Why Software Security Testing is Essential for Non-Banking Financial Companies (NBFCs)?

Importance of Software Security Testing for NBFCs

NBFCs have been a forerunner in implementing changes as and when they happen in the IT world. The adoption of digital initiatives like Mobile Wallets is a proof that digital solutions will surely be the future of NBFCs. According to recent research, more than 1 billion mobile subscribers (15% of global mobile subscribers) will be using mobile financial apps by 2017.

The NBFCshave always kept themselves abreast with evolving cutting edge technology. Since they are at the center of many commercial activities,NBFCs have a huge functional framework spread across Payment Gateways, Delivery Channels and so on.

Security and authenticity of transactions, ease of access, and performance are vital for any NBFC software application to succeed.

Challenges and Trends in the NBFCs:

  • Anytime, anywhere availability — A huge challenge is offering end-to-end functionality like a regular bank’s software application on the highly diverse interface of a mobile.
  • Web Security — NBFCs portals are usually targeted by hackers and are susceptible to fraudulent activities, making the task of software security testing companies even more difficult. NBFCs software applications need to comply with security standards making software security testing of NBFC applications very important and very challenging.
  • Performance Failures — Performance failures in NBFC portals can have a serious effect on the satisfaction levels of the consumers. To meet required performance levels, NBFCs need to monitor transaction spikes at regular intervals. They also need to perform stress and load tests to ensure support for multiple transactions at any given point.

Additionally, some other commonly faced challenges in software security testing of NBFCs applications are:

  • Different internet connections
  • Variety of browsers
  • Usage paths andusability
  • Security and performance

Some of the specific challenges in testing NBFC’smobile applications

  • Broad range of devices,configuration, and design vulnerabilities
  • Security Testing

Best Practices followed by Software Security Testing Companies

A few of the best practices that will help manage the challenges mentioned above in testing NBFCs applications are:

  • Clearly defined testing methodology
  • Overall testing that considersall process flows
  • Checking performance, security, and functionality
  • Testing of the application for the UI, UX, integrity of Data, and support for multiple and concurrent users

To implement these practices, require large investments both in terms of expenses and efforts, and a trusted partner that can help NBFCs save a lot of money and time in addition to ensuring business continuity and protection.

The team at Avyaan specializes in providing software security testing solutions to NBFCs. For details, contact Avyaan.

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