Starter Kit : Finance Domain Testing
Becoming a QA testing expert for any fintech, starts with the basics in finance domain knowledge. One must know what a finance domain is, what challenges arise during testing, the importance of testing financial domains and the primary banking and financial application testing required to sufficiently support financial applications.
What Is a Finance Domain?
Finance domain projects cover a wide range of economic services offered by the finance industry for organizations that manage money. Professionals that perform financial domain knowledge testing understand the requirements of the finance domain industry as well as technology expectations prior to testing financial apps and software programs.
Types of Finance Domains
Testers with a strong understanding of the financial industry tend to work on finance domain projects for these types of finance domain businesses:
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Banking
This type of finance domain carries out the business of banking. More specifically, an organization within the banking domain creates and manages customer accounts and accepts deposits. These deposits are then channelled into lending activities through direct loans or indirect capital markets.
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Insurance
In the insurance domain, a contract exists between the insurance company and the person seeking insurance. In this contract, the insurer agrees to take on the risk of the insured person against specified future events or losses. In return, the insured person provides regular payment to the insurance company as premium.
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Investment
A corporation within this type of finance domain engages in the business of managing, selling, and marketing funds to the public. Investment companies can be either privately or publicly owned and focus on investing the pooled capital of investors in financial securities, either through a closed-end fund or an open-end fund also known as a mutual fund.
The Importance of Testing
Testing financial domains requires domain knowledge, Testers need to understand industry specific and trading specific terms such as Trade Life Cycle, Margin, Order types and must have knowledge on various asset classes like Equity, Derivatives, Bonds etc.
Just as the goals of any type of testing focus on competition and customer satisfaction, the same is true for a product in the financial domain.
In addition to Functional testing, it is important to consider performance testing as well. Performance testing products in the financial domain can help ensure that product or software runs smoothly across all the latest platforms, browsers, and systems.
Primary Tests for Financial Domains
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Black Box Testing
In Black box testing, testers possess strong finance domain knowledge and deeply understand the End-to-End functionality of the financial application to be tested.
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Mobile Testing
Mobile testing confirms that the financial application functions, operates and performs as expected on remote devices including smartphones and tablets. If the software application cannot be supported successfully across all responsive devices, the financial software is not ready for market launch.
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Performance Testing
A performance failure within a software product can lose thousands - sometimes millions - of dollars for the company, its investors and its customers. Testers must ensure that the financial application performs consistently, even during times of high traffic or high demand.
Challenges With Testing Finance Domains
While challenges can be expected during testing, the finance domain presents unique issues which do not present themselves in many industries. Be cautious of these pain points of finance domain testing:
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Enforcing Strict Security Systems: Private information and asset protection rely on a secure software system. Additional security measures, such as one-time passwords, access validation codes, and two-step authentication.
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Complex Databases: An extensive variety of accounts are needed during financial domain knowledge testing. Testing teams must rely on automation tools to verify database connectivity as well as control its logical functions.
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Third-Party Integrations: Defects, issues and bugs arise when testing any third-party connection. Furthermore, integration incompatibility or denied access often occurs when testing financial domain apps.