Banking Domain Testing: Why This Is Necessary and Challenges in App Testing in Banking Domain

Banking domain applications have a complex structure, multi-layered workflows, and a broad range of features. On top of that, as most of them deal with sensitive data, the level of data protection should also be impeccable. 

This post is a checklist for anyone involved in banking domain application management. After finishing the article, you’ll have a better understanding of why it’s so challenging to test banking domain product, what steps to take, and the best ways to approach the process.

Banking Domain Knowledge

A banking domain is comprised of all the components needed to run a financial service end-to-end. It covers the transaction and distribution process; the ways in which customers interact with the system, products, and services the organization offers; and the technology involved. 

By combining all these components, a financial specialist can create a bank operating model. Let’s take a closer look at this framework:

Seeing a banking system as a framework helps company managers define the checkpoints needed to improve the performance of the institution. Financial application developers and testers also heavily rely on the banking domain knowledge components described above. 

Characteristics of a Banking Application

Implementing technology in the finance sector is no longer optional. As banking users become significantly more technology-reliant, financial service providers have to adapt. That’s why the last decade has marked the starting point and sprouting growth of online and mobile banking. 

The reduction of operating costs, improved user experience, and an opportunity for companies to build a lasting bond with visitors are lucrative opportunities. On the other hand, if not done properly, a banking application can exposure a financial service provider to a handful of risks — security breaches, faulty transactions, and increased bounce rates. 

To follow industry standards, a development team that works in banking domain needs to be aware of the must-have characteristics a successful software tool has to offer. 

1. Secure user authentication mechanisms 

As banks deal with sensitive information like credit card numbers, personal documents, and so on, having an attack-proof user data protection is crucial. In fact, it is an obligatory step for legal compliance according to GDPR and the Payment Service Directive 2. 

To be considered secure, a banking system authentication needs to use at least two of the three protection mechanisms:

• ‘Something you Have’;
• ‘Something you Know’ (a login-password combination or a PIN);
• ‘Something you Are’ (a physical attribute of a person).

2. Built-in account management system

It’s crucial for a banking application developer to provide users with a robust platform for account management. A user should have no problem when checking their balance or performing a transaction via the app in a fast, error-free mode. 

An app visitor should also be able to see their real-time debit and credit account balance. For security purposes, developers need to disable idle accounts automatically after a selected time frame is over. 

3. QR payment support

According to the latest statistics, around 25-30% of the worldwide population uses QR codes for payments. While in Europe and the US, QR scanning is still an emerging trend, it has the consistent following in leading Asian markets — China, Japan, and Singapore. 

That’s why QR payment support is no longer optional for a modern-day banking app. Its efficiency, however, depends on the placement of the code and the speed of a QR-based transaction. 

To ensure they got it right, the members of the application development team needs to thoroughly assess the functionality of the QR payment feature before adding it to a permanent build. 

4. ATM locator

An ATM locator is not a challenging feature from a technical standpoint — nevertheless, a lot of companies neglect it. By helping users find the nearest ATM in the area, you’ll be able to significantly increase the value provided by the app. 

The implementation of an ATM locator by the Royal Bank of Canada is a poster case that proves the success of GPS-based technology in finance. According to the bank’s official data, 90% of their app users upgraded the client to a newer version to get access to the feature. 

What’s more impressive, RBC managed to attract over 25,000 new users by adding an in-app ATM locator. 

5. Real-time payment processing and batch processing

The real-time payment (RTP) system is considered the first major improvement in the American financial transaction framework in the last 40 years. RTP is not something new for over 20 countries, including the UK, Singapore, and others. 

For banking app developers, real-time payment processing comes with a sack of benefits: 

• Improved efficiency;
• Satisfying customer needs 24/7;
• Secure, traceable payments;
• Reduced anti-money-laundering and fraud risks.

By 2020, instant payment processing will be considered an industry standard. That’s why it’s important to ensure the feature works like clockwork in your company’s app. 

6. Large-scale integrations

To leverage the benefits of banking technology, financial service providers have to integrate with other payment solutions. Naturally, the wider the list of available integrations, the broader the organization’s range of features will be. 

Here are the most common platforms your banking domain app seeks integration with:

• Movie booking services;
• Food order management platforms;
• E-commerce websites.

During testing, a QA manager has to ensure the app behaves consistently when summoned by a third-party payment gateway. 

7. Bots for customer support

High-quality customer support is imperative for banking service providers. However, hiring enough workers to consult users 24/7 would be too expensive and challenging to manage. That’s why banking service providers use AI chatbots to tailor to customers’ needs. Unlike a human assistant, a bot runs around the clock, doesn’t get irritated or lose concentration, and is easier to maintain in the long run.

Speaking of successful chatbot implementation, Wells Fargo is worth mentioning. The banking company used a Facebook Messenger bot to provide users with around-the-clock assistance. With the newly implemented innovation, Wells Fargo managed to successfully answer over 5,000 customer questions. 

What is Banking Domain Testing?

Banking Domain Testing is the process of assessing the facets of banking software. In the era of online and mobile banking, having an application with stable performance, secure transactions, and one-click access is crucial. To achieve this, many institutions turn to specialized services for their core systems, such as banking performance testing service that ensures operational efficiency and reliability.

That’s why development teams closely collaborate with QA specialists and QA testing service providers to test the software before releasing the final version. The testing process starts with developing a framework. There, all steps of the process are outlined and complemented with time and budget estimates. 

A brief checklist for banking domain testing process looks as follows:

Why Do You Need Banking Testing?

Banking domain application testing is crucial as it provides business owners with insights they might not have noticed previously. Instead of fixing bugs in a rushed environment when the app is out, it’s better to take your time and pinpoint all issues when the project is still in development. 

There are other banking and finance domain testing benefits that encourage company managers to treat this stage of product development with their full attention. Let’s examine them closer:

Use Cases and Challenges in Banking Domain Testing

Testing applications in the banking industry doesn’t come challenge-free — after all, assessing the performance of tools this complex requires a high level of financial expertise and a strong command of QA instruments. 

Let’s take a look at the most popular challenges QA specialists confront when testing products in the banking domain:

Banking Domain Testing Use Cases

Preparing test cases, QA specialist examines both positive and negative scenarios to check all the facets of the system for vulnerabilities. Take a look at example test teams for banking domain quality assurance teams usually include into the suite. 

Banking Domain Testing with PFLB

At PFLB, we have completed dozens of projects in the banking domain. That’s why our testers are well-versed in industry standards and trends. When working on the project, we place emphasis on the following points:

After the build is fully tested and approved by all the project stakeholders, PFLB provides assistance during the release process and maintenance. We offer continuous consultancy and support — the company’s experienced testers will regularly follow up on the state of your project, and offer tips and assistance.

Conclusion

Banking domain applications may be vulnerable in terms of performance and security issues. That’s why project teams should be extra thorough when testing these systems. 

A detailed testing framework allows company managers to avoid compliance issues and penalties, improve the efficiency of bug fixing, and facilitate future maintenance. 

Most importantly, a well-tested app will be attractive to users and will become an efficient conversion boost. 
To get high-quality banking domain testing, contact PFLB. Check out our performance and load testing services to learn how our testing team can improve your product. Contact us to discuss the details of your projects — PFLB is looking forward to working as a part of your team.