How the World’s Top Organizations Test: Financial Industry Trends
Read our analysis of how 110 top financial companies test the software that their businesses depend on.
First published on the BSA site along with DXC Technology
Data analytics and generative AI are revolutionizing the approach organizations take to software development, testing, and delivery, enabling standardization and scalability across the board, including test automation and management. Like other sectors, financial institutions struggle to match the rate of transformation necessary to maintain a competitive edge.
Financial institutions leveraging these technologies are uniquely positioned to capture valuable information for the onboarding of employees and customers, accelerate ID verification, maximize speed to personalization, and more to enhance the customer experiences and cross-sell/upsell opportunities.
Technology, innovation, and workforce transformation are reshaping the banking industry. But companies are struggling to align these people, processes, and technologies in the right place and at the right times. According to a recent report by EY, 38% of banking leaders say transformations underperform against key performance indicators (KPIs). In parallel, two-thirds (67%) experienced at least one underperforming transformation in the past five years.
We found there are a few other areas where financial services companies are feeling the pressure to modernize, and should be included in any transformation strategy:
Repetitive, hard skills such as basic automation, data entry, and more are best handled with AI, leaving humans to handle the innovation, the ideas, and the creativity. Generative AI, like Chat GPT, can currently only complete the actions it is told to perform. When it comes to test automation and management, AI must be trained to manage different scenarios.
Automated testing and test management can be used to test a wide range of banking-related processes and systems, including online banking systems, mobile banking apps, and backend systems for processing transactions and managing customer data. Moreover, generative AI can be leveraged to augment these tests, specifically in terms of security. It can simulate diverse and complex scenarios that might be overlooked in manual testing, helping to identify potential vulnerabilities, and ensuring that systems are sufficiently fortified against threats. This is crucial in the world of banking, where security and trust are paramount. The key is setting the standard for fast and fail-safe onboarding when banking in a generative AI world.
Regulatory compliance emerges as the most significant consideration in deploying test management solutions in the financial services sector. Regulatory bodies enforce stringent rules to protect consumer interests and maintain the industry’s integrity, and any technology employed must adhere to these. Failure to comply could lead to severe penalties and reputational damage. Therefore, any test management solution must be not only robust and efficient but also fully compliant with relevant regulations.
It can be an exceedingly challenging task to evaluate financial services applications. The task requires working with an experienced testing partner, and that’s where Tricentis and DXC can help. Tricentis offers the most comprehensive set of test automation capabilities to address your top challenges, so you can test broad multi-application businesses processes, dynamic, agile-developed applications, and vendor-specific customizations and add-ons.
Unlocking the advantage of AI for banks and building societies means leveraging unique subject matter expertise to build robust digital testing solutions. The first step to getting there is establishing a technological foundation to drive your testing automation and management strategy. Tricentis test automation products improve quality and reduce testing time significantly, while checking the boxes for security, flexibility, and ease of use.
Learn more about how Tricentis can help your financial services business achieve digital transformation.