How to Choose the Right Banking Application Testing Tools?

Banking Application Testing
How to Choose the Right Banking Application Testing Tools?
  • KiwiQAKiwiQA
  • September 13, 2023
  • Tags:banking application testing tools

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Since digital banking is a popular trend among consumers in this digital era, mobile and internet banking has become a major aspect of everyday life to access bank accounts. Studies have shown that about 73% of account holders engage in online banking at least once a month, and up to 59% of consumers use banking apps to complete a transaction or get information about their account on mobile in 2023. This transition from 15% in 2017 shows the tremendous demand for digital banking today.

Hence, banks are developing a mindset of improving the experience of digital customers with banking applications so they can get prompt access to all their services. However, the convenience of this smart system involves a lot of effort from the developers and quality assurance engineers to build an app that operates securely. That’s where the specialized banking application testing tools are essential to offer effective app performance.

These tools are designed to tackle unique challenges that financial institutions face, including concerns regarding data privacy, regulatory compliances, and transaction flows. The best tool used for banking application testing has features to conduct performance, security, and scalability testing. Selecting the right tool for evaluating the application’s reliability and efficiency is crucial. Read this guide to learn about the factors you should consider to choose the right banking app testing tool to boost your institution’s reputation and customer trust.

Why is the Banking Applications Testing Tool Important?

Banking software applications include some complicated characteristics that need to be properly tested to ensure customers can easily access their bank account and information for the many facilities a bank provides. People’s expectations to use the bank features are not limited to apps on mobiles but laptops and other smart digital devices through just one click. It will save them a lot of time, and bank institutions can streamline their operation while satisfying customer demands.

However, the app’s testing is crucial as it goes beyond testing the application functions. If a bank wants to establish itself as a reliable institution, it has to be tested for various concerns regarding database security, integration, multiple users simultaneous transactions, etc. Hence, the testing phase is the essential aspect of the development cycle. But without the right banking application testing tools, the app would be flawed. Here are some of the reasons why testing tools are important:

1. Security Concerns

The Banking, Financial Services and Insurance (BFSI) apps offer almost all the banking services that can be completed remotely through the app. Hence, customers provide their sensitive financial information through the app. That puts the security of these data as the major concern, which is why the app is built with robust security measures that offer protection against unauthorized access and data breaches.

Any security breach of the app can lead to financial losses and majorly affect the bank’s reputation. It’s where you must choose the best tool for banking application testing to identify and address potential security vulnerabilities. The tool will conduct security assessments through penetration testing and vulnerability scanning to ensure the security measures are working properly.

2. Regulatory Compliance

Unlike other sectors, the banking sector is notorious for being heavily regulated, as they have various standards to meet critical compliance requirements. The app must also undergo localization because rules differ between locations. Hence, BFSI applications must adhere to strict regulatory standards like Know Your Customer (KYC) and Anti-Money Laundering (AML).

Choosing a reliable banking app testing tool is important as they are designed to test the compliance standards of certain regulations to guarantee it meets the industry-specific guidelines. Some tools enable you to write the test scripts according to varied regulations or automate the scripted tests to check compliance. It is how the testing tools save banks from paying fines and maintain legal and ethical practices.

3. User Experience

Many other system integrations are required with the banking application to provide seamless data exchange, transaction procedures, and many other services. All these integrations are a way to ensure a positive user experience. Since both staff and customers use some banking apps, the UI and UX of the app need to be properly tested so the users can interact effectively.

The poor experience can affect the user’s trust and drive away the customers. The app should not be slow or time out the transaction, which can frustrate the users. The testing team will use the appropriate testing tool to evaluate the interface’s overall usability and the app’s functionality.

4. Performance Optimization

Performance is essential for the effectiveness and reliability of BFSI applications, as high-performing apps can handle transactions and financial services effectively. If an app is prepared without performance optimization, there is a high chance the app will crash during a high volume of transactions. It will fail to give real-time access to financial services. The testing tool will evaluate the system performance under different loads and conditions so the final outcome will align with the dynamic banking environment.

