The world of banking and finance business has one of the most prominent software users in the world. Financial services are now going through an immense transformation in line with technological advancements, such as digitalization and automation. Moreso, banking is far more reliant on technologically-run products to provide excellent customer experience than other industries, such as textile and fresh foods. Because of these changes, it is crucial that every activity that undergoes through the banking software must have no error or bug that will pose a threat to the safety and security of user accounts.
Every customer-related channel that points toward banking and fintech continues to experience rapid transformation due to digitalization. Their requirement for software test automation grew exponentially over the years to ensure the stability of all applications. Additionally, the use of a test management tool for monitoring, data organization, recording, and report generation makes testing hassle-free and allows testers and developers to focus on more essential matters to look into, such as increasing security and data protection. So, make sure to find the best one.
Highly-secured apps, specifically that involve transactions must have the best performance ratings as they cater to thousands of financial transactions every day. Furthermore, there are significant features that only banking apps have, which makes the need for in-depth analysis and testing a must.
Software Testing: A Critical Requirement
Any banking software must enable users to have a safe and worry-free transaction. It is why functional end-to-end software testing is a requirement. It should undergo multiple testing processes using various approaches or techniques to ensure an error and bug-free product.
Did you know that the testing process for banking software is much more complicated than other software? It is because these applications have multiple dependencies, which needs more time and a more in-depth understanding and analysis of the scope.
Here are the basic features of a typical banking application:
- The software should support multi-level functionalities as it needs multiple simultaneous user transactions.
- The software must be able to execute large-scale integrations with other applications that entail financial exchange.
- The software must carry our secure transactions while maintaining data protection for the bank and its users.
- The software must have an ample and protected storage system to preserve user confidentiality.
- The app must be compatible with various mobile devices and function well to allow uninterrupted business workflow.
- The software must support real-time services and immediate updates on user accounts.
- The software should complete several transactions in a span of a minute.
- The software must have a tracking and recording function that allows it to generate reports for the bank and the user.
- They must have a robust support system to assist in troubleshooting when a problem is raised.
- The software must employ a back-up recovery management system to secure its users from crucial situations.
Why Is Software Testing A Must for Banking Apps?
- Increased User Satisfaction
- Digital Incorporation
- For Regulation and Compliance
- Trustworthy Payment Transactions and Other Software Integration
- Enhanced Security, Privacy, and Data Protection
- The inception of Innovative Banking
Increased User Satisfaction
Users today are not entirely dependent on physically visiting banks and financial companies to do transactions. More than half of account holders now rely on online software applications on how the software responds to each user’s needs to define their satisfaction and reliance on the banking app. And, the best customer experience is the ultimate goal of any business, including the banking and finance industry.
Software testing focuses on checking the app’s usability, UI enhancement, and the stability of feature commands execution at peak loads. Testers usually do end-to-end performance testing using various test cases to ensure an excellent user experience.
Going online requires digitalization for data collection, organization, and utilization. The shifting of printed information to digitalization resulted in a massive paradigm transformation in the banking and finance services domain.
Moreover, the advent of mobile gadgets, such as smartphones, tablets, and many more, resulted in the need for a high demand for end-to-end software testing to ensure that digital compatibility and incorporation caters to a seamless digital transaction.
For Regulation and Compliance
As the demand for online banking increased worldwide, the requirement for business transparency went along with it. Competent software testing allows applications to observe compliance with the rules and regulations under its country of registration. It lets the testing team ensure that every transaction done under the app follows proper appropriate banking API terms and conditions.
Trustworthy Payment Transactions and Other Software Integration
Banking and finance software needs to provide a trustworthy payment transaction and a stable integration with other software. It is to safeguard the active exchange of money between users. To ensure swift execution of transaction features, software testing using various test cases/ scenarios is a necessity.
Enhanced Security, Privacy, and Data Protection
The utmost concern of all banking applications is to protect all user’s vital data. Cyber-attacks started along with the emergence of the internet. Therefore, with such critical data, banking and finance applications need to go through robust security and privacy testing to safeguard and provide a worry-free environment for all transactions.
The inception of Innovative Banking
Innovative banking through mobile devices increased the industry’s reach to more customers. Companies continue to develop their applications to integrate voice and facial recognition for user access. As these features require security assurance before updating the software, thorough testing through multiple trials is necessary to ensure a hassle-free and secured experience.
What Happens When A Banking App Undergoes Testing?
Bank software testing is a critical step to ensure a safe environment for every transaction processed through the application. Find out some of the critical steps that a banking and finance app needs to undergo during the testing process. Take note, however, that every software is unique and may require less or more of these steps. The testers, aided with a reliable testing tool, will determine the exact steps that the software will go through.
Step 1: Data Segregation
The first action in testing a banking app is gathering and understanding of data, particularly about banking and finance standards.
Step 2: Test Requirement Recognition
The testers will now recognize the test requirements based on the research data and will collaborate with the client to match the software functions and business goals.
Step 3: Test Case Formulation
Test cases will be formulated according to various criteria, which may include current performance, capabilities, and security proficiency.
Step 4: Execution of Software Testing
The actual software testing process occurs. Processes, including test case review, preparation, and execution, run through manual or automated testing software to assess every feature, their functionality, and load threshold.
Step 5: Data Storage Validation
The test results collected from the software testing execution should have proper storage in a structured format for relaxed data gathering and analysis.
Step 6: Data Authentication and Encryption
Authentication and data encryption assures users that their data are safe and secure and that there is no breach in the banking app system. The bank app’s multi-tier validation process is tested through various scenarios. This step involves authentication requirements like the OTP (One-Time Password) generation. Manual tools, such as Proxy Sniffer or automation tools for authentication like IBM App Scan, are capable of performing security testing.
Step 7: App Usability Assessment
Testing the app’s usability in transferring from one functionality or feature to another is also performed.
Step 8: Confirmation of Application Performance
The testers will confirm or validate the app’s performance by comparing the test results with the app’s actual loading speed across different operating systems or browsers.
Step 9: User-Acceptance Support
Through a continuous and stable testing process, the testers will be able to confirm that the software is bug and error-free and that it is on par with the user-acceptance standards set by the client and software developer.
The Challenges of Banking App Testing
Like other software testing processes, banking app testing has challenges too. Some of the most common concerns that testers experience include:
- Sustaining consistency with all operating systems, such as Android and iOS, and many more
- Information transfer when system migration is needed
- Keeping up with real-time updates
- Fulfilling customer demands
- Answering to increased market requirements and volatile trends
Every software is recommended to undergo testing to ensure quality and to assess the presence of errors and bugs. These bugs and glitches may cause discrepancies and even data theft. On this premise, the need for software testing on banking applications is deemed necessary as it involves thousands of transactions every minute.
Therefore, testing is your utmost weapon against app glitches that may cause a company millions of dollars. Various approaches to software testing may be applied, but the most critical ones are security testing, functionality testing, and usability testing.
Keep in mind to do the testing before the app release. Doing it after might cause multiple errors from coding alterations from the testing process. Simple mistakes could cause accounts to freeze or even lose money, which could let the company lose money and customers’ confidence in them. Moreover, utilize a test management tool, such as Practitest, to have a seamless and well-managed testing process.
After all, we need money as a way to trade for our daily necessities. Guarding the way to manage your finances, which is through a banking app, needs to be trustworthy and reliable.
Patrick is a software developer who specializes in testing and development. He has substantial experience in various testing techniques. His recent projects are focused on testing banking and finance apps.
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