Mobile banking applications have gained significant popularity, providing customers with convenient access to banking services anywhere, anytime. Gartner predicts a compound annual growth rate of 29.97% for BaaS engagement among both banks and nonbanks up to 2030. Despite the convenience offered by these apps, security concerns have resulted in breaches of banks and consumer accounts worldwide, highlighting the need for greater attention to be given to their security. As mobile banking continues to grow, banks must prioritize mobile banking application testing to ensure the security of their customers' information. Only by enlisting the expertise of mobile security specialists can banks fully mitigate the risks and provide their customers with the seamless, secure banking experience they deserve.
How SREs Mitigate the Vulnerability of Mobile Banking Apps
The architecture of mobile banking applications leaves them susceptible to severe vulnerabilities that can result in financial security breaches. Essentially, these apps are software that connects directly to a bank's backend system via APIs. While these APIs are typically based on open-source code that supports app developers, they can create security loopholes that expose mobile banking applications to attacks. Unfortunately, web app firewalls and source code protection are insufficient to address these vulnerabilities. Attackers can exploit machine-to-machine interactions by creating shadow APIs, which do not resurface as compromised endpoints. Therefore, it is essential to conduct rigorous mobile banking testing using specialized mobile app security testing tools to identify and address these vulnerabilities. By doing so, financial institutions can protect their customer's financial data and provide a more secure mobile banking experience.
Here are four essential elements that must be considered when testing mobile banking applications.
4 Essential Factors to Strengthen the Security of Mobile Banking Applications
1. Specifying Target Audience and Objectives
One of the critical factors to consider during mobile banking application testing is defining your target audience and objectives. This step is vital in both the development and testing phases, as it clarifies the users' needs and the requirements for creating effective test cases.
To achieve this, businesses must perform detailed user persona mapping with the aid of banking experts and business analysts. This approach enables them to understand customers' banking pain points, potential use cases, and the likelihood of adopting a new solution.
The gathered insights shape long-term business objectives that inform a priority-driven roadmap. It is vital to remember the bigger picture when performing tactical work, as it aligns with the end goal of continuously delighting the users.
By defining the target audience and objectives, businesses can improve the overall mobile banking experience by meeting the users' needs, enhancing security, and ensuring a seamless user interface.
Also check: 5 Tips for Testing Mobile Banking Apps
2. Assessing Device Performance to Handle Large Data Volumes
Mobile banking app testing requires assessing device performance with respect to handling large volumes of data. This includes testing inter-app accessibility, which refers to the ability of one app to access confidential information stored in another app on the same device. While iOS and Android offer a high level of security through features such as permission systems and TouchID, proper usage is necessary to avoid privacy-based online threats.
In addition to inter-app accessibility, device performance is critical to mobile banking app testing. User actions can generate significant amounts of data, including user location and login timestamps, among others. Testing must cover every interface by creating distinct datasets to eliminate the effect of a particular feature across interfaces.
Key factors to consider during testing include the device's OS version and display density, as they can negatively affect the user experience regarding UI and web page rendering. Other device features, such as CPU type and memory, can also impact specialized applications, making it important to take them into consideration during testing.
3. Preparing For Challenges
Mobile banking testing is critical to ensuring a seamless user experience and maintaining the trust of customers. However, there are several challenges that teams may encounter during testing. With proper preparation and planning, these challenges can be turned into minor speed bumps rather than significant roadblocks. Here are some common challenges to be aware of:
- Limited production data: Many teams new to software testing in the finance industry face the challenge of a lack of existing processes, which can be time-consuming to figure out internally. Engaging experienced QA partners can help define testing, debugging, and reporting processes and ensure the testing strategy succeeds.
- System migration: In some cases, testing strategies may require switching systems mid-stream, dealing with legacy platforms, adjusting to new testing environments, or managing other complex changes. Outsourcing to QA testing experts can help provide guidance or manage the change, allowing the team to focus on other critical areas of the business.
- Inadequate domain knowledge: Limited experience with the financial industry or regulatory compliance testing can hinder a QA team's effectiveness. Partnering with an outside vendor can help mitigate risks associated with testing for security, compliance, and performance. It's important to remember that there is no margin for error in mobile banking testing, as brand perception and customer trust are at stake.
By addressing these potential challenges head-on and seeking assistance from experienced QA partners, teams can ensure a smooth and successful mobile banking testing process.
4. Improving Testing Efficiency
Testing mobile banking applications across all possible device combinations is nearly impossible due to the proliferation of mobile devices with their respective operational differences. Therefore, testers should focus on devices and platforms with significant penetration in specific geographic areas instead of attempting this daunting task. Google Analytics, Dynatrace, and marketing research teams can provide testers valuable insights into customer app usage patterns, optimizing testing efforts.
To ensure optimal mobile banking application testing, QA teams should prioritize the following areas:
- Functionality testing for a seamless user experience.
- Automation testing reduces manual work and human error, significantly cutting testing time.
