Fintech offers a wide range of exciting opportunities. New technologies are developed daily. Software testing for fintech is a challenge because of the fast development and need for solid security. Continue reading to learn how you can develop and deliver software quickly for a market which demands reliable and accurate software.
Perfectionism is a must
Software must adhere to high standards due to the nature of Fintech. Apps are everywhere; 63% of adults bank on their mobile phones. Each day, these users generate billions in transactions. Fintech applications must be quick, reliable and safe.
Users expect that their apps will work. Fintech is different. While users tend to overlook minor bugs in apps, they are not as forgiving in this case. Even small issues can cause huge problems, as delays in data processing can lead to massive backlogs. How can companies such as Paypal deliver secure, reliable software despite the many challenges that fintech applications face?
Concurrency is a must
Daily, fintech applications will be expected to handle billions of transactions. This requires that each of the processes be performed in a timely fashion, which is why concurrent data processing is necessary. Cloud computing can help with the processing of large amounts of data. However, software concurrency is needed as well. Many of the more recent programming languages, like Elixir that is popular among fintech companies, have concurrency as part of their language. It allows fintechs to deal with the huge amount of data that is required every day.
Integrated services
Fintech is a broad term that can include a variety of applications, from apps that actually offer financial services, to ones that simply use data provided by another service. Fintech applications are often dependent on the integration of services from third parties, which is usually done through APIs. The correctness of the data is essential, as well as the handling of any exceptions. The apps must work flawlessly with APIs and be able to roll back gracefully in the event of a failure.
Fintech Data storage
Dealing with huge amounts of financial transaction comes with added burdens. Secure and reliable data-storage services are one of these burdens. Many financial service providers must document and record their services to millions of customers.
Information stored by fintech firms is typically of high-sensitivity, so the correct handling and storage procedures are usually regulated. The consequences of data breaches are severe, not only on an ethical level but also legally.
Fintech Regulatory Compliance
Fintech providers are required to comply with all relevant financial regulations within the country they work in. Many fintech providers are active in several markets. This means that they must be able to adapt their software according to the different regulations.
Testing is testing
All the concerns above require fintech to have rock-solid test procedures. The tests need to be able to test a wide range of devices, applications, scenarios, and use cases.
Fintech is a difficult area to test because it’s hard to create sufficient procedures for testing at a large scale.
The companies have incorporated AI and machine-learning into the E2E Quality Assurance Testing Process. By leveraging the power of AI and machine learning, companies can sift though massive amounts of information to find out what they should test. This can help existing testers focus their efforts, and it also helps identify new vulnerabilities. It is part of a strategy that makes software development more cost effective.
Regression Testing and CD/CI
Fintech companies often implement continuous delivery/continuous integrated (CD/CI) and regression testing into their test and development methodologies. They work together in order to ensure development moves at a rapid pace while also ensuring that any new features are not introducing bugs in the existing code.
A regression test is a technique that involves running a series of tests every time code changes. Each time a code piece is changed, tests are conducted to verify that it produces the desired output. As codebases mature, regression test suites become increasingly complex and large. Automating this process makes sense.
The continuous delivery approach is popular with fintech firms, and it’s not without reason. The toolchain is designed to encourage frequent, small code updates. The changes are tested, and if they pass regression testing then the codebase is updated. The process can be automated so that changes are tested automatically and deployed when they are integrated into the codebase.
Fintech: speed and security
The balance of developing fast and safely is a difficult one to strike. When it comes to releasing new features ahead of the competition, time to market is crucial. However, these changes must also be proven to be reliable and secure. Many fintech firms are now turning to Testing as a Service platforms (TaaS), which can help them identify, create and incorporate software testing in their products. This allows them to focus their efforts on the development and delivery of their products.
Fintech Security
Fintech offers a wide range of exciting opportunities. New technologies are developed daily. Fintech software testers face a unique challenge because of the rapid growth and need for security. Fintech is a field that demands software to be built according to strict standards. Apps are everywhere; 63% of adults bank on their mobile phones. Each day, these users generate billions in transactions. Fintech applications must be quick, reliable and safe. Fintech software is difficult to test at scale, and testing at high speed is difficult.