Fintech refers to businesses and start-ups that effectively provide financial services by utilizing a variety of technological platforms. Fintech, which is often referred to as the “fourth industrial revolution,” has remarkably made waves even at this early phase.
Upsurge of Fintech Start-ups
Fintech start-ups have effectively tapped into the rising need among consumers for a reliable and secure interface for gaining access to digital services.
Numerous investigations and surveys conducted by market research and analyst businesses have led to this expansion and increase. According to an expert analysis, from 2016 to 2020, the global Fintech investment industry is expected to expand at a CAGR of 54.83%. The Fintech revolution has raised enormous expectations by attracting this kind of attention.
As far as we can tell, the Fintech industrial sector is fast evolving, and a growth index has been established. Now, the best course of action is to concentrate on the most important aspect, customer satisfaction.
Fintech companies are currently developing and providing financially essential business applications for the banking industry, financial institutions, and even directly to customers.
Challenges for Fintech Start-ups
However, as the saying goes, big opportunities can also bring greater challenges.
Operating in the financial services industry is difficult since there are a lot of risks involved. No matter what the industry vertical is, Fintech companies work with a customer base and sensitive data to process and serve.
The success factors for this domain are defined as a secure interface and strong performance. The industry must also follow a number of compliance requirements and laws that apply to the financial services business.
In order to assess these business-critical applications’ speed and efficiency in the marketplace, it is crucial to test their performance. It is more specifically, in a risky and extremely variable socioeconomic context.
For instance, Fintech companies must adhere to different bank compliance requirements while working with banks and other financial institutions. It specifically relates to cloud hosting.
Significance of Performance Testing
In such an ecosystem, it is crucial to work together with a capable and knowledgeable partner to develop an all-encompassing testing framework and strategy.
Let’s summarize the essential reasons for and significance of performance testing.
- Minimizing threats across a digital platform
- Working with sensitive and private financial data
- Managing critical applications’ performance across environments and devices
- Management of complex customer database
- Taking care of Regulatory/Compliance matters in the financial sector
Finally
What, therefore, is the fundamental formula for success for a Fintech? If clearly stated, the overarching goal is to provide cutting-edge services while adhering to strict compliance rules and with high levels of security.
The article was authored by Bahaa Al Zubaidi and has been published by the editorial board of the Identity Herald. For more information please visit www.techdomainnews.com.
