23 Jan 2020
Published: 17 Jul 2017
Testing Strategies to Overcome Digital Disruption in the Banking Sector
Last Updated: 31 Mar 2020
Digital disruption has been occurring at every level in the banking sector lately. From newer technology to high competition to intensified customer expectations, the banking industry has become increasingly vulnerable. Digital technology, despite its omnipresence, is beginning to penetrate industries.
1. Digital Disruption and Banking Sector
2. Testing Strategies to Overcome Digital Disruption in the Banking Sector
2.1. Omni-Channel Testing
2.2 Continuous Testing
2.3 Customer Experience Testing
2.4 Security Testing
2.5 Big Data Testing
Banks are finding innovative ways to evade the impending risks associated with digital banking. The efficient way to understand and successfully bring the organization from traditional banking to digital banking is by adopting an Omni-Channel approach. Omni-channel is an approach to customer service where all the channels are closely integrated, keeping the customer as the priority.
As customers continue to modify their channel usage patterns, banks need to emphasize on delivering a flawless customer experience across various touch points. More than just a saying, Omni-channel banking is an outlook to take end product on an advanced note by gaining insights from consumers’ behavior, channels, and preferences.
These days customers are more advanced and tech-savvy, and to cater to their explicit needs, offering a unique banking experience is essential. Banks need to understand their unstated needs as well as the likes of clients. From exploring new services, checking balance, opening an account, conducting transactions, loans, credits, wealth management, customer support, delivering an Omni-channel experience has become the key to success in this competitive world.
So how does a banking organization survive in the face of digital disruption? Though there are no secret sauces or magic wands, there are just simple testing strategies that can help banking organizations prepare for the unavoidable change on the horizon. Some of the testing strategies are given below:
If a service offering has to be made available to any client anytime, anyplace in the banking sector, it should be available using multiple devices with a single procedure across multiple devices. Omni-Channel testing helps to ensure performance across all channels.
Continuous testing in the banking sector speeds up the process of continuous integration and delivery. It enables the teams to test early with greater coverage, with removing bottlenecks involved with traditional testing. Continuous testing also promotes continuous monitoring of the development and IT operations team, while achieving the continuous success of Agile teams using DevOps practices.
Customer experience is the key factor that defines recognition of a product or service as it goes live. It is essential to test a product or service from the customer’s perspective. Unlike traditional testing, customer experience testing can vary from expectations of a product’s success. The success of a product or a service is based on customer expectations and the physical performance and processes.
Technology trends have been playing a huge role in improving digital transformation process in the banking sector; they have also been introducing an environment of threat to the organizations. Due to the increasing number of payment methods using digital technologies, banks have been exposed further to new frauds and cyber-attacks. Security testing is therefore crucial and has great significance as banks hold huge volumes of sensitive customer’s data for which they are daily targeted.
The ever rising demands related to the cost of delivery, speed, and ease of online transactions is fascinating. Banking applications fascinate customers 24/7 across the globe. This makes it essential to test the huge amount of data for a better ROI, site performance, and conversions.
Becoming a digital bank is not an option these days. In order to effectively respond to the digital consumer, and to be on their mobile device’s ‘front screen’, it necessitates the offering of value-added digital services with a simple user interface.
Banks need to rethink their business processes to realize the real benefits of Digital transformation and should effectively include the above mentioned QA strategies that will help them ensure security, quality and integrity of their products and services. TestingXperts, a renowned independent software testing Services Company, is working with world’s largest banks to help them succeed in their digital initiatives.