{"id":15311,"date":"2021-03-30T21:09:08","date_gmt":"2021-03-30T15:39:08","guid":{"rendered":"https:\/\/cigniti.com\/blog\/?p=15311"},"modified":"2021-03-30T21:09:08","modified_gmt":"2021-03-30T15:39:08","slug":"digital-quality-assurance-banking-industry","status":"publish","type":"post","link":"https:\/\/www.cigniti.com\/blog\/digital-quality-assurance-banking-industry\/","title":{"rendered":"The role of digital quality assurance in a rapidly evolving banking industry"},"content":{"rendered":"
With sudden spurt in the usage of digital banking applications world<\/span>wide, it is imperative for banking enterprises to leverage digital quality assurance solutions and ensure their net banking and mobile applications are digitalized.<\/span>\u00a0<\/span><\/p>\n According to\u00a0<\/span>Jeff Casey<\/span><\/i><\/b>, Sr. Research Director\u00a0<\/span>covering the banking and financial technology industries within\u00a0<\/span>Gartner’s Financial Services Research and Advisory team<\/span><\/i><\/b>, \u201c<\/span>With a better understanding of the impact of COVID-19, banks and securities firms are now accelerating automation initiatives, such as customer-facing chatbots, robotic process automation (RPA) and end-to-end account origination solutions. They\u2019re also focused on redesigning organization structures and workflows and reprioritizing modernization initiatives<\/span><\/i><\/b>.\u201d<\/span>\u00a0<\/span><\/p>\n While Quality Assurance is being challenged in today\u2019s world of faster and innovative approaches, this is where digital quality assurance is proving to be the\u00a0<\/span>best<\/span>\u00a0choice.<\/span>\u00a0<\/span><\/p>\n According to a study by\u00a0<\/span>Vanson<\/span><\/i><\/b>\u00a0Bourne<\/span><\/i><\/b>, an independent and trusted market research partner,\u00a0<\/span>Digital QA combines Speed, Quality, and intelligence into a single process of accelerated continuous quality<\/span><\/i><\/b>.<\/span>\u00a0<\/span><\/p>\n The digital transformation testing will<\/span>\u00a0also include more usage of AI components and<\/span>\u00a0not just focus on\u00a0<\/span>advanced test automation.<\/span>\u00a0Some of the benefits of AI in digital assurance and testing include \u2013\u00a0<\/span>\u00a0<\/span><\/p>\n The emerging technologies coupled with Artificial Intelligence (AI) is fast becoming the new battleground for enterprises to innovate and develop new products and services.<\/span>\u00a0<\/span><\/p>\n To provide a superior customer experience, the banking industry is heavily dependent on emerging technologies and it is imperative for all the digital banking applications to remain robust and perform seamlessly.<\/span>\u00a0<\/span><\/p>\n According to\u00a0<\/span>Gartner<\/span><\/i><\/b>\u00a0forecasts<\/span>,<\/span>\u00a0<\/span>\u201c<\/span>T<\/span><\/i><\/b>echnology spending in the banking and securities industry<\/span><\/i><\/b>\u00a0is set<\/span><\/i><\/b>\u00a0to recover in 2021, growing 6.6% globally<\/span><\/i><\/b>.<\/span>\u201d<\/span>\u00a0<\/span><\/p>\n As banks deal with heavy transactions and crucial customer data round the clock, it becomes essentially\u00a0<\/span>vital<\/span>\u00a0in implementing the right digital assurance strategy.\u00a0<\/span>\u00a0<\/span><\/p>\n T<\/span>he\u00a0<\/span>large-scale<\/span>\u00a0integration of banking applications with 3<\/span>rd<\/span>\u00a0party apps such as gaming applications, eCommerce apps,\u00a0<\/span>commute apps, and\u00a0<\/span>food delivery\u00a0<\/span>apps, etc. is a regular phenomenon.\u00a0<\/span>\u00a0<\/span><\/p>\n It is essential to have a proper digital quality assurance in place to ensure that the payment gateway integration is\u00a0<\/span>stable,<\/span>\u00a0and the customer is provided with a flawless experience.<\/span>\u00a0<\/span><\/p>\n The banking servers and applications need to be quality tested, ensuring applications are performing well under any load conditions, and assuring no server outages.<\/span>\u00a0<\/span><\/p>\n There is also a need for banks to ensure all possible efforts to save the data from cyber-attacks. Leveraging digital testing strategy with a vulnerability check of all the banking systems is essential to see there are no security lapses that can be exploited by cyber hackers.<\/span>\u00a0<\/span><\/p>\n According to\u00a0<\/span>Globenewswire<\/span><\/i><\/b>, \u201c<\/span>The global mobile banking market was valued at $715.3 million in 2018 and is expected to reach $1,824.7 million by 2026, registering a CAGR of 12.2% from 2019-2026<\/span><\/i><\/b>.\u201d<\/span>\u00a0<\/span><\/p>\n While financial institutions must comply with certain regulations, compliances, and protocols, all the banking systems need to implement digital banking testing solutions to validate that none of the open banking API terms and conditions are missed.<\/span>\u00a0<\/span><\/p>\n With the ubiquity of smartphones,\u00a0<\/span>finance<\/span>\u00a0and\u00a0<\/span>banking<\/span>\u00a0sector<\/span>s<\/span>\u00a0ha<\/span>ve<\/span>\u00a0witnessed a huge wave of\u00a0<\/span>digital\u00a0<\/span>transformation<\/span>.<\/span>\u00a0<\/span>They<\/span>\u00a0have leveraged mobility as a platform for hassle free banking services and benefits.\u00a0<\/span>\u00a0<\/span><\/p>\n Effective digital assurance services for mobile apps thus ensure seamless access to data<\/span>,\u00a0<\/span>loyal customers, and secure B2B transactions which in-turn provides omni-channel experience with emerging mobile technologies.<\/span>\u00a0<\/span><\/p>\n The digital assurance solutions\u00a0<\/span>focus<\/span>\u00a0on satisfying the digital demands of the customer such as enhanced user experience, and ease-of-use.<\/span>\u00a0They ensure agility and lead to a well-organized methodology across business collaterals.\u00a0<\/span>\u00a0<\/span><\/p>\n Banking in the digital age is all about customers getting the ultimate experience.\u00a0<\/span>\u00a0<\/span><\/p>\n To achieve this, one might consider overcoming\u00a0<\/span>a\u00a0<\/span>few of the challenges\u00a0<\/span>while<\/span>\u00a0implementing digital quality assurance in omni-channel banking<\/span>\u00a0such as<\/span>\u00a0<\/span>adhering to\u00a0<\/span>compliance with security\u00a0<\/span>standards, failed<\/span>\u00a0transactions in banking portals, and traceability.<\/span>\u00a0<\/span><\/p>\n To overcome these challenges, it is imperative to have a well-defined\u00a0<\/span>digital quality assurance strategy<\/span><\/a>\u00a0with focus on end-to-end functionalities.\u00a0<\/span>\u00a0<\/span><\/p>\nBenefits of AI in digital testing strategy<\/span><\/b>\u00a0<\/span><\/h4>\n
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Why banking systems are leveraging\u00a0<\/span><\/b>digital testing strategy while implementing digital transformation<\/span><\/b>\u00a0<\/span><\/h4>\n
Digital Quality Assurance is the need of the hour<\/span><\/b>\u00a0<\/span><\/h4>\n
Overcoming challenges\u00a0<\/span><\/b>\u00a0<\/span><\/h4>\n