Old and New Systems Co-Exist
Of course, you’ll likely be aware that many digital transformation projects will be made on an enormous scale and, consequently, take place over long periods of time.
With so many traditional legacy systems and processes in place, it’s common for BFSI organisations to be introducing new technology gradually, slowly phasing out existing ways of working by mixing old with new.
Testing in complex areas such as data migration and integration should not be overlooked, but rather prioritised. You should constantly be testing and monitoring all your systems for quality of delivery and functionality, validating the critical functions and mitigating any related risks.
Credit and debit cards, contactless payments, consumer banking services, policy management, claims processing, risk assessment, are services specific to the BFSI industry are now almost entirely supported by digital solutions. As a result, the effective performance of this such technology warrants specialist testing to be carried out within the development lifecycle to ensure their success.
Automated testing are used in a wide range of BFSI applications, including mobile banking apps, online payment portals, trading platforms, insurance claim management systems and more. By automating the testing process, companies can reduce the risk of errors, improve testing accuracy and accelerate the time-to-market of the digital products.
In addition, automated testing can ensure compliance with regulatory requirements, such as PCI-DSS (Payment Card Industry Data Security Standard) and GDPR (General Data Protection Regulation). By testing for security vulnerabilities, data privacy and other compliance issues, BFSI companies can avoid costly fines and damage to their reputation.
By adopting automated testing as part of the quality assurance process, banking and financial service companies can achieve faster, more reliable and more efficient testing, while reducing the risk of errors and ensuring compliance with regulatory requirements.