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How can you balance fintech testing with innovation?

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Fintech testing is a crucial process to ensure the quality, security, and compliance of financial products and services. However, it can also be challenging to balance testing with innovation, especially in a fast-paced and competitive market. How can you manage the trade-offs and risks involved in fintech testing without compromising your creativity and customer value? In this article, we will explore some strategies and best practices to help you achieve this balance.

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Ambika R.

QA Expert| Business Analysis|UAT|Beta testing|Payments|Testing with AI |Agile Methodology

1 Define your testing goals and scope

Before you start testing, you need to have a clear vision of what you want to achieve and how you will measure it. What are the key features, functionalities, and benefits of your fintech solution? Who are your target users and what are their needs and expectations? What are the regulatory and ethical standards that you need to comply with? How will you validate your assumptions and hypotheses? By defining your testing goals and scope, you can focus on the most important aspects of your innovation and avoid wasting time and resources on irrelevant or redundant tests.

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2 Choose the right testing methods and tools

Depending on your testing goals and scope, you may need to use different testing methods and tools to evaluate your fintech solution. For example, you may use unit testing, integration testing, system testing, or user acceptance testing to check the functionality, performance, usability, and reliability of your software. You may also use automated testing, manual testing, or a combination of both to optimize your testing efficiency and accuracy. Moreover, you may use tools such as APIs, cloud platforms, simulators, or sandbox environments to facilitate your testing process and reduce the risks of exposing sensitive data or disrupting live systems.

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Ambika R.

QA Expert| Business Analysis|UAT|Beta testing|Payments|Testing with AI |Agile Methodology
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In addition to the above having a complete test environment that mostly mimics the production setup is very imperative. One another test approach that's left above is functional integration testing or End to End testing where the entire transaction flow is tested from initiation till completion and sometimes, includes the data storage and reporting features as well. Having an integrated test in plan will eliminate potential defects in production and thus saves time, cost and delights the customer from day one of rollout.

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3 Involve your stakeholders and users

One of the best ways to balance fintech testing with innovation is to involve your stakeholders and users in the testing process. By getting feedback from your customers, partners, regulators, or investors, you can gain valuable insights into their needs, preferences, expectations, and pain points. You can also identify any gaps, errors, or issues in your fintech solution and improve it accordingly. Furthermore, by engaging your stakeholders and users in testing, you can build trust, loyalty, and advocacy for your fintech solution and increase its adoption and retention rates.

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Ambika R.

QA Expert| Business Analysis|UAT|Beta testing|Payments|Testing with AI |Agile Methodology
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In my experience, we have performed something as early UAT (user acceptance testing) where the clients are invited to perform test in a much cleaner bug free test environment (or almost 95% of critical and high severity bugs are resolved). There will be different set of data and credentials that's prepared the clients team which mimics the accesses and roles typically they would hold in live production environment and we encourage them to run a few scenarios on their own. Helps pretty well to surprisingly uncover new defects from Business perspective which would have never been identified earlier in the software development and test life cycle.

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4 Adopt an agile and iterative approach

Another effective strategy to balance fintech testing with innovation is to adopt an agile and iterative approach. Instead of following a rigid and linear testing plan, you can embrace flexibility and adaptability in your testing process. You can break down your fintech solution into smaller and manageable components and test them incrementally and continuously. You can also monitor and evaluate your testing results and feedback and make changes and improvements as needed. By adopting an agile and iterative approach, you can reduce the time and cost of testing, enhance the quality and value of your fintech solution, and respond to changing market and customer demands.

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Ambika R.

QA Expert| Business Analysis|UAT|Beta testing|Payments|Testing with AI |Agile Methodology
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Adding to the above in order to bring in innovation to the fintech testing the testers need to boldly break the conventional testing process and practices and adopt a shift left approach by incorporating the latest tools and technologies available depending on the needs of the test assignment. A small story or an epic can be tested first with the revised approach and the same can be adopted throughout the project if the outcomes are beneficial.

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5 Learn from your failures and successes

Finally, you can balance fintech testing with innovation by learning from your failures and successes. Testing is not only a way to verify and validate your fintech solution, but also a way to discover and explore new opportunities and possibilities. You can use your testing data and feedback to analyze and understand what works and what doesn't, what can be improved and what can be eliminated, what can be replicated and what can be differentiated. You can also use your testing experience and knowledge to innovate and create new fintech solutions that solve real problems and add real value.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you balance fintech testing with innovation?

1

2

3

4

5

6

1 Define your testing goals and scope

2 Choose the right testing methods and tools

3 Involve your stakeholders and users

4 Adopt an agile and iterative approach

5 Learn from your failures and successes

6 Here’s what else to consider

Financial Technology

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How can you balance fintech testing with innovation?

1

2

3

4

5

6

1 Define your testing goals and scope

2 Choose the right testing methods and tools

3 Involve your stakeholders and users

4 Adopt an agile and iterative approach

5 Learn from your failures and successes

6 Here’s what else to consider

Financial Technology

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