Apart from the other industries, the Banking and Financial Services Industry is also keeping up with digital transformation with mobile wallets, omnichannel banking, and P2P transfers, etc. Besides testing the functional requirements of these applications, companies in the banking and financial services need to comply with international policies and regulations. Thus, software developers and testers have to carefully pick the most suitable software testing tools for banking systems.
Additionally, banks mainly function by interests earned on loans by charging fees and earning commissions. They have nothing to do with software development directly but require tools to support their systems with respect to testing software and applications.
Challenges in the Banking and Financial Services Industry
The banking industry requires a widespread framework for cards and payment gateways and specialized services like corporate banking, etc. All of these platforms require secure software that is vital to run the industry efficiently.
Following are a few key challenges that software testing companies face every now and then:
- Concept of Omni-Channel Banking – Branchless or omnichannel banking is a concept that is emerging in the financial markets, where banks can function without a branch. This is a challenge for software developers and testers to ensure end-to-end functionality and highly efficient mobile applications.
- Compliance with Security Standards – As of today, banking institutions should comply with BASEL III or BCBS 239, FATCA (Foreign Account Tax Compliance Act) and AML (Anti-Money Laundering), PCI DSS (Payment Card Industry Data Security Standard) international security standards. All of these are set in order to avoid any fraudulent activities. Testers need to take security compliance seriously. While developing an application for banks, testers must adherence to these laws to safeguard against any frauds or hacking breaches.
- Failed Transactions in Banking Portals – Most importantly, if there are failures in banking portal transactions, entire system stops. Testers should pay more attention to transact spikes while monitoring at regular intervals. They need to undergo repeated load tests so that multiple transactions can be performed without any failures. This can be a success factor for any banking application due to its reliable performance.
- Traceability – Testers should come up with an Application Lifecycle Management (ALM) solution that allows bridging the gap between requirements, tasks, test controls, and releases. All changes made to main systems should be validated in the form of defined procedures, rules, and regulations.
Solutions in Banking Applications
The following solutions must be used:
- Well-defined end-to-end testing strategy
- Real-time dashboards, visual planning boards, etc. for proper planning and execution
- Application testing with respect to performance, functionality, and security
- UI and UX testing for multiple users
- Overall performance testing to cater all workflows
- Agile and speedy software solutions to keep up with competition in financial markets
Similarly, it is extremely important to choose efficient and reliable software testing tools that safeguard from breaches to access critical client information. Testers must efficiently identify factors for which banking application will be tested. Quality assurance experts must focus on improving performance alongside fixing bugs and errors. While developing a banking application, a trusted partner can also play an important role, especially with respect to managing expenses. Thus, partnering with experts can also make a financial application popular in the industry.