Challenges and Solutions in Automating Fintech QA
Tags: qa, testing, fintech, automation
Published: 2023-10-12 12:01:08

The latest trend and innovations in financial technologies are taking the Fintech sector to an all-new level. Companies worldwide are getting benefitted through the tactical use of fintech platforms. Hence, to scale up the productivity of fintech, an automated platform can be incorporated. However, there will be certain challenges that need to be ably dealt with. In this article, you will get to know the challenges in automating fintech along with feasible solutions to solve those very challenges. 

## Fintech Automation - An introduction:


Fintech automation provides a tactical platform wherein automation tools are used tactically to streamline end-to-end financial operations. The specific processes of Fintech companies can be automated by taking into consideration an enterprise automation platform that can control and run their business events and also make sure that real-time outcomes are delivered.

The specific automation requirements of Fintech organizations differ from those of financial institutes and traditional banks. When compared to the services offered by traditional financial institutes, the service of Fintech is considered to be at a low-cost and also is carried out at a faster pace. The automation and integration requirements vary for **[fintech automation solutions](https://www.testingxperts.com/blog/devops-and-qa-automation-fintech/ca-en)**. 

**Following are the Fintech based challenges along with their solutions:**

**1. There is a lack of tech and mobile expertise:** There are certain finance companies that lack in providing convenient or proper mobile banking services. Some websites may be replicated but the mobile application needs to also be duly taken care of.  Every user would want to have a convenient and seamless experience. These fintech companies can look forward to taking up the services of an expert fintech automation solutions company.

**Solution:** Following are the features that need to be taken into consideration so that users can be able to enable fintech app development services:

• Shops have a NFC chip

• Availability of QR-code so that payments can be easily made on public transport

• The credit card number should be automatically scanned with a lens

• Providing two-factor authentication with a finger-print.

**2. The significance of data security:** Securing data is one of the important aspects of a fintech based organization. Virtual security is also one of the key aspects of fintech. Vulnerabilities can also impact users, as their data can be misused.

**Solution:** A company specialized in fintech automation solutions can be taken into consideration for establishing a high-level security app. Following are a few factors that can be considered for making the app more secure:

• Notifications and real-time alerts

• Two-factor authentication

• Biometric authentication

• Obfuscation and data encryption

• Behavior analysis.

**3. Integrating Artificial Intelligence (AI):** The platform of AI and big data is certainly proving to be useful for many organizations. Users personal information such as their habits, in-app activity, financial habits and social status can be collected by using the big data platform. 

When it comes to offering high-risk banking services and credit ratings, data becomes a useful aspect of banks also. The whole process of performing risk analysis, detecting fraud and managing transactions effectively is automated by AI using the big data platform.

The above mentioned technologies when used in fintech organizations can pose certain challenges. Hence, constant maintenance and expertise is required.  

**Solution:** AI needs to be taught and provided with proper instructions through the machine learning platform so that both the platforms of big data and AI can be leveraged. A large amount of data is required to train the system. A large number of data sets cannot be processed and fetched by most of the banking and financial apps. To solve this issue, a one-shot learning model should be used so that the machine learning system can be properly trained with smaller amounts of data. 

The organization can also look forward to taking the strategic support of a professional fintech **[automation testing solutions](https://www.testingxperts.com/services/test-automation/ca-en)** company.   

**Conclusion:** The fintech sector is proving to be a valuable resource for many organizations as it can automate and enhance the services and processes within organizations. However, a reputed and reliable software testing services company can provide the right strategic solutions and support for automating fintech activities.