5 Key Steps to Enhance Quality Assurance in Fintech Applications

Today, the financial industry is rapidly changing. From payment processing to wealth management, fintech applications are transforming everything. Between complex financial regulations and the constant threat of cyber-attacks, companies must pay close attention. In response, any new technology needs to maintain both strong security and high quality.

According to the American Bankers Association, 93% of fintech companies find it difficult to meet compliance requirements and more than 60% of them paid upwards of $250,000 in compliance fines within the previous year. This underscores the significance of establishing robust quality assurance procedures.

But what exactly does fintech application testing include, and how can businesses enhance their quality assurance methods to provide secure, compliant, and trustworthy applications? 

What is fintech application testing?

Fintech application testing is a specific quality assurance procedure that focuses on ensuring that financial technology applications are efficient, safe, and operating as intended. It differs from traditional software testing because of the sensitive nature of the financial data. It includes:

• Functional Testing: Making sure that all features are working as intended.
• Compliance Testing: Ensuring compliance with all financial regulations like PCI, DSS and GDPR.
• Safety Testing: Protecting against cyberattacks and vulnerabilities.
• Performance Testing: Keeping up good performance through different conditions.
• Usability Testing: Offering excellent user experience.

Conducting comprehensive testing on fintech companies is very important to gain user trust and remain competitive in the market.

What are the 5 key steps to enhance QA in fintech?

Step 1. Implement Fintech-Specific QA Processes

Fintech companies handle complicated financial operations and must follow strict rules. Using specific QA processes ensures that the unique problems that come up in this area are addressed correctly.

Practical steps:

• Work with a team that specializes in fintech software to get the most out of their knowledge of the industry’s unique needs.
• Create test cases to examine data quality, financial transactions and compliance.
• Apply methods such as Agile and DevOps to integrate QA processes at every project stage. These methods help detect issues early.

At Kanda Software, we know how to make fintech software products that work for you, adapting QA processes to fit your needs.

Step 2. Ensure Compliance with Financial Regulations

Quality assurance is essential in verifying that fintech applications comply with financial regulations like PCI, DSS, GDPR and other regional laws.

Practical Steps:

• Include regulatory requirements in test cases to ensure that all features are aligned with legal standards.
• Update QA teams regularly about changes in financial laws to reflect in testing procedures.
• Keep a detailed register of testing processes and results to have as evidence of compliance during audits.

Ensuring compliance avoids legal penalties and builds customer trust, as it is more likely that users engage with applications that prioritize privacy and data protection.

Step 3. Strengthen Security Testing to Safeguard Financial Data

Fintech apps are prime targets for cyberattacks because they handle sensitive financial information. Robust security testing protects both the company and its users against possible breaches.

Practical Steps:

• Simulate cyberattacks to detect and address vulnerabilities before they are exploited.
• Use industry-standard encryption technologies to ensure secure data transfer and storage.
• Ensure developers adhere to safe coding rules to avoid typical vulnerabilities such as SQL injection and cross-site scripting.

Check out our post on 6 data security strategies to protect your business for more detailed information. 

Step 4. Improve Performance and Reduce Downtime

In the financial industry, it is essential that the applications are responsive and operational at all times. Performance problems can lead to user frustration and financial consequences.

 Practical steps:

• Carry out load and stress tests to ensure that the application remains effective when many users are involved.
• Make it a habit to assess and enhance the application’s codebase and the server infrastructure.
• Integrate real-time performance management tools to identify and solve problems before they occur.

According to AlphaBin, implementing AI-driven behavioral testing to optimize an application can result in a 40% reduction in undetected issues.

Step 5. Leverage Advanced QA Tools and Methodologies

Modern QA tools together with methodologies such as Agile and DevOps can be used to make the testing process easier and more effective, enhancing the quality of the software.

Practical steps:

• It is recommended to utilize automation testing tools like Selenium for web applications and Appium for mobile applications to increase the efficiency of the testing process. 
• Adhere to the Agile and DevOps approach to improve the quality and speed of the delivery cycles.
• The process of integration and deployment should be automated to detect issues as soon as possible and to ensure that quality is not compromised.

According to QABLE, the integration of such tools and processes can help to increase the time-to-market and produce a more robust application.

How can Kanda Software help you?

At Kanda, we understand the specific challenges of fintech application development and quality assurance. Based on our extensive experience, we can help you improve your quality assurance processes.

We design fintech solutions that are specific to your application’s compliance, security, and performance needs.

Our team includes both QA engineers and financial software professionals that are up to date on industry trends and requirements.

To ensure that we provide top quality software, we employ the latest QA tools, Agile, and DevOps approaches in our delivery model.

Contact our team of experts and learn how we can assist you with your fintech application, ensuring compliance and enhancing user satisfaction along the way. We are your team for fintech innovation. 

Conclusion

Quality assurance in fintech applications should be an ongoing process, not something done just before deployment.

Businesses can create apps that end users trust by implementing sector-specific quality assurance standards, ensuring compliance, and increasing security.

In a highly competitive market, quality may be the factor that differentiates your financial application from the competition. Talk to our experts today to get started on your journey to enhanced QA in fintech.