2019: Why QA Automation Matters in Financial Services
Banks and FinTech firms today have geared up to implement effective digital strategies to enhance the overall banking experience. However, the financial services industry juggles multiple priorities within its technology function.
- Speed of change: Businesses wish to adopt new technologies more rapidly. Just like the Apple iPhone did a decade ago, growth of ubiquitous computational power (the smart phone) and the associated apps boom is further revolutionizing the expectations in speed and agility from enterprise applications. While a business’ need for innovation has always been there, the expectations from IT (in terms of response times, UI/UX/CX) have changed.
- Complexity of environment: Unlike the broad adoption of Core Banking Solutions (single monolithic applications) witnessed in early 2000s, today organizations are more more likely to go for a best-of-breed application stack. This leads to a higher complexity in the institution’s IT landscape and leverages integration technologies (service bus, SOA) extensively.
- Frequency of change/ deployment: Improvement in software development techniques and the adoption of new development frameworks such as Agile have increased the speed at which enterprise software is updated. OEMs are now releasing weekly or monthly patches. With COTS solutions/ packaged applications forming the majority of the banking tech landscape, banks have to proactively plan update cycles – build and testing.
- Digital transformation: In the current technology landscape, more digital based technologies are being adopted at a rapid pace. An Accenture survey of 80 bank COOs in North America says, “The need is for back-office operations to become more digital and to act as the new front office.” Most of the banking applications today need to interact with multiple back-end systems such as trade, loan origination, core-banking, retail lending, and wealth management. Each back-end system uses different technology frameworks that make integration quite complex. Additionally, business processes and transaction lifecycles are spread across multiple days or may need to be executed in real time. Banks need to manage these transactions without losing them, and they must flow from one back-office system to another seamlessly. To offer consistent user experience banks require end-to-end integration between multiple channels and legacy back-end systems. To ensure applications are robust and highly scalable, test automation becomes a critical part of any banking applications’ software development life cycle (SDLC).
Author Signature :
Yethi is a leader in software solutions bringing quality assurance to global banking and financial services industry.
Yethi is a leader in software solutions bringing quality assurance to global banking and financial services industry...