Last updated on April 7th, 2024 at 11:30 am

The banking and finance services industry (BSFI) has been at the forefront of adapting to changes in the IT and digital transformation area. Thus, it is no surprise that digital transformation is an indication of the future digital initiatives and trends including P2P transfers, mobile wallets, ping pay, omnichannel banking, etc. to be a prospect of the BFSI industry. The financial domain is an ever-changing technology and complex functionalities entangled in the applications. There are huge functional frameworks spread across payment gateways, cards, delivery channels, and new services such as centralized banking, corporate banking, etc. It is important to provide smooth and secure support for transactions, performance, and ease of access. Its uses are imperative for any financial application to be successful and thus there are finance software testing companies for that. 

Following are a few important and effective use cases QA should follow during financial app testing:

How to change a password: A testing team should ensure to include the feature of modifying login credentials. In order to ensure this, the development teams have to implement a secure way of editing personal information. 

How to enable a login with valid credentials: it is necessary to ensure that the users log their accounts with valid credentials only. If they fail to provide the right information, then the user should be able to restore their credentials by following a procedure. 

How to send transactions to several users: Testers should ensure that the users are allowed to send funds only when there are sufficient funds in their account. 

How to block an account after multiple login attempts: When carrying out finance software testing, testers should ensure that an account gets blocked after multiple login attempts. This is necessary in order to secure the account. However, they should also offer a way to restore an account, which the user can access by providing valid login information. 

Challenges while Testing Financial Apps

Security Testing 

Due to the variation of devices and networks, security testing becomes more challenging. Software testing should adhere to all security standards across different platforms, networks, etc. 

Reduced Time to the Market

It is a norm that financial service providers/banks are in a rush to attract their clients with new features. Due to this testing teams cut down their usual time for testing, which can have some consequences on the security aspect. It also affects the customer trust and loyalty. 

A Wide Range of Devices

With the advent of IoT devices, their testing also becomes a huge challenge for the testing teams. They assure that they have the set of devices to test on, for all the functions to perform as per requirements. 

Conclusion 

Once you have known the above factors and figures regarding the banking applications, it is easier to look after the testing part. It is important to find out if the banks can afford to fail by having apps that are not user-friendly, smooth, or secure. Thus, when finance software testing is performed, it is important to check all aspects of an application that are smooth and performing as per client expectations.