The competition and tremendous technological progress within the banking industry urge the digital banking experience as a sustainable factor to serve the consumer needs and expectations which are evolving as young and tech-savvy. This change in consumer preferences, competition from FinTech start-ups, and regulations like the European Union’s revised Payment Services Directive (PSD2) have been forcing banks in Europe, the Middle East, and Africa (EMEA) to develop their digital capabilities.

BFSI’s banking, finance, securities, and insurance sectors are the largest consumer of technical services which are now in the phase of transformation through digital payment products or apps. The competitive digital product services do not limit to the customer experience, ease of payments, and mobile convenience but are also evaluated by the response time, stability & reliability, security & privacy, and user operative convenience along with the techno advancements.

With respect to banks, digital banking becoming a priority to maintain superiority over the FinTech startups with integrated payment services to entire BFSI offerings. The Middle East region is in the transformation of a unified currency for the clearing system among the banks in the region. “There is a currency exchange policy in the Gulf region that is very similar to digital transactions and depends a lot on the dollar. Therefore, the ability which exceeds the capability of any others in the region, to move to digital currency at the regional level”.

The banking industry is rapidly moving towards complete digitalization in its service delivery strategies. Areas of the banking paradigm that requires timely and well-planned testing are quality, performance, usability, security, and reliability. Therefore, banking systems must leverage QA testing to provide their customers with the most seamless banking apps, portals, and payment gateways. As banking and financial software deals with all kinds of processes like processing claims, online payments, trading portfolios, asset management, etc., a good knowledge of these processes is also essential for testers. TestCrew being a dedicated QA organization ensures that all our customer needs will be addressed in the digital banking space. The below functional coverage is not limited, but as an example to be tested in-depth to ensure the seamless and undisruptive financial functional flow:

• Customer On-boarding
• Cash-in and Cash-out options
• P2P, P2A, and P2M Transactions
• Integration for Bill Payments and phone Top Ups
• Debit, Credit, Prepaid, Corporate, and Multi-Currency Cards
• Client & Merchant Acquisition
• Card Tokenization & Payment Gateways
• Spending Controls
• Interest, Charges, Fees, and Discounts
• Timelines and Push Notifications
• Accounting Engine
• Data Streaming for analytics operations
• Billing & Collection
• Food Pick Up & Market Place
• Personalized fees, Cash-Backs
• Channels – CRM, Wallet, ATM, Mobile, Internet Banking, PoS, IVR, etc.
• Acquire, Authenticate, Route, Switch, and Authorization
• Interfaces, simulators, and certifications
• Reports & Compliances
• Fraud Prevention and Dispute Management Mechanisms
• Message Authorizations
• Analytical & Dynamic Spending Controls
• Customer Experience Management

Banking digital transformation has ensured increased data transparency, removal of unnecessary middlemen, and advancement in access and security for financial and intellectual data. To stay afloat amidst tough competition from all kinds of viable online financial platforms, banking software testing involves strong involvement of end-end processes.

Banks need to ensure that they can offer their customers more personalized services and other value-additions. QA brings the best out of digital transformation for any industry and it does the same for banking. With reliable testing tools and automation of manual processes involved, banks achieve high-cost savings as well. As a testing consulting company, we need to understand the below basic project psychometrics to handle the projects.

• The landscape of the applications is impacted due to digitalization.
• Digital architecture that transforms the payments process.
• Products and platforms used
• Scope, requirements, and plan
• Project & Product Nature: Project- Implementation, Upgradation, or Migration. Product: Greenfield or In-Built.
• Understand the Implementation & Migration Strategy
• Understand the new products (multi-currency, food pick up, marketplace, etc.)
• API’s Integration, Simulators, Certifications, Regulatory Compliances, and Reporting
• Payments Process Engine, AISP & PISP, and TPP Management

Our digital banking testing solutions help in smoothly completing multi-layered digital transformation processes for consumer and enterprise channels. Our digital assurance solutions draw on our vast experience in the digital domain and leverage our value-adding elements such as reusable test assets and an in-house suite of testing tools and accelerators.

We have carried out quite an extensive number of digital banking quality assurance (testing, migration, upgradation, transformation, interconnectivity) services for BFSI institutions of all sizes. The following points show the importance of implementing software tests for banking and banking systems:

• Software testing of financial systems not only ensures that financial transactions are performed correctly, but that they remain secure and protected.
• Financial systems are complex with many consequences of any defect or error, so it is increasingly important to ensure their quality and proper functioning.
• The primary purpose of financial systems is to preserve financial resources, and having errors in financial processes means losing some or all of those resources.
• Ensure that financial systems are running on a secure and stable infrastructure that can continue to operate under increased loads without interruption, especially during peak hours. Performance testing helps with this.
• Most financial systems consist of multiple subsystems that must integrate properly and meet customer goals, and integration testing helps with that.

Comprehensive testing services of all kinds for any digital banking channel: Mobile Banking, Internet Banking, Remote Banking, OTP, IVR, CTI, e-wallets, digital Wallets, Cash Management Systems, etc.

Our digital assurance & testing solutions address the multi-faceted needs of digital transformation testing. We assure digital transformations by conducting comprehensive testing across our clients’ digital value chain encompassing, web portals, web content, digital assets, web analytics, and the entire digital ecosystem

At the end of the day, quality-assured digital banking services help meet the expectations of technologically equipped customers. While assuring the quality of a banking application or portal, QA and automation testing of software also helps keep up with the constantly changing banking regulatory compliances.