Basically, it is of crucial importance to assure the quality of information product, it helps to protect yourself from mistakes and financial risks. The price of a mistake is extremely high in the Banking&Financial industry: millions of dollars run through every day, and a system failure may result in the clients non-loyalty and change to the advantage of a competitor.
The automatisation of the testing process helps in solving several issues:
The main disadvantage of a decision not to test a bank application is a loose of real customers, so the quality of the soft and high number of tests is necessary in this industry.
There are many reasons why the QA Automation turns to be reasonable in Financial&Banking industry. While proposing a new product to the market, like a soft which helps to measure the level of profit from the deposit in this bank, you are supposed to provide a high level of realization. Sometimes the most experienced people may skip a bag, but testing of the system would help to minimize the number of mistakes and failures so that the customer will notice that something is wrong.
In addition, it is considered to be an investment into the time, as manual testing is unprofessional and seems to be an old method. Usually, the time frames of digital banking soft include verification of the implemented functionality.
Furthermore, automatization in here shortens time to market. It is quite obvious that the bank, which provide convenient and customized service for users has a competitive advantage on the market.
A unique opportunity to test everything that cannot be controlled manually. In particular, when carrying out load testing, automation is simply necessary, along with the involvement of human resources. The test allows you to safely check whether your program can handle a huge number of banking transactions (for example, as it happens during Black Friday and other worldwide sales).
Monitoring the performance of the banking product in the context of continuous development. Yes, you probably believe that your decision is made securely and “does not break.” But any product becomes more complicated as it progresses.
At the initial stages, automation requires some investment (their size depends on the scale of the project), but it allows you to achieve a strategic advantage in several directions at once: improve the reliability of the software product; save a lot of resources and get rid of routine operations; accelerate product testing and time to market.
The widespread penetration of smartphones and the development of mobile financial services based on them makes it unnecessary to have a physical office at the bank. Smartphones have introduced a new service system: you can get them simply through the app. Nowadays people have no need to visit physical buildings of banks – they get all the required information through mobile phones and manage currency transactions in the application.
Customers have become more open to new forms of interaction with banks and other financial organizations. In particular, they are increasingly waiting for individual offers. This is evidenced by the explosive growth in the popularity of projects such as Airbnb or Uber.
Buyers no longer need complete packages of services (for example, plane tickets + hotel booking + car rental). They want one specific service right now. And IT have become the communication channel that satisfies these needs fast.
Internet access creates an ecosystem that allows you to provide financial services even where banks do not have a physical office. Many western fintech startups with a specialization in issuing loans win competition from classical banks only because their business model did not initially have real offices. This significantly reduces the cost of rent, staff and allows you to offer lower rates.
Remote services and related services will have to be more actively implemented in themselves and in classic banks if they want to remain competitive in the future. Modern people want access to services as they become necessary and as soon as possible. And at this stage the service “layer” can be separated from the product “layer”. This is the niche that Fintech companies are in a hurry to occupy.
The new generation loves mobile technology and prefers to consume services with their help. Only in the United States now lives about 85 million population, who can not imagine their lives without smartphones. IT penetration in all spheres of life left a definite imprint on the way of thinking of the representatives of the generation, having accustomed them to almost instantly receive answers to their inquiries. These features of the behavior of the “Internet generation” is important to consider.
Banks must understand that customers expect from them the same speed of service as from competitive services Fintech companies. Consumers increasingly do not understand why a mortgage application is considered a week.
Why can issuing a credit card take another week? Why, for example, they can not share the total bill in a restaurant for several people and each pay their share from a smartphone. But this functionality already provides the same Uber. Banks should be aware of such needs of their customers and work with them.
To conclude, IT innovations make a crucial impact on the Financial&Banking industry, this is why this aspect is extremely interesting to work on. Our developers have expertise in developing soft for banking sphere and are always ready to work with a project of automation the processes of banks and financial transactions.
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