7 Reasons Why Banking Apps Need Software Testing

Digitalization has accelerated the need for the deployment of modern banking technologies. Banking and financial institutions have benefitted from such cost-effective and time-saving automation. Current systems are being enhanced and innovations developed to accommodate new demands while fending off issues.

On the consumers’ side, these advancements have allowed banks to efficiently reach people living in remote locations or communities that have no access to banking and financial institutions. Through modern banking apps, these people are now given access to their money and are allowed to move their money when needed. In spite of the pandemic, digitalization has allowed banks to continue operations even with the reduced branch footprint. Technology has also created pathways for enhanced customer service.

The rising demand for and implementation of Cloud and SaaS technology, Artificial Intelligence platforms, new banking applications, and digital ecosystems calls for more efficient testing methodologies. Testing is especially critical for banking applications because these apps handle millions of transactions.

Banking App Key Features

Due to the complex nature of banking apps and the coverage expected, there are key app features that are required to fully support their functions.

• Bank apps should be capable of handling complex financial workflows and should be able to support synchronous multiple user sessions
• These apps should be able to provide real-time functions and process live transactions quickly. The details of these transactions must be tracked and reported to the user.
• The app must have robust data protection mechanisms, as well as a safe and massive storage system, to secure all transaction details and keep users’ information private and confidential
• The performance of the app should be seamless and accurate. These apps are expected to be at optimal performance 24/7 with minimal to zero interruptions caused by system upgrades.
• The app should be updated in real-time on the changes mandated by the government
• Bank apps must have a user-friendly interface and must have the high-auditing capacity to troubleshoot customers’ issues
• They should run on various platforms and should support multiple payment systems
• These apps should include reliable disaster recovery management.

What is Software Testing?

There is more to software testing than it may seem. Software testing involves a testing methodology that evaluates the software product and its actual functionality vis-à-vis the expected requirements. This process verifies if the product has errors, defects, or missing requirements. Testers have the option to choose between manual and automated testing for most apps, software, and systems.

Before banking apps are released and deployed, a thorough end-to-end software testing process is put in place to ensure some critical items:

• App Usability

Through User Experience (UX) Testing, the app is checked if its interface is user-friendly. Bankers and users may not be as tech-savvy as the developers. All users need to be able to use the app with relative ease in running banking operations. It will be time-consuming if the app is not user-friendly. Customers want speedy transactions, and this expectation may not be met if the app UX is too complex for the average users.

• App Security

Security testing ensures that the customer’s information is kept private and confidential. A secure app prevents potential leaks and breaches and makes certain that data from all financial transactions are protected. Because this is crucial, QA engineers conducting security testing should utilize comprehensive testing strategies that cover all current functions. They should also be able to identify potential future risks.

• App Performance

Considering that this app will be used for multiple concurrent user sessions while handling complex functions, the app needs to be tested on its stress, load, and performance. Load and performance testing ensures that the app can perform transactions seamlessly. Customers will not be satisfied with an app that conks out in the middle of a transaction.

• Software Functionality

As there are dependencies between modules, testing software functionality verifies if these modules are working properly both separately and as a joint system. Since these apps will be handling monetary transactions and confidential financial data, they will require even more thorough testing. Test case preparation happens in this phase. Some companies opt for test case management tools that help ease the creation of test cases. Qualified QA testers should be knowledgeable about the banking and financial domain.

Benefits of Software Testing

It is precarious to assume that the newly developed software is going to work seamlessly without proper checks. Software testing detects errors early on so that these can be fixed prior to implementation. On average, it may take engineers a few weeks to complete software testing. Banks and financial institutions are willing to invest in this phase of the project development because of its benefits.

• Cost-effectiveness

This is one of the long-term benefits. The errors and risks are detected earlier before these could cause failures that may have monetary repercussions. Fixing bugs at this stage will cost less.

• Product Quality

This process ensures that the expected requirements are met by the app. The app should be reliable, error-free, and fully-functional across various platforms, regardless of internet speeds and other variables.

• User Experience and Customer Satisfaction

End-users expect that they’re able to process transactions conveniently. A fully-functional app that gives customers an enhanced and personalized user experience helps drive customer satisfaction.

• Security and Privacy

Security is paramount. With the growing number of cyber-attacks happening, it is crucial to run rigorous tests before releasing a new app. These attackers continually find new ways to breach systems, so it is vital that risks are detected early on before launching the product. Weak security measures and the lack of proper testing may compromise your customers’ sensitive information.

• Seamless Transactions

The app should ideally be able to handle large-scale integrations, such as payment integrations. Such stable payment gateways create a pathway for effective customer transactions. Tests should be done to check for possible errors or delays in the transaction flow.

• Performance Across New Technologies

Testing evaluates the app’s performance across newer technologies. It also helps anticipate its performance on future innovations.

• Regulatory Compliance

Software testing verifies if the app is compliant with internal and external laws and guidelines. This helps ensure that all processes are aligned to the terms and conditions agreed upon by all parties involved, and more importantly, adhere to the regulations mandated by the government. Through testing and reiterating, banks are assured that there are no non-conformities nor illegalities in the transactions made possible by the app amidst the frequently changing regulations.

For apps that require a zero margin of error, such as banking and financial apps, thorough software testing is imperative. Many have seen the benefits of implementing this prior to releasing the app. While it may take most teams plenty of time to complete, there are test case management tools available. These can help ease timelines and deliver quality software testing efficiently.