- Load and performance testing to guarantee the application can handle session and transaction volumes.
- Security testing to ensure user data safety.
- Regulatory compliance testing to certify that the app meets industry-specific measures.
- API and integration testing to verify that the app works flawlessly with any connected apps, services, or utilities.
- Mobile testing to ensure the application functions well across all supported mobile and tablet devices.
Defining test requirements and building a test strategy is crucial to gain buy-in and feedback from the broader team and stakeholders. It informs the team about the specific testing requirements and how to approach the tests. QA teams or partners should lead these testing initiatives, providing guidance to the team and delivering status reports to key stakeholders along the way.
Enhancing Mobile Banking App Features and Security with HeadSpin's Advanced Banking App Testing Solution
Effective software testing is paramount in financial services to ensure mobile banking applications operate smoothly and securely. HeadSpin delivers a comprehensive testing solution specifically designed for the BFSI industry, empowering financial companies to optimize their application development process. With its robust end-to-end testing capabilities, HeadSpin's solution elevates the performance of banking applications, catering to the ever-growing demands of the mobile banking landscape.
Explore how HeadSpin's AI-powered testing solution can strengthen the security of mobile banking apps for financial services companies.
1. Multiple Deployment Models
HeadSpin presents a diverse range of deployment models, including on-premises, single-tenant cloud, multi-tenant cloud, and custom lab options, for secure storage and analysis of test data during system migrations. This enhances operational efficiency while maintaining data security.
2. Biometric Authentication
HeadSpin's Biometric SDK empowers financial organizations to automate biometric tests, capture user experiences, and conduct comprehensive testing of facial recognition as well as fingerprint features, such as TouchID and FaceID. This saves time and provides insights into biometric authentication performance, ensuring secure and reliable authentication for users.
3. Secured Testing Platform
HeadSpin's Platform adheres to SOC 2 compliance, undergoing rigorous security assessments and receiving certification in passive reconnaissance, automated vulnerability scanning, and manual testing from a trusted third-party validator. This guarantees exceptional mobile banking security testing capabilities for financial organizations. Also, HeadSpin is fully registered on the Hellios FSQS, showing compliance with financial industry regulations and governance controls.
4. Global Testing
HeadSpin's extensive global device infrastructure enables end-to-end testing on real devices across 90+ locations worldwide, providing BFSI companies with unparalleled operational consistency. This global testing capability provides a comprehensive view of mobile banking application performance in diverse environments.
How HeadSpin Assisted Global Financial Services Companies in Streamlining Their Mobile Banking Operations and Enhancing User Experience
Here are two instances of successful application testing and development for global banking and financial companies with HeadSpin.
Case Study 1
HeadSpin aided a large Indian banking and financial services provider in verifying end-to-end use cases for banking services such as payments, transaction history, and product purchases. HeadSpin ensured security by utilizing dedicated devices on an isolated network, enabling a comprehensive device evaluation. The client's application allowed for multi-channel login, including phone banking, internet banking, and WhatsApp. HeadSpin simplified the evaluation process by creating user journeys for each channel and testing them individually. HeadSpin's automation capabilities minimized the testing efforts for complex user journeys. The engagement resulted in an improved experience for core services, increased customer engagement, and more opportunities for customer engagement and sales.
Case Study 2
HeadSpin partnered with a global e-commerce leader with its own mobile wallet to improve user experience. Using their AI Analytics platform, HeadSpin conducted anonymized peer benchmarking of four mobile wallet apps, including the client's, and tested real-world scenarios involving payments and transactions. This enabled the client's product team to identify areas for improvement and optimize their application, resulting in enhanced user experience in the competitive online payments industry.
As mobile banking apps become a crucial component of banks' business strategies, ensuring seamless performance and security through mobile banking application testing has become increasingly important. With the help of FinTech development companies, banks can continuously improve their mobile banking apps, adding the latest features and functionalities. By doing so, banks can provide personalized and superior customer experiences, attract new clients, and retain existing ones. Comprehensive mobile banking application testing helps banks identify and fix issues before they impact their customers, ensuring stable and sustainable business growth.
Collaborating with a reputable mobile banking app security testing solution provider to enhance security features can boost the user experience and instill trust and confidence in customers toward the digital banking industry.
Experience unparalleled mobile banking security with HeadSpin's advanced testing solution for banking applications.
Q1. What are the goals of a mobile payment system?
Ans: The objectives of a mobile payment system include enhancing convenience for individuals while conducting digital or card transactions, minimizing risks and costs associated with handling cash at an individual level, and reducing the expenses related to managing cash in the overall economy.
Q2. What is the process for creating test scenarios for a mobile application?
- Develop a straightforward test scenario for the mobile application.
- Keep the test scenarios concise and easy to comprehend, avoiding complexity.
- Align the test scenarios with the project methodology.
- Prioritize the customer's requirements and run the test scenarios accordingly.