Amid the trend to digitize every possible activity, CIOs are widely focusing on IT initiatives that enhance the experience of the digital customer. With a rapid increase in transactional banking and widespread use of smartphones, digital wallets are likely to capture the market. According to Federal Reserve Board report, 28% of smartphone users make mobile payment and 94% of mobile banking users check account transaction queries. The statistics prove the accelerating impeachment of technology in the banking domain.
Additionally, with a bouquet of banking channels such as internet, mobile banks, ATMs, IVR and diverse payment gateways, banks need flawless experience at all the touch points. This makes digital quality assurance imperative for the BFSI sector.
Financial apps are complex and requires an extra layer of protection because it clasps one element that can make the entire world spin – money. Furthermore, with the increasing use of technology, banks are integrating cloud services and IoT into their landscape. These 21st century applications need to consistently provide superior customer experience, delivery above-par quality and make the banking process simple.
Enhance customer experience with cloud testing
With the world going head over heels on using the cloud for various purposes, the banking sector needs to embrace cloud testing to cause significant impact on the customers and the banking processes. The need of the hour for banking sector is to establish a test environment for cloud based services and use testing tools which will increase the interoperability, security and affordability of the banking solutions. According to a report by Gartner by 2018, 25% of the new financial app deployment in large enterprise will be public cloud SaaS.
Better decision making with big data analytics testing
Big data has become the starting point of bringing a transformational change for many BFSI organizations. Today, banks are leveraging the power of big data analytics to create customer-centric and customer-driven products. For banks, big data analytics testing is crucial because it assists in taking accurate key business decisions. Banks need to primarily focus on validating live big data collected from different sources. It helps in determining the performance of the application. Furthermore, with big data being synonymous with large volume, testing the scalability and security of the application is important in big data analytics testing.
Enhancing performance with static testing
A well-planned static test management program is more than sufficient to deliver products and services matching the expectations of the digital customers. Static testing is done to catch bugs early in the SDLC. It not only saves time, but reduces the post-production defects in the application. Early detection of bugs can include defects in the functional requirements, inconsistent interface specification, deviation from the standard code and non-maintainable code. Furthermore, when creating test strategies, focus only on enhancing the customer experience.
From load testing to cyber security testing, the digital quality assurance in banking delivers a robust banking application, which creates customer intimacy.
Challenges faced in digital quality assurance
Dynamic device support – More than 85% of a consumer’s time is spent on mobile devices. With a new cellphone launching almost every week, it becomes challenging for the banking sector to roll out revisions to enhance the customer experience.
Complex data – With the frequently changing federal regulations, constantly updating the banking applications is a mammoth task. Moreover, with increased pressure to deliver the product, the time allotted for testing is reduced, which risks the quality of the application.
Real time activity – The mobile banking applications need to provide real-time updates to the customers. This is crucial because according to a report by Federal Reserve Board report, 58% of the mobile banking customers transfer money between accounts. Providing real-time updates is crucial for the success of a banking application. However, due to the complex nature of the banking applications, achieving this task is challenging.
Data security – Banking applications are the soft target of hackers because it involves monetary transactions. Therefore, detailed reporting is essential to track each activity. Maintaining data security is the key to build long term customer relationship.
For banking applications, we need to focus on developing faster and more structured testing solutions to increase customer intimacy.