Breaking Down Banking App Testing - Tackling The Top 5 Challenges

 With constant technological advancements and digitalization, the financial services domain is undergoing tremendous change. The banking sector has a significant dependence on technology enabled products. It has the constant need to have stable and well-performing products than run smoothly and promise error-free, safe and secure transactions. 

 While banking apps are one of the most complex apps in today’s software testing industry, a question that arises here is what makes these applications so complex. What kind of approach should be followed to test the complex workflows involved in these applications?

 In this article, we will discuss the top 5 challenges that make banking apps so complex and how Software Testing for Banks can enable high-performing apps to serve millions of transactions. 

Top 5 Challenges That Makes Banking Apps Complex 

Banking is a constantly changing world. A banking system should always be up-to-date as far as new technologies are concerned. Here are top 5 challenges that make banking apps the most complex applications today.

1. Error-free Performance: Banking software deals with confidential financial data. Therefore, the performance of software should be error-free and secure.

2. Intricate Design: A hitech design is preferred to develop banking apps in order to ensure that the application runs in a desired secure manner.

3. 24x7 Support: Banking & finance is one sector that is expected to be up and running 24 X 7 with high performance. Software upgrades or instant fixes should not impact the performance of these apps.

4. Seamless Operation With Linked Wallets: With the advent of technology, many wallets have flooded the markets that connect to banking systems for financial transactions and make it imperative for the apps to work seamlessly.

5. Changing Regulations: Banking sector is also highly impacted by the constant changes brought in by the government in the form of regulations. Any changes in the regulatory compliance, data localisation, privacy and even tax structure impact the banking system.

What Makes Software Testing Crucial For Banking Apps?

Banking applications should be able to deliver safe and secure transactions, for which effective end-to-end software testing of their systems is very crucial. This is one reason that the need for effective testing methodologies adopted by IT teams at banks has increased manifold.

Let's take a look at a few areas that can benefit with effective Software Testing services:

1. Regulation & Compliance: With business transparency as the focus element these days, there is a strong need to abide by certain regulatory compliance terms. Efficient software testing services adopted by banks should be robust enough to perform compliance and regulatory checks.

2. Testing Digital Payment Platforms: With the emergence of smartphones, tablets, and IoT based devices, digitization brings in a paradigm shift in the banking services domain. Digital payments have eased fiscal transactions to paperless currency for which end-to-end testing is of utmost importance.

3. Stable Transactions with Payment Integrations: Banking apps often connect to multiple payment gateways and channels of transactions. Effective testing is key to ensure that every transaction is secure and error-free

4. Security and Privacy: For any banking app, safeguarding customer data and offering safe transactions is the topmost priority. With the volume of cyber-attacks increasing significantly, it is crucial for banking applications to undergo vigorous security testing. This can help them protect and deliver a secure environment for customer transactions.

5. Enhanced User Experience: Today, customer experience is at the heart of any business. The emphasis is laid on application aspects like usability, great user interface (UI) and stable performance. To achieve this, effective usability testing and end-to-end performance testing is very much required.

Essential Features of Banking Application Testing Services

  • Data Segregation: This step involves performing research by gaining domain knowledge and understanding the expected industry standards. Based on the research, test requirements are implemented to meet the functional and business goals.
  • Creating Banking App Test cases: An online banking application test suite is created based on the aspects of application’s performance, user experience, functionality, and security. 
  • Functional testing: Testing activities like test case review, test case preparation and test case execution are run to validate whether the required functionalities are met as expected or not.
  • Validation of Database Structure: Data should be stored in a structured format and follow the mechanism of data restoration. 
  • Data Encryption and Authentication: User Authentication and data encryption are assessed to ensure that no data breach is reported in the banking app. For this, a multi-layer validation process like One Time Password is implemented.
  • App Usability is Examined: To ensure the app usability for all, tests are performed to examine how easy the app usage is across its system. Then the app is monitored to check the performance and the speed for loading the page across various browsers.
  • Confirmation of User-Acceptance: This is the last stage of testing performed by the end-users, considering the real-world scenarios. In this stage, the performance of the banking application is closely monitored so as to confirm that the app is error-free and meets the required user-acceptance.

End-To-End Testing Services For Leading Banking Companies

Banking applications are critical. These are directly linked to customers and involve millions of transactions. Partnering with Verifaya experts can help banks and financial institutions to ensure that stringent test practices are being followed using Test Automation. 

Verifaya offers custom software testing services to help banks and financial institutions overcome various challenges faced while adopting the latest technologies and dealing with legacy applications.

Verifaya's BFSI Testing Services are built by experts who understand the banking industry and its testing needs. Furthermore, our wealth management application testing services are built to work in conjunction with multiple technology platforms and legacy systems.

Our team of professionals specialize in wealth management application testing design, development, and implementation. We assist our clients in streamlining their internal processes, leading to enhanced productivity and improved customer service.

Verifaya offers consulting to banks to revisit their testing strategies and help transform their approach to test automation in order to improve their overall banking experience, both internally and to customers.

Click here to consult with us.