Did you know on an average, financial transactions worth 6.6 trillion USDs take place globally on daily basis?
Given this mammoth figure, it is crucial to maintain security of every transaction that involves sensitive user data. This makes quality engineering services vital in the banking sector.
The banking and financial sectors have changed drastically and have also taken a significant step toward going cashless in all ways. To keep up with all the changes, updating the security system, transactional channels etc. has become extremely necessary. When it comes to going through the process of update, quality engineering and assurance have played a significant role.
Before we delve deeper into how quality engineering has helped the banking and financial sector, let us take a brief look at what it is.
What Is Quality Engineering?
Quality engineering is a field of engineering concerned with methods and theories of quality assurance and control for the services and goods being provided. In terms of software development, it is the administration, creation, operation, and upkeep of an organization’s system architecture to derive revenue growth from quality improvement. It is carried out through the test-driven-development (TDD) method.
Quality engineering is involved at every stage of the development and processing of the product so that the product or service meets every quality check measure, and the outcome is flawless.
What Do Customers Want From Their Banks?
By 2024 the estimated number of active banking app users globally will reach around 2552 million, this shows how much people do not want to waste their time standing in rows in the bank all day.
Online payment methods have opened the path to faster payments hence prompting growth in businesses both local and international.
As we mentioned earlier, the banking sector has undergone drastic changes and the digitization of most transaction modes is one of them. Some facilities that customers expect from their banks are-
- Every customer these days wants banks to have digital banking facility to make things easier for them to handle. Bank customers feel more in control while using internet banking as it takes less time and is accessible 24X7. Bank holidays and the timings do not affect net banking.
- Customers prefer easy to use banking apps with a quick loading time. A banking app that caters to customers of all age groups is an ideal one.
- Mobile banking is preferred over open websites as it is always accessible and comparatively safe.
- In the current pandemic situation, people irrespective of their age are focusing on digital banking due to quick access to various transaction features and easy user interface.
- Customers prefer banking apps with less down time and one that sends them notifications about their current balance plus other significant changes to ease their banking process
- ATM mobile app which will enable scanning-based ATM access, is one new development that many people are looking forward to.
- Being able to make voice payments and image recognition feature are some features that customers look forward to.
Why Do Banks Need Quality Engineering Services?
Financial institutions are opting for virtual banking, given the changes seen by the banking sector in the past decade, specifically through the pandemic. Technological evolution has pushed banks to opt for a more digital approach to satisfy their clients’ needs. Since the bank depends so heavily on technology and various banking applications ought to perform seamlessly,
Additionally, the fact that banks deal with critical customer information and colossal amounts of transactions round the clock, calls for digital engineering services for aid.
8 Ways In Which Quality Engineering Services Help Banking Sector.
- Q&A (Quality Assurance) Testing For Various Cardinal Apps
Banking applications have a multi-layered architecture in general, we can also call them n-layered architecture. The most common structure is the 3-layered architecture, the layers being presentation, application and database.
The application programming interphase layer of the application consists of the logic of the application and touches directly both other layers, thus they require E2E QA (Quality Assurance) testing.
- Banking Server Testing
There are times when the bank servers face downtime due to data overload, this puts a negative impact on customer experience. Quality engineering services help overcome the outage issues by supplying thorough analysis and singling out the source of the problem as well as fixing it.
- Security Testing For Cyber Threats & Data Protection
Ransomware, cloud-based cyberattacks, social engineering, and supply chain attacks are the most common attacks that the financial sector globally faces. One such attack is enough to jeopardize the credibility of banks and ensue distrust and a sense of insecurity among the customers.
Quality assurance includes various testing methods for security testing, like reverse engineering which disintegrates each layer of the whole architecture to find possible security flaws.
The method of comprehensive testing is figured out through the primary survey of the system architecture and IOT.
- E2E testing For Payment Gateway & Third-Party Incorporation
The increase in online payments has catalysed the integration of banks with various eCommerce platforms and payment gateways, to assure the safety of the transactions happening through these gateways. While starting a payment refund, the amount may not reach the customer’s account, or occasionally the payment is deducted but it doesn’t show in the end transaction. To avoid such vitiation, quality testing is necessary.
- Application Compatibility Testing
Globally, banking applications are used by several people on their mobile phones or PC which means these applications are accessed on different operating systems. To check whether the banking application are compatible with all the possible operating systems and their interphase works smoothly on gadgets with varying screen size, banking sector need quality testing for their applications.
- Ease Of Use For Everyone
Banking apps are designed to be easily accessible, even for the people who are differently abled. A speech-impaired or a sight impaired person may face difficulties in using mobile apps in general, but many banks prefer inclusivity for such customers as well while designing their apps, it is necessary to test those certain features of the banking apps to ensure that they work smoothly.
- Cloud Testing
The banking sector moving its infrastructure to the cloud predominantly due to huge riffle in the cloud technology. But the process of shifting to the cloud comes at a price of security plus other hitches. To ensure safe data migration to the cloud platform, quality engineering services are essential.
- AI Testing For AI Implementation
Banking sector is opting for AI features for several major functionalities like, data analysis. It is to lessen the whole processing time of data and improve turnover through better functionality. As cool as it sounds, AI features require AI testing to ensure proper implementation. Quality engineering companies help the banks with the testing process and enhancing their overall performance.
Banking and financial sectors are rapidly evolving and trying their best to keep themselves updated with the latest technological trends to provide their customers with a better user experience. In achieving a better performance, security, reliability and quality they require quality engineering companies to aid them on distinctive levels to achieve their end goal. Hence, banking and financial sectors should take advantage of the quality engineering services.