Blog by Cigniti Technologies

How is the Impact of Digital Assurance a measure of success for Banks?

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Digitalization has moved from becoming a trend to becoming a basic necessity for organizations such as banks that need to deliver value at various levels within the information technology and digital eco-system. In such a scenario, the C-suite of banking sector needs to stay abreast of the trends and demands of digital consumers and equip themselves adequately to continue to remain relevant in this rapidly evolving market. They need to get equipped with innovative, robust, secure, flexible and optimized solutions, ready to meet the expectations of empowered and tech-savvy customers.

That said, Gartner suggests that “Bank CIOs must evaluate their organizations’ digital priorities and transformation readiness before embarking on a digital banking initiative.”

An all-inclusive digital assurance framework that addresses all the challenges in an end-to-end digitization initiative is critical to the success of the digitization program. The framework needs to be continually aligned with the efficiency improvement and user experience improvement goals of the digitization program. The assurance framework should also be extremely agile to cater to shorter development cycles and the need to provide new features, faster.

Digital evolution has also brought user experience at the center of organizations design strategy. Quality Assurance (QA) plays an equally important role in engineering consumer experience by testing for usability and accessibility.

Ideal Digital Assurance Framework

Stessa Cohen, research director at Gartner, says “CIOs must realize that choosing a digital banking approach is not solely a technology decision. They can’t rely on traditional parameters like asset size or number of customers. Instead, CIOs must work with business leaders to identify the bank’s most critical requirements for digital banking.”

What this means is that just using the best technology is not enough. What CIOs need to explore and implement is a framework that provides digital assurance, and covers multiple facets of running an organization, such as the following:

Measure of Success

It’s but natural that if the banking industry needs to be at par with the digital disruption all around, the CIOs need to increase their focus on improving and implementing digital quality assurance practices. The banking sector, therefore, needs to focus on enhancing its digital quality assurance and DevOps practices and implement them across the board – in terms of testing the technologies, over the cloud, and more.

Implementing a robust digital assurance framework will help the C-class reap the benefits of digitalization. The following positive changes can be noticed happening in the organizations – a direct indicator of success.

Conclusion

Banks across the globe are rapidly adopting digitization techniques to help improve customer experience and operational processes, and transform their business model in order to sustain and grow their business. Digitization is happening at all levels within banks, from the operational/back-office layer to the customer touch points to facilitate holistic improvements and ensure enhanced value for customers.

A sound quality assurance framework that will factor in all quality and security risks, enabled by robust tools, methodologies and frameworks, is imperative to the success of the digitization initiative. While Banks usually find it a challenge to confront this digital transformation, they need to understand that this is the future – and that “Up to half of the world’s banks will disappear through the cracks opened up by digital disruption of the industry” forecasts BBVA Chairman and CEO Francisco Gonzalez.

Working with a reliable organization can help you overcome most of your challenges, and tread ahead on a path to a successful digital journey.

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Author

  • Cigniti is the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company with offices in India, the USA, Canada, the UK, the UAE, Australia, South Africa, the Czech Republic, and Singapore. We help companies accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership.

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