It is true that the future is digital, but the breakneck speed at which the digitization of businesses is being undertaken requires caution, even while embracing disruption. In today’s world, financial institutions find themselves in a uniquely precarious position — while the demand for digital financial products is increasing, the industry, and institutions to operate at the highest levels of security and performance quality due to the sensitive nature of the information it transacts in. The stakes are higher than ever before for institutions as they struggle to provide high-quality, error-free products and services that cater to the individualistic nature of today’s millennial users — it can be equated to creating a product for a ‘market of one’ in a manner of speaking. QA automation can prove handy to financial institutions in a myriad of ways, chief of them being:
Improving customers’ experience and reducing time
There’s no escaping the fact that we live in a digital economy, with every institution — financial or otherwise — doing its best to engage and reel in a younger customer base. It is the only way for a company to grow bigger and move forward. However, a younger audience comes with its own battery of problems, the biggest one being that of time. Customers today expect service providers to be ahead of them in trying to gauge the need for a new product, spot issues with existing ones and fix them without inconveniencing them or disrupting their experience of a product.
Financial products are sensitive instruments and need to be flawless in their functionality to be able to maintain the highest levels of safety and keep customer information secure. This creates immense pressure on financial institutions to continuously offer newer and enhanced products across devices, platforms and operating systems without deviating from their core offering, but after exhaustive testing, and in the shortest span of time possible. Suffice it to say, manual testing cannot keep pace with this ever-growing demand. Manual testing is time-consuming, costly and have a wider margin of error. Automated testing, on the other hand, can drastically reduce costs and risks. According to a PwC analysis, testing time for 10 cycles can be reduced from the 2,250 hours that manual testing requires to almost half, 1,270 hours if automated testing is adopted.
Minimise the risk of post-production defects
While product and software defects can be costly for a financial institution at all stages of the production cycle, having them identified after the product has been released can have far-reaching consequences for a company by way of loss of sales and shaking the customer’s faith in the company’s ability to provide cutting-edge and progressive products, not to mention the time wasted due to the duplication of effort that will have to be undertaken at several stages.
According to a HCL Technologies report, roughly 21 percent software defects are detected only once it goes live. The same report pegs the cost of fixing software defects, post production, at up to 100 times the cost of fixing it, had it been detected at an earlier stage. These are staggering numbers. QA automation can increase the scope of testing exponentially, help financial institutions detect and fix flaws very early in the developmental cycle, at minimum cost.
Keeping abreast with evolving rules and regulations
The world is new to a global financial system that is rapidly going digital. As the Internet of Things pushes us to adopt newer technology at a pace never before experienced by any industry, the regulatory frameworks governing financial instruments are in a constant state of flux, evolving rapidly — particularly when it comes to questions of safety and security on the Internet. In such a complex and interwoven scenario where financial institutions and regulatory bodies have to work together to adapt, automation can help ease the burden by giving companies the relief afforded by products that are flexible and allow for application and system changes. Most developers use the Agile development principles to be able to deliver high-quality softwares in shorter cycles. QA automation techniques are better suited to Agile development than traditional manual testing methods.
To know more on how Monocept can impact your institution with its QA automation expertise, drop a mail at firstname.lastname@example.org.