Financial Planning and Banking Applications: Why Testing is a Key?

Today there is a wide spectrum of applications that help to fine-tune financial goals. But not all of them can offer the utmost security and reliability. That’s why customers often end up choosing other banking and financial planners or abandon to use such applications at all. In this article, we investigated this problem in more detail. More importantly, we revealed criteria of quality for financial planners and showcased a successful strategy for testing.

Financial Planning and Banking Apps: What do customers want?

To manage financial records regularly is something many want, but only a few succeed. The reason is simple — it is complicated to make a habit of recording all financial notes in one place. Today you can use a notebook, tomorrow Excel, or just notes on your phone. Mobile applications promise to fix this dilemma, but those who use them often complain about programs’ inconvenience, even with a paid subscription.

The satisfactory performance of banking apps and financial planners is tightly linked to customer service. Financial planners cover various procedures like budgeting, saving, investing, paying off debt, and more. For any of these tasks, customers anticipate getting not only real-time information about the amount they can spend on things but the reliability of making transactions and total security.

Why test Financial Planning and Banking Apps?

To the greatest extent, all banking and financial applications have similar functionality. They work on the principle of habit trackers. With their help, you can track income, expenses, understand what most of them are spent on and what to save on. Programs remember purchases, demonstrate the dynamics of expenses in the form of diagrams, graphs, lists.

Unclear statistics, tricky interface, a small number of cost items, etc. — there are lots of things that make a user switch from one financial planning application to another. That’s why to put things in order and maximize ROI, product owners and developers should pay attention to quality. For this, software testing is a key element; let’s figure out how to conduct it correctly.

Steps for Successful Testing of Financial Planners

To approach the testing of banking applications and financial planners correctly, one should take into consideration the right sequence of the following steps:

  1. Requirements analysis. As with any other testing, quality testing for banking applications should begin with collecting all the requirements. At this stage, it is important to take into account all details about the application, namely its goal and the full list of tasks it is designed to perform.
  2. Database testing. Since financial planners store a large amount of data, the QA engineer’s responsibility is to check the maximum number of procedures linked with the database. More specifically, it is needed to check data integrity, loading, transfer, checks of stored procedures, and functions.
  3. Integration testing. The next important point is checking the integration of application modules, their interaction with each other, and the integration of subsystems into one common system.
  4. Functional testing. At this stage, the QA engineer prepares a test case, validates the test case, and executes it.
  5. Security testing. During preparation for testing, the QA team must include both negative and positive test scenarios in order to infiltrate the system and report it before any unauthorized person can access it.
  6. Usability testing. This type of testing is needed to ensure that customers with different abilities can use the system like a normal user.
  7. User acceptance testing. This is the final stage of end-user testing to ensure that the application matches the real-world scenario.

Final Words

A standard banking application must meet several characteristics:

  • support of several concurrent user sessions;
  • flawless integration with other applications (bill payment, credit cards, etc.);
  • fast and secure transaction processing;
  • support for users on different platforms (Mac, Linux, Unix, Windows);
  • support for users from different locations;
  • support for various payment systems (VISA, MasterCard).

To make financial planners perform all the above requirements, testing is key.

As always, if you require help with testing your project, don’t hesitate to contact us. Thanks for reading.

Originally published at on December 1, 2020.



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