“In 2016, and over the years to come, retail banking will lean on UX (user experience) to design more than a ‘mobile first’ experience” - Altimeter Group
Digital Transformation is the future of BFSI Industry, as indicated by the upcoming trends and digital initiatives like Mobile Wallets, P2P transfers, Ping Pay, Omni Channel Banking etc. As per Juniper Research, by 2017, more than 1B mobile subscribers (15% of global mobile subscribers) will be using mobile banking.
Banking domain is replete with ever changing and cutting edge technology, with intricate Functionalities intertwined into the applications. Business Continuity, Service Delivery, and Performance are valued highly in view of the direct financial impact.
Banking being at the center of any commercial activity, it has its own mammoth functional framework spread across Core Banking, Delivery Channels, Cards and Payment Gateways, Specialised service offerings such as Corporate Banking, Centralised Banking, and so on. Transactional correctness, ease of access, availability, and performance are key to any application in this sphere.
Challenges in the Banking Sector
- Digital Banking – Today, banks have a huge digital presence. In fact, the trend right now is to launch digital only banks with zero-branch presence. People are increasingly getting used to the concept of anytime, anywhere banking. The challenge is to offer complete functionality in the minimal and highly diverse front-end of a mobile, thus giving rise to significant issues of usability and compatibility.
- Banking & Technology Edge – Banking systems, for example, a Core Banking system, have a wide spectrum of business functionalities. The technology partner should have a team of SMEs, preferably with industry experience, who know the domain as good as the back of their hand. Mobile and browser technology fragmentation, end-to-end validation of both front-end and back-end systems, while ensuring a consistent multi-channel delivery experience are some of the aspects that need be considered.
- Performance Failures – Certain time-based events such as payday or festival seasons create a spike across the Banking / Payment portals. Unlike other websites, performance failures in banking portals can have a serious effect on the customers. Tuning the products to reach the required performance levels is a major challenge as it also has to take into consideration the infrastructure, connectivity, and seamless integration into the backend systems.
- Web Security – Banking portals, by their very nature, are prime targets for hacking and fraudulent activities. Vulnerability scanners and penetration testing can reveal significant system vulnerabilities. Compliance to international security standards such as PCI DSS is very important.
- Regulatory & Compliance – In the present era, Regulation of Banks is very critical as is evident from the 2008 Banking Crisis. There is BASEL III or BCBS 239 that addresses the Banking systemic and the operational risks of the banks, FATCA and AML that keep a vigil on tax evasion and other illegal monetary transactions, and SEPA that takes care of cross border payment regulation. Complying with these multifarious regulations entails huge expenses and efforts on the part of the banks, and a trusted partner can save significant money and time.
Our domain capabilities in the Banking sector span across the following:
- Core Banking Transformations including various modules such as Deposits, Loans, Term Finance, Treasury, and so on.
- Payments / Remittances including Cross Border and multi-currency transactions.
- Compliance with various regulations like BASEL, BCBS 239, SEPA, AML, FATCA, etc.
- Fund Transfers through various modes such as NEFT, RTGS, IMPS and Bill Payments
- Various delivery channels like Internet, Mobile, Mobile App, etc.
- Recent trends such as eWallets and Self Service Technologies.
Software Quality To Achieve Digital Transformation in BFSI
Cigniti Client Testimonial - Synovus
Cigniti also nurtures dedicated Domain Competency Groups (DCG) for each domain. The Banking DCG furthers thought leadership in the Banking functional and technology landscape. It further facilitates effective delivery by maintaining a pool of top quality resources who are trained and certified.
Tools and Accelerators
Cigniti with its acclaimed experience in the Banking space has well tested tools and accelerators that can positively impact the effort involved and the time to market for its clients.
Cigniti’s Banking DCG has engineered Delimit-Ex, a one-step solution to decrypt and read complex financial files such as EFT and ABA. Delimit-Ex reduces the pain involved in decoding the financial files by automatically decrypting the files and exporting them in humanly readable format. This reduces the testing time by around 40% and the tester can purely focus on finding defects and not worry about reading the files.
The tool is also reverse engineered to create test files in various formats and is embedded with basic auto validation capabilities.
Re-usable Test Artifacts
Cigniti has leveraged on its extensive experience of testing banking applications and has come out with a generic ready to use Test Repository comprising of test scenarios for key standard business flows resulting in high reusability and quick transition. This will enable testers to jump start their testing on new projects of a similar kind. We currently have around 10000 test cases encompassing various Banking modules like Account creation, Deposits, Loans, Payments, Mortgages, etc.
Cigniti’s Test Automation Framework (CTAF) is a tool agnostic framework and can be used across multiple applications / mobile devices with minimal re-work. Cigniti is also in partnership with HP and has delivered QA Automation solutions to over 30+ satisfied banking customers. This framework is reusable & modular (25% reduced efforts) and enables to jumpstart Test events (30% sooner), deliver faster solutions and realize greater ROI. The framework is pro-agile with CI tools such as Jenkins.
Cigniti also nurtures dedicated Domain Competency Groups that concentrate on the training and development of resources within these domains, and towards testing the complex real-time applications.
Cigniti, a Global Leader in Independent Testing Services, has successfully delivered testing services for over 15 years, implementing its Test Center of Excellence, delivering Managed Testing Services, and providing end-to-end testing services for leading banking companies across geographies. Our client testimonials and recognition by leading industry analysts are a proof of our reliability and capabilities.
More than 50% of our testing professionals are Certified Software Testing professionals with CSTE and ISTQB, and are equipped with relevant Industry certifications while having in-depth domain expertise.
Benefits of engaging with Cigniti
- Cigniti, with its experience of being the testing partner for pioneering mobile only banks in US & UK, has vindicated it’s capabilities in the area of Omni-channel Banking.
- Cigniti is associated as testing partner with leaders in the Banking space across the functional spectrum like retail banking, corporate banking, mortgages, cards and payments.
- Cigniti has tested across diverse industry standard products like T24, Finacle, Flexcube, Bancs24 and Vision Plus.
- Cigniti with its repertoire of proprietary tools, reusable artefacts and automation framework can positively impact your time to market significantly.
- With its in-depth domain understanding Cigniti assures a consistent pleasant user experience to your customers across all channels.
- With the best practices that are imbibed, Cigniti can ensure your cosmos of applications works seamlessly as a single enterprise through effective integration.