Growing need for QA Testing in the FinTech world

The growing FinTech industry has brought about tremendous growth for Financial Institutions and they have benefited enormously from new fintech software and apps that streamline financial operations.?

Now, Why do businesses need QA for their FinTech apps/software??

According to professional services firm PwC's Global Economic Crime and Fraud Survey 2022, which gathered the opinions of almost 1,300 executives across 53 countries and regions, cybercrime is the top fraud concern facing most firms today.

Hackers were responsible for almost 31% of external fraud instances, while organized crime organizations were responsible for 28%, significantly increasing from 2020-2022.?

Since the financial hazards connected to FinTech apps/software are increasing, companies need to improve their quality assurance testing procedures to guarantee their users' security and usability and keep their competitive edge in the banking sector.

Also, the FinTech industry has started adopting AI and machine learning into its operations. These advanced technologies have certain downsides that can cause financial implications, so in-depth QA testing is required for fintech applications in the coming years as It's projected that, by 2025, the worldwide Fintech market will improve significantly.?

Here's an overview of what QA testing can do for Fintech:?

Functional Testing: A Fintech application's functional testing procedure differs significantly from typical software testing scenarios since it involves financial transactions and sensitive data, so every possible test case should be considered. Testers must check for interactions between various components while foreseeing vulnerabilities in any new region, such as a new cloud deployment or a new on-premise deployment. Functional testing includes multi platform testing because Fintech runs in diverse environments, requiring cross-browser compatibility checking.

Database Testing: Given that Fintech applications contain complex transactions at the database level, ensuring the integrity of databases is just as crucial as testing for functions. A Fintech software's database is tested through many methods such as?testing data integrity, data loading testing, database migration testing, testing for various triggers and testing for rules.

Security Testing: Security testing in a Fintech domain holds enormous value as the applications involve working with third-party payment gateways and sensitive financial data such as banking data, usage data, and the company's business data involving money transfers, they are highly vulnerable to hackers stealing sensitive information. A security test checks for corrective measures for potential flaws. And, of course, depending on the particular security goals, it is feasible to do more thorough reviews on some aspects.

User Acceptance Testing: User acceptance testing is the last testing phase of any development cycle. In this testing, the application is tested for appropriate functioning in line with the requirements specified by the client. Everything is tested, considering all possible user scenarios, from security to effective functioning.

Here's a case study of a UK-based financial technology company that offers a supply chain finance portal, bringing the banks, clients and the client's suppliers together. The company wanted to evaluate the security level of its SCM portal and the mobile app. During the course, the QA company found:?

• The Android and iOS mobile applications lacked certificate pinning - The validity of the certificate used to encrypt data is checked via SSL certificate pinning. This parameter was not set up and used by the customer. Attackers might access the customer's interface and decrypt traffic if they have sufficient expertise to produce a legitimate certificate for the target domain.
• The web portal revealed the IIS version - The attackers may be better able to grasp the customer's internet information services and create attacks aimed explicitly at the disclosed information regarding the version of the customer's web server.
• The Android mobile application had the debug flag activated in the manifest file - this enabled hackers to connect to an open debug port and disrupt the customer's mobile application. As a result, the hackers could access sensitive data like clients' details on orders, confidential bank details, etc. So the QA company recommended their customer disable the debug flag in the manifest file.

QA company performed black box penetration testing with the tools adaptable for ethical hacking methodology. After adequately assessing security, the company received a list of remedial actions that would improve the safety of its web portal and mobile applications.

The growing pace of digital transformation pushes giant FinTech companies to show interest in the continuous improvements for the apps/software they develop. If a company wants to expand, sustain, and build a customer base, testing such applications is essential, as QA improves the likelihood of fintech development success.

At QAonCloud, we bring valuable insights that work best for your FinTech Application/software. Become confident in the quality of your application by choosing us as your QA testing partner.