FinTech, a buzzword today. Though it has been around from the start of 21st century, recently it has gained unprecedented momentum. Why? Due to the emerging disruptive technologies. But what exactly is FinTech? And how it should be perceived as a Tester? What’s the role of a FinTech Tester? What’s the scope of FinTech Testing? These are some of the doubts testers working in the Finance domain come across daily. This article tries to answer these questions in simple terms. The Finance. The Technology. What’s FinTech? The role of a FinTech QA. And its scope. Let’s deep dive…
Recently I received the below query at LinkedIn,
“Hi Deepanshu. Can you tell me about the career as a Testing professional in FinTech? It would be helpful. Thanks”
Having worked in Corporate Banking domain for 5 long years, I have an affinity towards it. But thinking of a career as a FinTech QA, we have to first segregate the terms & look at them individually. Once we are sure about the individual scope, we can then derive the overall career growth. As for the FinTech, who doesn’t know about the recent tremendous growth in FinTech domain? Talking about the QA technology, your career depends on the skill sets you develop. This article is an attempt to gauge career prospects for a FinTech QA. This is my personal understanding – please comment your thoughts as well.
Finance and Technology
“Finance & Technology individually form the highest searched concepts across the internet.”
Finance. Yeah! Believe it or not, Money talks. Everything in this world revolves around the finances. Banks. Insurance. Payments. Regulations. Wealth. Finance as a domain has a huge impact on almost everything, any other domain. In that sense, Finance will always have innovative ways to drive forward the economy – and in turn your career.
Technology. The world is driven by technology, always evolving. There are always different innovations happening. Being in the Information Technology age, you cannot undermine its importance in every aspect of our life. Technology is everywhere.
“Providing Financial services through Technology. FinTech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century.”
FinTech, as the name suggests is an amalgamation of two biggest concepts of Finance and Technology. FinTech is everything about improving the current financial services by utilizing current & emerging technologies. FinTech is disruptive in the sense that it is always evolving, looking for better means to provide better services. Automate Wealth management. Chat-bots availability 24*7. Innovative Payment methods. Investment algorithms. Market Trading. Digital Wallets. Crypto-currencies. And what not. The opportunities are endless. Why do you think Start-ups have gone crazy to tap into the potential of the FinTech industry?
The Future of FinTech
“You either drive the innovation to your benefit or risk getting left behind.”
There is something new in the FinTech space every day. Traditionally, it was thought to be a disrupt-or but now it is an innovator and enabler. It has evolved from start-ups disrupting incumbent banks and financial institutions through their innovations to working in tandem with them and strengthening the financial ecosystem – including payments, loans and investments. The abundant availability of capital through venture funding in FinTech Start-ups, the rising adoption of smartphone and the smartphone lifestyle, customers’ preference for digital experience, access to right talent, government backing and the quickly developing digital infrastructure are key drivers behind the growth of the FinTech industry.
The global financial industry is undergoing a transformation phase due to fast-paced technological changes. New technology startups have started focusing on innovations in the finance space. With Technology mammoths such as Google, Facebook, Amazon and Apple coming into the FinTech space, I believe the scope of FinTech will be way larger than what can be imagined. It all depends on the entrepreneurial creativity and the vision of what the market needs. Emerging technologies such as Artificial Intelligence, Internet of Things, Machine Learning, Blockchain, and RPA are spawning a swarm of new industry players. The size of the opportunity, the fundamental role of financial services in our lives, and the industry’s ripeness to be disrupted make for an irresistible target. PwC estimates cumulative global investment in such companies could well exceed $150 billion within the next three to five years.
Software Testing as a Career
QA & Testing is one of the important aspects of Software delivery. With the adoption of recent technologies and changing role of a tester, the QA industry is in a flux. Industry is moving more towards automation. Tester’s role is transforming from just a Manual QA to that of an SDET or a DevOps engineer. To avoid being obsolete, as a Tester you should be aware of the emerging Software Testing trends and align your career accordingly. Testers have to expand the horizons from just test case writing & execution, to move beyond the mundane testing activity and leapfrog into a strategic position in the overall software development cycle. I say if you are self-motivated and flexible enough to learn about the newest technologies, tools & concepts – Testing as a career has a huge scope. But if you are someone who wants to join forces just because you don’t know (or don’t love) programming – back off. Though QA is much more than programming but the basis of you entering the QA world itself is wrong. To succeed (literally) in the QA world – be flexible, technology-loving and open to new learning anytime.
Quick Tip (mandatory): Don’t just stick to so-called manual testing. Expand your skill set to include either of Automation, Performance, Security, Domain-expert and Niche technology or Product testing.
Role of a FinTech QA
‘FinTech QA’ in itself is an amalgamation of Finance + Technology + QA. It means you have to be at the fore-front of learning all three aspects.
- Finance: Master the Domain. Finance is a huge vertical. Pick some of the popular sub-sets and master the understanding of how it works. Ready!
- Technology: You need to be aware of ALL the recent technological innovations that are being or can be applied in the financial services market. Get Set!
- QA: Practice the Testing principle and be aware of the emerging trends like Automation, Tools adoption, Performance engineering, Security analysis, etc. Go!
If you can do this – there is no stopping. You will be in real-high demand across the industry. You will be ir-replaceable. Aim super-high, so that you can land high at least.
The Career prospects as a FinTech QA
- How many Testers out there know the in-out of the financial services domain? That too when it is rapidly changing.
- Are you aware about the emerging technology innovations?
- Constant learning about the QA tools & techniques is the key.
- Given the proliferation of cyber-crime and the decentralized storage of data, Cyber-security and FinTech are interlocked.
At the rate the industry is evolving, financial products and services – and the technological infrastructure behind them – will look remarkably different in a decade. Generally we see a domain expert OR an SDET. FinTech QA combines the best of both worlds – a technical tester with financial domain knowledge. Software Testers that take the time to define their skill sets and align it to the future vision, will be best positioned to forge the path to success. As for the FinTech QA – if you are good at Finance domain + Technology + QA tools & techniques – Congratulations! In a way, you are future-secure.