Challenges in Fintech and Software Testing

By Joe Phillip, CIO Applications | Monday, December 28, 2020

Often identified bugs slip through to release and go unfixed because they are considered low-risk. Within Fintech, even minor bugs can have significant implications for the development teamand for the entire company.

Fremont, CA: Software testing is regularly subject to trade-offs-i.e. trying to cover as much of the codebase as possible due to time constraints and resource constraints. Often identified bugs slip through to release and go unfixed because they are considered low-risk. Within Fintech, even minor bugs can have significant implications for the development team and for the entire company.Trust is important when dealing with peo

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ple's finances, so fintech software testing is held to a higher level than most other apps.

Fintech is a wide and dynamic sector that can represent a number of different types of software. These range from offering app-based retail banking serv

ices to generating brokerage trading algorithms that automatically render transactions based on market movements analysis and trading trends. What they appear to have in common is the need to process large quantities of data efficiently while making completely careful to preserve data integrity and consistency at all times.

The perfect fintech solution to "move fast and break things" will simply be to "move fast and never break anything." A bug or error in the fintech app could be catastrophic for a business and could have significant financial implications. Code that makes it a live environment in fintech needs to have gone through a comprehensive testing phase to make sure it doesn't contain any bugs.

Despite this, the Fintech industry still emphasizes rapid innovations. Fintech is a dynamic industry, with several different firms and applications fighting for market supremacy. Keeping pace with markets and competition requires constant growth, which can meet the need for comprehensive testing and pose an interesting challenge to fintech software testing.

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