QASource Blog

Finance domain applications are generally considered as applications that provide financial services like banking, insurance, stock marketing, etc. Now, it becomes very convenient to access financial services like bank transactions, paying online bills, and buying stocks and policies. Based on the type of application, it may need different methods of implementation, design, and different types of testing considering the market of the application, functionality, and target audience.

Automating repetitive tasks has revolutionized almost every industry by allowing workers to focus on high-value projects. For businesses that process massive amounts of documents, it is especially important to automate repetitive tasks. The financial industry deals with complex and large amounts of data hence accuracy and error-free operations are crucial requirements. Any mistake in calculation or error in operation can cost a huge amount. Thus, the call for a technology solution that can minimize human errors and deliver precise results is the need of the hour.

The financial services sector is constantly evolving. Increasing investor scrutiny, changing market trends and constant technological developments have made it imperative for financial institutions to harness the latest technology to provide quality customer service.

QA testing professionals are in high demand across multiple industries, such as technology QA, healthcare software testing, retail software testing and financial domain testing. In addition to understanding QA principles applicable across all industries, each domain has industry-specific standards and guidelines necessary for every QA tester to fully master before executing test cases. And in financial services, this understanding is not just a nice-to-have skill - it’s crucial for the success of the business that testers support.

The high-stakes nature of online money movement keeps QA engineering teams on their toes at all times. Check out QASource’s latest infographic and get actionable tips on how to solve the common pain points of finance domain testing.

For the consumer, the digital banking experience is supposed to be simple and intuitive. Banking transactions can be completed quickly with just a few taps or clicks and without the need of a tutorial or extensive user manual. And with the growing competition across the banking industry, a financial institution is more likely to retain that consumer if the experience is always improving in speed, reliability and ease.

When your financial institution releases a new banking application, you want everything to go right. You want the customer user experience super simple and as seamless as a habit. You want to see an increase in customer use of your application. And, you want to see more likes on social media, more five-star online reviews, more positive press about your brand across every media platform. Most importantly, you want to maintain the trust of your customer - by continuing to protect their PII from cyberattacks and data leaks while providing a product that is consistently reliant. So, why would you chance launching without a thorough and reliable QA testing process?

There are few industries that have the same level of regulations that the finance domain must adhere to, and launching successful financial applications with little to no errors that are also compliant with these standards is a prominent challenge among banking and financial services software providers.

Gone are the days of having to get in the car, drive to your local bank branch, and wait in line for an open teller before getting down to business. Much to the delight of millennials and Gen Z, today you can handle basically every finance-related task online-either through your bank’s online portal, or with their mobile app.