All these testing essentials ensure that the app is free of any bugs and errors to speed up the development process and meet the deployment schedule. Hence, choosing a testing tool is no longer an option; it has become necessary to maintain your financial systems’ integrity and meet customer trust.

What Are the Criteria for Selecting a Banking Application Testing Tool?

Different application software for different sectors has various security, performance, and functionality demands. Hence, choosing a banking application testing tool specifically for your banking customers’ and staff’s requirements is crucial to deploying a successful app. Here are some criteria you can consider while selecting your ultimate designated banking application testing tools:

1. Usability

The usability of the banking application testing tools is the primary requirement for conducting the tasks efficiently. Hence, it’s a critical selection criterion for the tool to have a user-friendly interface so the testers can easily navigate its capabilities. Moreover, the tool should seamlessly integrate with other tools and existing testing scripts to reduce workflow disruption. It should scale with your testing needs as the application functionality scales.

2. Functionality

The tool should have comprehensive testing capabilities to conduct all core application software testing as well as additional specialized testing. While manual testing is still valuable in many application assessment requirements, with automation features in the banking testing tool, it can streamline the overall app development cycle.

The automation features are especially beneficial for conducting repetitive testing tasks. So, use a testing tool that supports automated testing to save your project’s time and resources. Additionally, the tool should have analytic and reporting functionality that can effectively track and analyze the test results.

3. Security Features

Security features are imperative to have in the best tool used for banking application testing. It should include built-in testing capabilities for quickly detecting potential cyber threats in the app’s framework and vulnerability scanning. It would help the developing team address the app’s security flaw immediately within the development cycle.

Furthermore, the testing tool should assess the app’s compliance with the security standards and regulations of the banking industry. It should have encryption and data privacy support to protect the customer’s sensitive information in the database.

4. Compatibility

Make sure that the banking application testing tool is compatible with various platforms to conduct testing across desktop, web, and mobile during the selection process. Moreover, confirm that the tool supports testing across various devices, including browsers, iOS, and Androids.

The tool should have various integration capabilities to optimize the testing sessions. Your banking systems may have various technologies to use and APIs in the infrastructure. So, the tool should be able to integrate all your banking systems seamlessly while testing the performance and their functionality. This capability would be beneficial if you want to enable your customers to access all your banking services in one place.

5. Cost-effectiveness

The overall cost of the tool should be reasonable according to the scope of your application development project. Start with evaluating the ownership cost of the testing tool, its licensing fee, maintenance and support features fees. Your testing team can assess the total return on investment of using the testing tool by assessing the testing efficiency and benefits from the tool that reduces the security risks and other performance flaws.

Also Read : How to Craft Perfect Test Cases for Banking Application?

Which are the Main Types of Testing Tools Needed for Banking Applications?

If you want to make your banking application a success, it’s essential to make sure the testing process report comes clean with all aspects of the app thoroughly examined. This requires a comprehensive testing strategy to guarantee the app meets all the security and regulatory standards. Meeting these testing requirements establishes the app’s reliability and user efficiency.

Only one testing tool will not be enough for complex banking application development. Hence, there are different categories of testing tools to comprehensively evaluate banking applications. Check out the testing tools below for an effective assessment of your banking app before launching in the market.

1. Static Analysis Tools

The purpose of using static analysis testing tools is to find possible errors and security vulnerabilities before executing the code in production. The tester scans the app’s source code, design documentation, and other inactive components. It will check for the code’s compliance standards, quality, and security.

These tools have built-in features to identify any broken code in the security framework, memory leaks through loopholes, or poor data processing action. Since the code testing is done before going into the development phase, it saves time on the production error early and possible loss of money and effort in fixing the issues at the later phases of the development cycle or post-launch.

