Essential Tips to Run Good Financial App

You are here

Demanding users want to manage their finance in a comfortable way. That’s why they expect user-friendly and secure web or mobile banking app. How it can be done? Security testing and usability-testing are proved ways to ensure the client will enjoy using the financial app.

Managing personal finance is not that easy. While 60% of Americans are depressed by work, 72% of Americans feel stressed about money at least once a month. Choosing a financial app, a person is looking for one that does not cause stress.

At the same time, web and mobile banking apps become an inevitable part of today’s living. With financial apps, people manage accounts, send payments, and request funds without visiting a bank. During past two years, total sessions in finance apps have increased more than twice. Downloads of financial category apps grow faster than downloads of apps of other categories. 

We have examined the features that make your clients feel stresses and developed testing solutions to prevent this.

1 ) Do not Ignore Security Testing

Every personal finance app collects the considerable amount of personal information, such as PIN codes, bank accounts, and card numbers. Someone operating with your bank account is the worst nightmare. The survey of 2,000 UK consumers discovered that 80% of users have fears about the safety of personal and financial information when making transactions.

Security budgets are increasing every time a financial institution faces hackers attack. For example, JPMorgan Chase increased security budget from $250 million to $500 million after a hacker attack that resulted in stolen data - names, addresses, emails, and phone numbers. No wonder the demand for security testing is growing dramatically.

Why are the companies increasing security budget to such extent? The answer is simple - it is cheaper to secure the financial app than deal with the damage of the organization’s brand, loss of clients’ confidence, downtime of key software (stopping of online sales), and legal lawsuits.

However, increased security budget is not a placebo. Some developers assume that security problems are the matter of operating system or networking layers. According to the survey conducted by Open Web Application Security, three-quarters of security problems arose from an application. Hence, it is possible to fix them through testing.

Security testing addresses all the risks that arise from the implementation technology and domain. Risk cases help prevent failures in future. Fixing functionality bugs often causes a security bug. Thus, focusing on the regression bugs, testers reach safe and sound code.

2) Add Visual Elements to Financial App

According to the research conducted by the University of Pennsylvania School of Medicine, human retina can transmit data at about the same rate as an Ethernet connection. The static tables and charts fail to make information vivid for those who view it.

Excellent visualization of financial operations is one of the most desired features of all users. Not everyone is fluent in the language of finance. Average users of a finance app do not understand the endless rows and columns of numbers well, but they begin to comprehend what's going on much faster when seeing visualized data. Data visualized is data understood. 

Visualization works because neurons in our brains perceive imagery as equivalent to a real-life action. The brain generates an impulse that tells our neurons to “perform” the movement. Through visualization, a user receives real-life experience. This experience is simple and clear to everyone, regardless the level of financial awareness.

Andi Mann, Research Director at Enterprise Management Associates, says that 90% of enterprises noted real and measurable ROI from virtualization in general. So that adding visual elements makes the app more comfortable for clients. For example, categorization of spendings through visualization helps define the biggest spendings and eliminate them. Some app compare your spendings to the spendings of average American, helping to evaluate spendings by comparison.

Clear and simple visualization is a real piece of art. It should be user-friendly, and easy to use from the first click. Charts and diagrams are not the best forms of visualization in finance. Today, users enjoy more innovative solutions for data visualization, for example, heat maps.This type of visualization performs as the visual storytelling where numbers are shown through hot and cold colors.

However, it is not worth relying on nice visualization only. Users want not only vivid visualizations of financial operation but the clear and simple interface. Usability testing helps check whether an application is user-friendly and ready to satisfy the needs. The main criteria for usability testing are efficiency, accuracy, recall, and emotional response.

All in all, the users of finance apps want to control their money through reliable and user-friendly software.

In TestFort, certified team of testers knows how to make finance app user-friendly and secure. Contact us! We will be glad to help reach perfection with your financial app!

 

Created: 06 Sep 2017