within an automation framework, DevOps can meet objectives and exceed expectations.
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