2. Dynamic Analysis Tools

The dynamic analysis tools for banking applications are crucial to evaluate the app’s real-time performance. Its test cases find performance issues, runtime errors, and memory leaks. These tools have testing capabilities for code coverage analyzers, profilers, and memory analyzers. They detect the issues during the program execution when the function runs into an error that includes crashes, unusual behavior, or high resource utilization.

Testers can monitor the code execution in real time and simulate the user inputs to gain insights on correcting the code. Some popular dynamic analysis tools are Selenium, Jmeter, and Valgrind. They ultimately help with improving your app performance impact.

3. Performance Testing Tools

You can conduct a complete evaluation of your banking application using performance testing tools that include comprehensive techniques to test the application’s performance under various conditions. The tool ensures the app can handle the expected and unanticipated demand without any performance degradation.

Some basic performance tests included in the tools are the scalability, load, and stress tests. It also checks on the app’s performance speed, response time, resource usage, and other performance metrics to evaluate its reliability, mimicking the user interactions. Its benefit offers error-free performance even during high usage periods as it seamlessly detects errors and enhances application performance.

4. Security Testing Tools

As the name suggests, security testing tools identify system errors in an app to evaluate its security posture. The testing techniques of these tools help ensure that the confidential financial data and resources in the system are protected from unauthorized access. Moreover, the testing protects the software system and the application from the risks that can lead to data loss or financial loss.

Through these tools, the testing team can perform Penetration testing, code analysis and vulnerability scanning. They effectively identify security breaches due to authentication issues, SQL injection, or XSS. Using security testing tools is one of the most critical needs for the banking application development process, as the testing strengthens the app against cyber-attacks while maintaining regulatory compliance integrity.

How to Develop a Testing Strategy for Banking Apps?

Having a robust testing strategy for banking application development is crucial. It ensures the app is secure, reliable, and compliant with regulatory standards. In order to develop an effective testing strategy, it’s important to start with understanding the banking app’s objectives and identify risks and requirements before selecting the best tool used for banking application testing.

Then, define the test scenarios and test cases for every scenario to test every aspect of the app from the granular level. Prioritize your testing process based on the risk assessment of the app’s components. Use automation testing techniques if there are repetitive tasks to save more time in the development line. Execute the testing plans for security, performance load, and UX. Now, keep a report on each testing run and analyze the results. The reports will help the app client decide whether the app is ready to get to the market or needs more time to be flawless.

Software Testing Tips for Banking Applications

1. Understand the Domain

One of the critical parts of forming the software testing strategy for banking applications is having domain knowledge. Since there are different types of banks, the domains are also different. It is essential to understand the domain to test domain-specific banking applications. It will help the testing team to have accurate details on what and how to test the application to reduce the testing time. Testers can efficiently write the test scenarios and their different test cases.

With a clear understanding of the banking domain, tracking the bugs and how the system behaves would be easier. Moreover, it will help them to establish the testing stages to test the banking application. The in-depth domain knowledge helps the tester understand how the application works, its functions, and how it interconnects various segments of the bank. Generally, the banking domains include customers, services or facilities, mode of operation, and the bank’s workflow.

2. Focus on Security

Use reliable banking application testing tools with robust security testing features to identify any security vulnerabilities seamlessly. Run priority security testing based on the threat models from high to low-risk areas of the application components. Don’t forget about data encryption testing to protect sensitive data during the transaction and storage process. Test the banking app’s access control aspects to prevent unauthorized access to the database and major financial functions.

3. Transactional Integrity

Prioritize the importance of end-to-end transaction testing to ensure accurate and secure processing of banking transactions. These processes include deposits, withdrawals, and making account updates. Moreover, simulates real-time simultaneous transaction testing to protect against data corruption or multi-user operational errors. Conduct reconciliation testing to ensure there are accurate and consistent database records and account balances occur.

4. Test Data Preparation

Test data preparation involves validating input data, data edge testing, data encryption, and data generation. These tests are executed to ensure the accurate processing of input data, assess how the application is handling edge cases, and protect the customers’ sensitive data. The testing team will generate realistic test data sets to simulate real-life scenarios to simplify thorough data testing to establish data privacy and compliance.

