What makes Software Testing so critical for Banking Applications?

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What makes Software Testing so critical for
Banking Applications?
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What makes Software Testing so critical for
Banking Applications?
100 bills instead of 10s. This happened due to a
manual error when a vendor incorrectly loaded
100 bills in a 10 slot. Though this was not a
software glitch, we are very much aware about the
software hiccups that have cost serious damage
for the banking sector. The banking sector is
prone to various risks such as online thefts,
data breaches and cyberattacks too. This makes
the sector absolutely vulnerable, which
emphasizes the need for software testing and
quality assurance. Apart from the security
aspects, the banking sector needs to keep
catering to its customers in various ways.
Banking/Financial Applications are very much
complex and interconnected. Hence, there are some
common challenges that teams face while testing
these applications. Tremendous effort and skill
is needed to execute the testing activities for
improving and enhancing software
applications. Some of the common challenges are
related to changing regulatory requirements,
shifting bank policies, maintaining
confidentiality of customer sensitive data, and
complexity of the interconnected nodes within the
application. These are just a few to be
mentioned, where banking applications struggle to
maintain security aspects and also deal with the
growing demands of its users. Banking
applications are considered one of the most
complex applications amongst all in the
application development scenario. The reason
being, these applications are wrapped under a
layer of thick network and interconnections.
Hence, while developing and testing these
applications, it is important to strategize and
understand their workflow, and later draw a
testing plan of action.
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What makes Software Testing so critical for
Banking Applications?
Understanding the DNA of a Banking
Application According to a report by Deloitte,
For banks globally, 2018 could be a pivotal year
in accelerating the transformation into more
strategically focused, technologically modern,
and operationally agile institutions, so that
they may remain dominant in a rapidly evolving
ecosystem. This metamorphosis is far from easy as
most banks grapple with multiple challenges
complex and diverging regulations, legacy
systems, disruptive models and technologies, new
competitors, and, last but not least, an often
restive customer base with ever-higher
expectations. In order to understand the
testing requirements of the banking sector, it is
important to get a good picture of various
aspects within a banking application. A banking
application is responsible for supporting
multiple concurrent user sessions, large scale
integration, complex business workflows,
real-time and batch processing, huge
transactions, secure transactions, and robust
reporting structures. It has to have a strong
mechanism to troubleshoot customer issues, a
massive storage system, and foolproof disaster
recovery management plan. Moreover, the
application has to work across various legacy
systems in order to execute trillions of
transactions within a second. Hence, what testing
and development teams need is an end-to-end
testing methodology that involves various
software testing techniques that can provide
total coverage of all banking workflows and
business requirements.
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What makes Software Testing so critical for
Banking Applications?

At the same time, it is important to take a stock
of various functional aspects of the application,
even security aspects that includes Data
Integrity and Concurrency. Delivering flawless
customer experience is definitely becoming a
major part of the overall testing and development
scenario as well. On similar lines, the Deloitte
report further explores the challenges most
banks face in balancing the need to restructure
their foundations for the long-term with finding
near-term growth. They have identifies six macro
themes that should be critical for long-term
growth Customer centricity, Regulatory
recalibration, Technology management, Mitigating
cyber risk, Fintechs and big techs, Reimagining
the workforce. These macro themes kind of sum up
the burgeoning challenges and opportunities for
the banking sector. Now, the only impediment is
to understand and gauge how the teams working on
these critical projects deal with the challenges
and opportunities that are coming up their
way. Read Full Blog at https//www.cigniti.com/
blog/software-testing-critical-for-banking-applica
tions/
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