Emerging technology is continuously influencing the espousal of digital solutions across the finance industry. The pandemic has further accelerated this change and accelerated the number of electronic transactions taking place each day. According to statista.com, around 3,814.5 million users are using digital payment solutions today, and this number is expected to grow to 4,913.9 million by 2025.

The financial tech sector offers numerous services through their digital platforms, including payment processing, insurance services, investments in assets, and banking operations. Although fintech software applications provide a seamless digital experience, there might be still have room for errors that are critical to address and look for essential pillars, such as:

  • Security
  • Privacy
  • Safety
  • Usability
  • Functioning
  • Performance

 

How Can Software Quality Assurance Help?

Quality assurance services help teams achieve test efficiency using top of line QA processes. In fintech, software quality assurance services’ role is to ensure that the methods used to optimize fintech apps are secure, functional, and reliable for the end users

QA testing is not just about detecting errors or bugs that exist in the fintech software application but go beyond and ensure its excellent performance.

Let’s understand how a professional quality assurance services provider could be helpful for your fintech application and your organization. 

 

Security

Fintech applications contain a record of payment processes, banking operations, and personal information. The aim of QA testers’ is to analyze these applications to prevent potential risks such as SQL injection, buffer overflows, weak encryption, and breach of sensitive data. Otherwise, this information has the potential to be  decoded and utilized by hackers.

Usability

It is critical to ensure usability when it comes to defining the quality of a product. The role of software testers is to ensure that the software works as expected and accomplishes the users needs and expectations, which is key to any QA assessment.

Data Protection

Quality assurance services help you assess how the software secures and transfers critical information. Illegal data selling is the primary concern, so handling and protecting sensitive information is crucial throughout the testing phase.

Compliance

It is critical for financial organizations to strictly follow the rules and guidelines created by regulating bodies. A QA engineers’ role is to ensure that the software adheres to the international standardized guidelines and regulations.

Functionality 

Functional testing plays a critical role in each QA testing state. It aims to ensure that the software meets its pre-defined requirements. Monetary transactions and the exchanges of sensitive data make financial applications vulnerable, which is why QA engineers need to inspect common vulnerabilities and communications with other system mechanisms and applications.

Conclusion

The quality of a product directly influences a brand’s reputation. If you want to ensure your application’s compatibility and achieve a competitive advantage, contact the QASource team to start with software quality assurance services.