Also Read : How To Test Salesforce Lightning Components

5. Functional Testing

The functional testing test cases are based on the banking application software components testing requirements. The app components’ functions are tests that involve putting inputs and analyzing the outcomes. These test cases are executed using the false inputs to study the output. The inputs aim to assess the payment output accuracy, functionality speed, and quality that are recorded in the banking app’s history.

6. Performance Testing

Use performance testing tools to determine how the application works under high load and stress testing demands. Check that there won’t be slow performance when handling a lot of transactions. Evaluate the response times and resource use during performance testing to improve the app performance and offer users a smooth experience.

7. Test for Usability

Run usability testing to make sure the app is easy to use, accessible, and intuitive. Test the overall user experience, including the app navigation and user interfaces. This ensures consistent usability of the app on varied platforms and devices with their screen size resolutions.

8. Real-world Simulation

With real-world simulation, you can test the application’s functionality for various practical scenarios through various user roles and transaction variations. This ensures the reliability of the application that tests for catastrophic events, including network outages, server maintenance, or unexpected user actions.

9. Regression Testing

Automated regression testing should be used to ensure that new updates or bug fixes don’t cause any new errors or damage to the existing app features and their functionality. Use an extensive set of regression tests to ensure all the important components of the banking app are tested properly for the updates before executing in the existing codes.

10. Audit Trails

Ensure the program generates precise and secure audit trails for all key transactions and operations. Test that these audit trails can be easily checked and reviewed and that they adhere to regulatory standards. It serves as a security-related chronological record to offer documentary evidence for activity in the operating system, within the application, and the user activities.

11. Localization and Globalization Testing

Test the application’s localization to make sure it is suitable for particular locations, currencies, and regional user preferences. Moreover, conduct globalization testing to evaluate the application’s ability to manage users from around the world who have distinct cultural and geographical needs.

12. Version Control

In order to manage the changes and ensure consistency in test scripts, data sets, and application configurations, performing version control testing is essential. It will make it easier to track testing-related changes such as app versioning, debugging, and app tracing for quality assurance.

Future Trends in Banking Application Testing Tools

As the banking sector is adapting innovative ideas and taking into operations, the future of mobile banking and the emerging trends are going to offer a more immersive user experience. Hence, it can be expected that banking apps are more technologically complicated. This suggests a very transformative revolution in the trends of banking application testing tools. Here are the emerging trends banking and finance institutions can look forward to experiencing:

1. AI & Machine Learning

AI and machine learning skills are rapidly getting included in banking application testing technologies. AI-driven testing capabilities can build test cases on their own, predict possible errors, and improve test coverage. This trend will increase the effectiveness and preciseness of the testing phase.

2. DevOps Integration

Banking applications are rapidly adopting the DevOps principles, which is increasing the integration of testing tools in the DevOps processes. Continuous automation and ongoing testing facilitate seamless collaboration between the DevOps teams. It will speed up the app’s time-to-market schedule without compromising the quality.

3. Cloud-based Solutions

Cloud-based solutions in the best tool used for banking application testing are already offering a streamlined app quality assurance process. Cloud-based features in the testing tool will offer more scalability, flexibility, and cost-effectiveness to meet the dynamic and dispersed characteristics of the evolving banking applications.

Level Up: Transform Your Banking App Testing Today!

Application testing is an integral part of the banking app development life-cycle, without which you will be risking your BFSI institution’s reputation. The comprehensive testing process will ensure the app runs smoothly for real-world operations. So, if you want to integrate testing into your app development process, collaborate with banking application testing services for top-tier solutions to leverage the best tools, expertise, and proven practices.

Now that you know what the banking application testing tools cover, you can state your demands for the testing needs to your professional testing team and ensure the app successfully launches to run across all major platforms and devices.

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