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Fintech Trends on Mobile Testing That Are Here to Stay!

Fintech Trends on Mobile Testing

Fintech trends are at the forefront of innovation. As digital evolution reshapes financial services, mobile applications’ role in facilitating financial transactions has become necessary.

As challenging as 2023 was, it ushered in a reality check for fintechs, bringing some much-needed rationalization to the sector. Not all players could adapt to the new market conditions. Those that did now appear more focused, disciplined, and deliberate in terms of where and how they allocate resources.

The Fintech industry has seen some growth in broader venture funding. But as per CB Insights’s report on the State of Fintech Q1’24, “fintech funding continued to slide in Q1’24, declining 16% quarter-over-quarter (QoQ%) to $7.3B. Fintech deal volume, on the other hand, increased for the first time since Q1’23.“

In this blog, we start with what fintech applications are and how the best fintech companies use mobile testing automation to build a fintech app. We will also cover mobile testing automation’s significance and trends to look out for!

So, what are Fintech applications? Simply put, it’s a digital platform that leverages cutting-edge technology to provide financial services efficiently and conveniently. From banking and payments to investing and insurance, Fintech apps cater to a wide array of financial needs. As the demand for seamless user experiences surges, developers are constantly challenged to create robust applications that ensure security, reliability, and performance.

Amidst all the fintech trends that everybody is raving about, one aspect stands tall – the increasing reliance on mobile devices for financial transactions. As per eMarketer, 80.4% of new users adopting mobile P2P transfers between 2023 and 2027 are expected to be from Generation Z (the more tech-savvy generation).

This shift towards mobile-centric solutions has propelled the need for effective Mobile Testing Automation.

To ensure the Fintech companies meet the demands of today’s tech-savvy users, they must build an app that best suits them.

It all starts with understanding the nuances of Fintech Trends and incorporating them into the development process. Whether it’s seamless integration with third-party services, real-time analytics, or AI-powered chatbots, staying abreast of emerging trends is key to building a successful Fintech app.

However, building a Fintech app is just the beginning. Ensuring its performance across various devices and platforms is equally crucial. This is where Mobile Testing Automation comes into play. Companies like Qyrus automate the testing process and help developers identify and fix issues faster, accelerating time-to-market and enhancing overall quality.

Let’s look at some of the top Mobile Testing Trends that are here to stay (FOR SURE)!

  1. Test Automation
    Test automation continues to be a cornerstone in mobile testing, ensuring efficiency, accuracy, and rapid deployment in the landscape of mobile applications. While in the Fintech Trends, this may not be number one, ‘Test Automation’ tops the list in the mobile testing trends in a big way.

    Why? It empowers fintech companies to conduct repetitive tests swiftly, freeing up valuable human resources for more complex tasks. By harnessing automation frameworks like Appium or Espresso, testers can execute tests across various devices and platforms, ensuring comprehensive coverage in fintech solutions. Moreover, automation integrates seamlessly into Continuous Integration/Continuous Deployment (CI/CD) pipelines, facilitating faster time-to-market for Fintech innovations.

    Its scalability enables thorough regression testing, which is crucial for maintaining the integrity of financial applications amidst frequent updates and iterations. As the demand for agility and quality heightens in Fintech Trends, the significance of test automation only amplifies, establishing it as a non-negotiable aspect of mobile testing frameworks.

    Achieving 2x mobile testing productivity with automation is just a click away.
  2. Cloud-based Testing
    A game changer we need to talk about more often. It offers unparalleled flexibility, scalability, and cost-effectiveness. Fintech applications demand agility and accessibility, making cloud-based solutions indispensable for companies. Leveraging cloud infrastructure, testers can execute tests across many real devices and simulated environments, ensuring comprehensive coverage.

    This approach obviates the need for costly hardware investments and facilitates on-demand scalability, making it ideal for handling peak loads during product launches or promotional events.

    Furthermore, cloud-based testing fosters collaboration among geographically dispersed teams, streamlining the testing process and accelerating time-to-market for innovations. Security remains a paramount concern in the Fintech landscape, and cloud providers adhere to stringent compliance standards, ensuring data integrity and confidentiality.

    As Fintech Trends continue to evolve, the agility and efficiency offered by cloud-based testing solidify its position as an indispensable component of mobile testing strategies.
  3. Application of Generative AI
    Generative AI revolutionizes mobile testing by leveraging machine learning algorithms to generate test cases, data, and scenarios autonomously. With the complexity and diversity of applications on the rise in Fintech apps, generative AI offers unprecedented efficiency and accuracy to fintech companies.

    By analyzing patterns and anomalies in application behavior, AI-powered tools can dynamically create test cases tailored to specific user scenarios, ensuring comprehensive coverage and detecting edge cases that might elude manual testing.

    Moreover, generative AI adapts to evolving Fintech Trends by continuously learning from real-world interactions, enhancing the robustness of test suites over time. Its ability to simulate user behavior at scale enables fintech companies to validate the performance and reliability of their applications. Even under diverse conditions, it mitigates the risk of potential failures in production.

    As Fintech Trends drive innovation and complexity in mobile applications, the application of generative AI emerges as a transformative force, redefining the landscape of mobile testing methodologies.

    The Webinar that might interest you: Are TuringBots Up for the AI Autonomous Testing Challenge? by Diego Lo Guidice, Forrester VP & Principal Analyst, and Ravi Sundaram, President, Qyrus Operations
  4. Codeless Testing
    Codeless testing democratizes mobile testing by enabling non-technical stakeholders to create and execute test cases intuitively, without writing a single line of code. It also enhances test coverage by providing access to testing tools and enabling a wider range of team members to participate in the quality assurance process.

    Furthermore, where collaboration and rapid iteration are paramount for success, codeless testing empowers domain experts and business analysts to contribute directly to the testing process. Its low barrier to entry fosters cross-functional collaboration and ensures that testing aligns closely with business objectives and user expectations.

    As the demand for agility and collaboration intensifies, the accessibility and efficiency offered by codeless testing make it a cornerstone of modern mobile testing strategies.

    Here is a quick snippet of what Russ Thornton, CTO, Shawbrook Bank said about Qyrus, “Quinnox is a key partner of ours, not only supporting our technology delivery teams but also with tools like Qyrus. Test automation is a critical capability for any engineering team, and Qyrus supports the testing of our web, API, and mobile components as a part of our CI/CD processes, and also in ongoing regression testing across our partner ecosystem. The real power of Qyrus is that we have this extremely broad testing capability in one tool, run in the Cloud, and reusable across all our development teams.”

    Want to stay updated with mobile testing trends? Click here to learn how Qyrus, a codeless, automated, AI/ML driven mobile testing solution, can help you keep up!
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