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| Quality Assurance Testing Services |
Digital transformation has encompassed arguably
every single business domain including retail banking. The growing competition
among banks to get the elusive customer footfall has meant they embrace digital
technology (validated by QA) in
a big way. Banks have been forced to build new IT architectures with a seamless
user interface that can be accessed irrespective of the device platform. The
success of digital transformation by retail banks can be gauged from the speed,
accuracy and user friendliness of banking operations offered to the customers.
Why retail banks embrace
digital transformation?
The global banking industry is on the threshold of
a major change. With rising security threats and changing dynamics of the
global economy, retail banks have been forced to become lean, focused, secure,
and tech savvy. The aim is to improve the user experience by building robust
and highly interactive banking apps. The reasons why retail banks have
increasingly gone the digital automation way are as follows:-
Competitiveness: To stay ahead of the competition curve by streamlining their
operations and delivery services. The growing number of retail banks implies
that customers are spoilt for choices. However, the only ones to survive the
competition challenge are those that offer seamless and secure banking
services. This has stirred the traditional retail banking behemoths to offer
innovative and user friendly digital banking solutions for customers to carry
out routine financial transactions without even visiting the bank.
Complexity: With the intertwining of global economies, the role of retail
banking has increased manifold as the agents of change. This has increased the
quantum and complexity of banking services, which are difficult to address by using
traditional banking processes. The services are not only confined to the
traditional areas of deposits and withdrawals alone but include instruments such
as mobile wallets, fintech solutions (Paytm), securities, debentures, mutual
funds, etc.
Security: Growing digitization has led to the proliferation of digital
banking services such as the use of credit/debit cards, internet banking,
mobile banking, etc. The increased complexity (and felicity at the same time)
of such services have brought security related threats of hackers, fraudsters
and cyber criminals. However, digitization has enabled the testing of credit
worthiness of individual customers as well as helped to authenticate their
identities. These have a salutary effect on reducing fraudulent activities.
Reducing the workload: The growing complexity and requirement of retail banking as the
proverbial ‘agents of change’ in the economy has transformed the role of
bankers. Their new areas of influence include providing rural bank
connectivity, tax solutions, and utility payment solutions etc. These have
necessitated the digitization of traditional banking channels of deposits and
withdrawals. As more number of customers use digital channels to carry out
traditional banking operations without visiting the banks, the bank employees
can be suitably upskilled to address more pressing banking needs.
As banks have leveraged advanced digital
technologies to provide a better customer experience besides other benefits
like convenience, accuracy, and security, the need to implement quality assurance in financial services
has become stark. Let us find the four ways in which QA can influence the retail banking strategy.
1. Provide a better customer experience:
Customers, as they say, are the kings who ensure the
success (or otherwise) of banks. If they find the services of a bank to be top
notch they can fill the bank coffers in no time not to speak of keeping the
staff busy with increased transactions. However, this can only happen when the
digital channels offered by banks are robust, user friendly, secure and bug
free. The banks should provide quick, accurate and secure banking solutions
including quick redressal of customer queries (if any.)
This needs quality
assurance testing of the IT architecture on which the banking
applications are based. By carrying out various functional and non-functional
testing, the usability, functionality, security, and performance of these
applications can be validated. The user experience should include an optimal
viewing experience of the banking apps on all types of digital platforms.
2. Enhance online capability:
A banking app solution should be scalable to
increase the number of services and customers as and when needed. The same can
be validated through proper quality assurance
testing such as performance and load testing. These types of software QA testing can find the
threshold up to which the application can work seamlessly. This can prevent
unforeseen situations of a system or network failure and help maintain a good customer
experience.
3. Improving the in-branch experience:
The increased adoption of banking solutions does
not mean bank branches are going to be closed down. In fact, customers prefer
visiting a branch to carry out complex transactions such as taking up a loan.
Banks can install touchscreens or offer free Wi-Fi at the branches to let
customers know about the various products and services. This would be of great
help for customers who need not depend on the bank staff to get their queries
solved. Increased digitization in the branches can help reduce the waiting time
for customers as well. The effective implementation of these can only happen
with successful QA and testing.
4 Achieve economies of scale: When the entire spectrum of banking operations get digitized it
can accrue significant benefits to the banks. Thus, instead of setting up
costly branches and hiring/training staff, the banks can offer low cost digital
solutions to its customers. The successful functioning of such digital channels
depends on the effectiveness of banking application testing services.
Conclusion
Testing Banking
application helps to check the efficacy of digital banking solutions.
This, in terms of performance, usability, compatibility, functionality and
security can lead to a better user experience. The success of a modern bank
depends on the effective implementation of various digital channels post QA and testing.
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