Independent Software QA Testing Services

12 Chief considerations for outsourcing QA and testing services in fintech industries

12 Chief considerations for outsourcing QA and testing services in fintech industries


FinTech deploys various financial technologies to automate processes in the financial sector, from routine, manual tasks to non-routine, cognitive decision-making. With areas of finance subject to quick disruption, as in payment systems, contract checking, trading, risk management, quantitative asset management, lending, mobile banking, customer retention, and investment banking.

The open banking ecosystem furnishes end users with data from a Labyrinth of financial institutions via application programming interfaces (APIs). API is a technology-oriented product. Financial institutions built APIs fuelling digital transformation, eventually opening for larger consumption and monetization via pay-per-use, subscription, data and revenue sharing models.

All banking supervisors need to be focused on confirming the safety of the banking system. Period! They should be proactive in updating that safety and uphold financial stability. (Quite equally)

Fintech needs Expert BugBusters Now!

Operating in Fintech services, there are risks. Period!!! Fintech firms deal with numerous sensitive data to process and serve. It’s imperative to have a secure, seamless, and powerful interface. And there is no cost of avoiding it at all.

Testing of these critical business apps is the kingmaker here. So that you can evaluate the effectiveness and speed to serve better in the market. We at Thought Frameworks list some key considerations why outsourcing QA can be the best choice in Fintech.

1 Improve application quality

Its a dead giveaway that quality is significantly improved through outsourcing QA, Duh!!. As QA providers assess testing capabilities, identify gaps in test processes and implement positive changes. Also adding in some positive comprehensive change and configuration management systems- that’s Another vital aspect of outsourcing QA when it comes down to maintaining a “comprehensive change and configuration management system.”

2 Engagement Models

An outsourcing plan is selecting an engagement model. Consider aspects of international business strategy, selecting geographical location, understanding the landscape, deciding on the outsourcing strategy. Implement incremental outsourcing or total outsourcing. Incremental outsourcing allows to mitigate risk by dividing work into much smaller short term, manageable projects. Total outsourcing involves multi-projects/programs handover to a service provider. Our experience says- typical models are 20-30% onsite to 70-80% offsite.

3 Reduce business risks

Go risk-free!! Stop jeopardizing security concerns via internal bug fixes that lack a thorough testing process when done in-house. Outsourcing QA ensures your business prioritizes testing and does not fall short of any potential risks and solutions to mitigate them.

4 Better Communication

One of the main pros of having a reliable QA partner is that they provide “seamless communication between the client and the stakeholders.” Communication has been identified as a key backstab in outsourcing, but QA providers can successfully maintain open channels and effective points of contact. Factors such as issue resolutions, escalations, weekly calls, daily status updates and reporting should be part of an effective communication model.

5 Improved focus on core business activities

Outsourcing, is usually ideal for any or all of the following reasons: to lower overhead costs, redirect energy, or to efficiently make use of the software’s technology, test potentials, mitigate risks, strategic management of labor and resources. The overall aim of outsourcing in all these cases is to better achieve business objectives and redirect the task force to where it’s needed most by raising the quality of operations.

6 Increased Efficiency

Is a prime example of using outsourcing for strategic management in (QA) and testing. When quality assurance services are outsourced, companies can significantly improve the quality of their applications production, reduce and mitigate business risks, and improve significantly upon current testing processes. To successfully complete the outsourcing process, companies rely on QA partners having both offshore and onsite capabilities ensuring enhanced resource management and efficiency.

7 Domain Expertise & Integration

Independent QA is rapidly becoming the standard because it provides 100% objectivity and thoroughness. Your QA provider understands the challenges that can arise when working with multiple vendors across different geographies and locales— and are able to develop interfaces and best practices ensuring success.

8 IP protection and security

IP protections are a key consideration for outsourcing QA. All personally identifiable information IPII must be protected. QA partners have security standards in place so that unauthorized access and misuse is prevented. These standards include NDAs (nondisclosure agreements), IP protection, and employee confidentiality contracts. Outsourcing QA “prevents loss or accidental release of data or proprietary functionality,” meaning that they should be able to restore all relevant services. Genius!!

9 SLAs or Service Level Agreements

SLAs should detail the level of service when outsourcing. Types of SLAs to be considered include project completion, handover, on-time delivery, client satisfaction, effectiveness, volume and scope of work, sensitivities, and system downtime and availability. It’s a great idea -to tie SLAs to the client contract on a risk/reward basis.

10 Better mobilization, communication and integration protocols

Signing a contract, initiates a period of mobilization. Like “setting up all communication protocols, defining work breakdown structures, sharing of standard templates, building a test strategy and more.” Key elements of mobilization include people, knowledge acquisition, equipment, infrastructure, and processes.

11 Flexibility and scalability

QA outsourcing agreements require flexibility and scalability ensuring effective response to fluctuations that can potentially arise in scope or timescales. Meaning that your outsourcing QA partner has all the appropriately sized infrastructure and resources in place for your specific needs.

12 Value addition

At Thought Frameworks, we’ve been taking care of end to end testing for the past 6 years and the result is that the team’s growing, while approaching newer markets, making profits, and getting all issues resolved.

Tools deployed like Jira defect tracking and migration to click up are some of the test management tools for defect logging that have helped immensely. And we continued to use Jira for only execution aspects and resorted to Clickup for release reports. Ensuring complete client reliance has resulted in over 50% of effort being saved, because it’s not at all easy & viable at the client’s end to self manage in-house test teams with a complete sense of responsibility.

Thought Frameworks-provided a full time backup process winning over 100% client confidence, as we have worked on every product, taking it on as our very own. Initiated in 2016 as a long term project. It kicked off with a volatile product that’s highly customisable, although not fully automated, we provided basic acceptance testing as automation testing couldn’t possibly work due to consistent changes in the product features. While we fully supported all functional and manual testing for our successful fintech client Origin Market.

Ensuring maximum efforts for the front end and overall functionality that’s competitively unachievable by no in-house QA team on the market. Suggestions from our ends got the product stabilized in the industry domains. While we performed thorough smoke testing of critical features alongside exploratory, functional and retesting test cases with new every feature added and timely clocking-in previous releases & ensuring all bug fixes and check-ins with regression testing.

Overcoming Testing Negligence and assuring complete reliance on Thought Frameworks as an expert QA service provider worked wonders for our fintech partner.

About Thought Frameworks

Thought Frameworks is a U.S. based QA testing organization that’s been leading in business since 2009, armed with the ultimate solutions for all your software OA testing challenges. We have headquarters both in California,USA and a fully functional well equipped QA Test Lab in Bengaluru-India, delivering premium QA and QC services endlessly across different domains. An ISTQB Partnered Company, our superhuman test team heroes have delivered numerous QA and QC projects across the globe. Powered by our deep dive bug hunting process helps your softwares in clocking release cycles on time while delivering excelling quality and functionality.