Role Of QA In Banking Digital Transformation
By: Bally Rezed
Tags: Quality Assurance, Banking Software Testing, Banking Technology, Banking App Testing, Digital Transformation

Advancing digital technologies are changing the way industries function; industries are getting the needed thrive from digital technologies. In order to meet the expectations of digitally equipped customers, every industry is relying on Quality Assurance (QA). Similar goes for the banking sectors, consumers want the best of their services, and digital transformation in banking is picking up the pace. Banking digital transformation will result in increased data transparency, removal of intermediates in the process, and fast and secure methods to access financial and intellectual data. Banks will have the benefit of lowering the cost of overall operations and faster transactions.

Banks possess a lot of private data that can be used to understand the needs of users of different backgrounds.

Banking software testing can leverage the power of blockchain and AI (Artificial Intelligence) and helps banks to survive tough competition with other financial as well as non-financial platforms. Digital transformation in banking can automate numerous manual operations, which in turn enhances customer satisfaction. With the combination of Artificial Intelligence (AI) and the Internet of Things (IoT), banks can collect and analyze personal data of the customers and create more personalized offers for clients.

In today’s time, bank applications have become more complex and interconnected to provide flexibility, transparency, and speed. Quality assurance helps to bring best out of this banking digital transformation with the help of reliable testing tools while achieving high-cost savings through fully managed or automated testing services.

Model-Based Testing Workbench

This methodology is designed to speed up the creation of test scripts. In traditional methods, testers manually create each test script and use cases. The task requires great testing skills and domain knowledge. With the usage of model-based testing tools, the banking sector can automatically generate test cases from models to describe the application. A single model can generate multiple test cases in a short time.

Driving Quality and Performance with Robust Testing

Quality assurance (QA) initiatives like choosing the right kind of banking softwares testing tools for help in delivering quality products that effectively meet customer needs and preferences. With the help of Optimized QA processes and right test management programs, banks can reduce post-production defects. Quality assurance helps in increasing the reliability & security of core systems, and one can reduce the cost with the help of automation. In banking, an end-to-end testing methodology is required. It should include Omni-channel testing, continuous testing, cybersecurity testing, customer experience testing, banking app testing along with stress and load testing. QA ensures complete coverage of all business requirements as well as the functional aspect of the application.

Overcoming challenges in testing

For Banking in the digital age, Quality Assurance is indispensable for the smooth and hassle-free running of financial applications. But there are several challenges. Let us look at a few of them:

Complexity

Banking apps are complex; there are legacy systems. They require constant updates as well to stay in the competition and regulatory requirements. For a typical web or mobile app, there are 200 test scripts that need to be created and run. Thus the whole process is complicated.

Then there is added pressure of reducing the time to market. The end result is there is less time for testing, which increases the risks to quality.

Heterogeneous testing environment: QA teams test on a huge number of devices, operating systems (OS) or browser combinations such as Windows, Safari on an iPhone7, etc. To test these combinations, you require a large number of testers in manual testing. Also, as ‘wearable banking’ is around the corner, testers will need to test banking apps on Apple Watch and Google Glass to serve digitally-savvy consumers.

Regression Testing and Data Security

In quality assurance digital transformation, it is challenging to perform cost-effective regression testing over an application’s lifecycle. It is necessary to ensure that testing takes into account system integration and test data usage is as per data confidentiality norms. To tackle these challenges, an effective test suite is mandatory, along with effective and robust test data management.

One of the best ways to deliver high-performance financial applications is to embrace test automation. Automated tests are great for repeatedly; they provide exceptional accuracy and speed and helps in identifying errors in the starting phase of the development cycle. Developing a long term testing framework and roadmap helps in the proper management of resources. Following are key challenges that internet banking software testing companies face:

Concept of Omni-Channel Banking — In financial markets, omnichannel or branchless banking concept is gaining traction. It is challenging for QA to ensure end-to-end functionality and highly effective mobile applications.

In financial markets, omnichannel or branchless banking concept is gaining traction. It is challenging for QA to ensure end-to-end functionality and highly effective mobile applications. Compliance with Security Standards — Banking institutions are required to comply with FATCA (Foreign Account Tax Compliance Act), and AML (Anti-Money Laundering), PCI DSS (Payment Card Industry Data Security Standard). They ensure that there are no frauds. In banking, the QA team needs to take security compliance seriously.

Banking institutions are required to comply with FATCA (Foreign Account Tax Compliance Act), and AML (Anti-Money Laundering), PCI DSS (Payment Card Industry Data Security Standard). They ensure that there are no frauds. In banking, the QA team needs to take security compliance seriously. Failed Transactions in Banking Porta ls — When there is a problem in banking portal transactions, entire system collapse. The application needs to undergo repeated load tests as in banking apps; multiple transactions happen at a given point. The reliable performance of banking app is a crucial factor.

ls — When there is a problem in banking portal transactions, entire system collapse. The application needs to undergo repeated load tests as in banking apps; multiple transactions happen at a given point. The reliable performance of banking app is a crucial factor. Traceability — Testers should have an Application Lifecycle Management (ALM) solution to bridge the gap between requirements, test controls, tasks, and releases.

Solutions For Banking Applications

To solve these issues, the following solutions must be used:

Well-defined end-to-end testing strategy

Visual planning boards, real-time dashboards, etc. to ensure proper planning and execution.

UI and UX testing for multiple users

Application testing in terms of performance, functionality, and security

Overall performance testing to cater all workflows

Agile and speedy software solutions to stay ahead in the competition in financial markets.

Final Words

Banking in the digital age is all about customers getting the best experience and ensuring that customers get the best experience quality assurance in digital work plays a vital role.

Original Post: BugRaptors