Lending applications are gaining increasing popularity among millions of users globally. According to recent statistics, the number of fintech startups has reached 5,779 in the Americas, 3,583 – in EMEA (Europe, the Middle East, and Africa), as well as 2,849 in the Asia Pacific Region.
What is more, the amount of digital payments has grown to a whopping $6,699,201 and the number is still growing. The volumes of personal financing, alternative lending, and alternative financing are also booming in many countries. As a result, loan lending mobile app development became one of the most promising segments for many companies. But what is the best approach to loan lending mobile app testing?
Personal loan applications, also known as lending apps, are digital products, developed for portable devices (smartphones, tablets, etc.) that allow users to apply for a loan with no need to visit banks or other types of financial institutions in person. If you need money for a large purchase, pay a bill, or consolidate your debt, this type of service might help you get funds within the shortest terms.
Most apps to lend money are easy to use and understandable. Developed for users with different technical backgrounds, the applications should be clear enough and not require any advanced knowledge of banking or financial systems.
Money lending digital products come with various features and operational principles. However, all of them are designed to help a user get more money (loan) for a certain period of time. The amount of money available for a loan depends on the users’ credit history, state of residence, and other parameters. In most cases, the borrower will need to pay certain interest to a lender to get the money/loan.
Any modern test of a loan app requires an advanced check-up of all its features and parameters. This is because most products of this type deal with vast volumes of confidential data that should be securely protected.
Any modern loan application contains a number of must-have modules that should be flawlessly functioning:
Loan apps deal with money and require the most precise testing to make sure neither lender nor borrow will lose a cent. What is more, the regulations in the financial and banking sector might be different in different locations. Consequently, it is necessary to check whether an application meets all of them in any location from its target audience.
Like the other types of apps, a loan application might be negatively impacted by third-party factors, including the device’s dried-out battery, network issues, and others. If the users face any issues with using the money landing app, they will not rely on it and will likely switch to a more trustworthy digital product.
First of all, loan app testing must include the following types of functionality and user-journey testing:
Second, the quality assurance process should also include the following must-do types of testing:
Testing a loan application requires checking multiple scenarios of functionality. It is critical to creating a good test case document to test all possible business scenarios to ensure there are no surprises once the app goes live and to production. In other words, the testing scope is very diverse and complex.
It is highly recommended to use a professional team of experts to write test cases for any type of financial or lending app to make sure the digital product will meet all the legal requirements, perform well in different conditions, and have perfectly operating financial processes.
Crowdtesting remains one of the most effective solutions for testing money lending applications. The biggest advantage of crowdtesting is an opportunity to get a digital product tested on real devices by users with real documents (ID cards, passports, social security cards, etc.) that are used for checking the user’s identity and credit history.
Crowd testing also has a number of additional benefits, including the following:
Crowdtesting will allow you to detect the bugs and issues that dramatically impact the app’s performance and user experience, as well as test your digital product in real-life environments by real people from any target country.
All the tests are performed by professional quality assurance engineers. They can easily detect all the flaws in a money-lending app and provide you with detailed reports. It is also possible to test your app on various devices and operating systems, as well as under stress.
Furthermore, a good crowd-testing company has the needed expertise and domain knowledge to write good test cases and scenarios that will cover all business potential aspects. This is extremely important in lending and other types of financial or banking apps.
A lending application might be impacted by various parameters, such as an operating system version of the device, a dried-out battery, incoming calls, and other apps that can be running along with the app. Therefore, it is crucial to test this type of application on as many devices and environments as possible.
It is necessary to keep in mind that testing a lending app has some critical differences from testing other types of digital products. It is more complicated and requires covering numerous scenarios. What is more, a lending app deals with money, so all the processes should be tested with maximum focus. The fact is that even the smallest mistake in the process of applying for a loan, calculating interest rates, specifying deadlines, or making transactions might lead to serious consequences and significant monetary losses.
Checking the app by QA professionals who can perform actions as real users minimizes all these risks. Professional crowd testers can apply for a loan, upload real documents to check a credit card history, and use other advanced app features to make sure your app is fully operational and secure.
Because of the complexity, numerous financial operations, and documentation check-ups, it is always a good idea to use testers with domain expertise in finance and accounting. Crowd testers can find such experts for you to make sure your app is working well both from technical and financial sides.
Crowd testing provides many advantages – it is considered one of the best services to check money lending, banking, and financial applications. With experts in accounting, finance, and testing fields, your digital product will be checked on full-scale.
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