The financial services sector is constantly evolving. Increasing investor scrutiny, changing market trends and constant technological developments have made it imperative for financial institutions to harness the latest technology to provide quality customer service.
QA testing professionals are in high demand across multiple industries, such as technology QA, healthcare software testing, retail software testing and financial domain testing. In addition to understanding QA principles applicable across all industries, each domain has industry-specific standards and guidelines necessary for every QA tester to fully master before executing test cases. And in financial services, this understanding is not just a nice-to-have skill - it’s crucial for the success of the business that testers support.
For the consumer, the digital banking experience is supposed to be simple and intuitive. Banking transactions can be completed quickly with just a few taps or clicks and without the need of a tutorial or extensive user manual. And with the growing competition across the banking industry, a financial institution is more likely to retain that consumer if the experience is always improving in speed, reliability and ease.
When your financial institution releases a new banking application, you want everything to go right. You want the customer user experience super simple and as seamless as a habit. You want to see an increase in customer use of your application. And, you want to see more likes on social media, more five-star online reviews, more positive press about your brand across every media platform.
Most importantly, you want to maintain the trust of your customer - by continuing to protect their PII from cyberattacks and data leaks while providing a product that is consistently reliant.
So, why would you chance launching without a thorough and reliable QA testing process?
There are few industries that have the same level of regulations that the finance domain must adhere to, and launching successful financial applications with little to no errors that are also compliant with these standards is a prominent challenge among banking and financial services software providers.
Gone are the days of having to get in the car, drive to your local bank branch, and wait in line for an open teller before getting down to business. Much to the delight of millennials and Gen Z, today you can handle basically every finance-related task online-either through your bank’s online portal, or with their mobile app.
Financial services applications bear a heavier burden than those of just about any other industry. They must meet regulatory and commercial standards of accuracy and security comparable to the healthcare sector, while needing to meet the speed and usability demands of the online retail industry.
If you have been through the quality assurance process for financial services before, you understand the rigors. If you have not considered outsourcing that process, now is the time.
Today, it seems like we don't go a week without hearing about a high-profile hack or breach of customer data. As customers, we spread our information across a huge variety of applications, and we trust that no ill will come of it. The truth is, however, that we’re more vulnerable than ever, and the risk of a hack is made clearer to us everyday. We rationalize the situation, thinking, “Well, they must have people safeguarding my information, right?”
Right — for the most part.
Gone are the days where a QA engineer could test effectively with only basic technical skills. In today's fast paced tech landscape, companies seek out teams with specialized, domain-specific knowledge when working with a QA partner. Whether your product serves the legal, financial, CRM, social media, healthcare, or manufacturing space, having a team that knows the intricacies of your domain ensures that your users are satisfied.