The world of software development has evolved significantly over the years. In the past, software testing was a simple process of running a program and comparing its outputs with the documentation. But in today’s fintech industry, QA engineers play a crucial role that is more than just traditional testing. They not only design, execute, and validate tests but also have a deep understanding of the development process and business operations. QA specialists collaborate with the entire team to ensure the software meets the required high standards.
In this blog, we will emphasize the significance of QA testing in banking software for safeguarding business security and protecting customers. With over a decade of experience in lending, we will duscuss the aspects covered by our QA testing team and reveal the four fundamental pillars of banking application testing.
What Is QA in the IT Field?
Quality assurance, or QA, is a practice that focuses on preventing errors and defects in software. If you’re wondering why QA is necessary, then you’ve come to the right place. In simple terms, it prevents the risk of compromising people’s money and data. The primary goal of a software tester is to release the best possible product. Throughout the process, QA engineers attempt to uncover errors, potential security vulnerabilities, and other bugs. Aside from bug detection, QA professionals also streamline the software development cycle, ensuring the product complies with regulations and enhances the overall quality of fintech software.
What Does Software Testing Measure?
Software testing should be a mandatory part of every stage in the software development cycle. It helps identify and address bugs early and this ensures the release of error-free products and applications. Software QA testing evaluates the following aspects:
1. Security: QA testers thoroughly assess software solutions to identify vulnerabilities and risks.
2. Data Protection: QA specialists evaluate how the app handles and manages important information.
3. Compliance: QA engineers ensure that the software follows the rules and regulations of the countries where the product will be available.
4. Usability: QA testers ensure that the product is user-friendly and can be operating by non-experts.
5. Functionality: QA specialists verify that the product meets customer requirements and functions effectively.
6. Accessibility: QA engineers consider the needs of diverse users, including those with visual, auditory, cognitive, and physical disabilities.
The Four Pillars of QA Testing
The role of the QA team has evolved from just identifying issues to understanding the essence of business processes and proactively preventing problems. We base our QA work on four essential foundations:
● Project Knowledge Base: Accumulated experience from numerous bank software testing projects, including process insights, business knowledge, and best practices.
● Team Experience: Each team member is both a qualified QA professional and a financial or banking expert.
● Mistake Analysis: Open discussions about mistakes aim to prevent them and document changes to avoid similar errors in the future.
Our QA process follows the industry-standard Software Testing Life Cycle (STLC), which is adapted for Agile practices and methodologies. We base our approach to each project’s needs, thereby eliminating unnecessary steps and identifying missing checkpoints.
● Weekly team meetings facilitate knowledge sharing, project updates, mistake discussions, and lessons learned.
● Documentation of processes, best practices, and rules streamlines the team’s efforts and allows engineers to focus on solving business problems.
● We maintain a standard set of QA documentation and checklists, continually improving them for use in any fintech testing project.
● Project efficiency metrics are regularly reviewed to recommend adjustments if needed.
● Process control audits ensure adherence to rules, essential checks, and efficient resource utilization.
● Team members review each other’s documentation to enhance results and promote continuous learning.
The evolution of software development has brought about a crucial role for QA engineers in the fintech industry. They go beyond traditional testing, striving to ensure the highest standards are met. In this blog, we’ve emphasized the importance of QA testing in banking software, highlighting its role in safeguarding business security and protecting customers.
ElmoSoft is a leader in providing custom software development services in Estonia and visible player in EU market: TOP 10 Software Testing Companies (Global Clutch ratings). For the last 5 years, we have accomplished 250+ projects and made a sustainable contribution to Fintech & Automotive industries’ success.