As the BFSI domain pivots towards more innovation-led strategies to strengthen its core, a multifunctional software lays the foundation for the same. Adaptation to changing market conditions is the biggest challenge that looms over tailoring software products for the BFSI industry. Realistic scenarios and test cases need to be developed to ensure that the testing strategy is seamless.

Too many statutory compliances to be adhered to

With open banking, AI powered lending algorithms and crypto currency banking, the technological evolution, despite its greatest advantages, has made the banking portals unsafe and susceptible to identity thefts, data hijacking and spear phishing. This is why the software products need to meet compliance requirements from federal organizations and regulations like FACTA, AML, SEPA, the Sarbanes-Oxley and the Dodd Frank Acts and international security standards like BASEL III or BCBS 239.

Data migration and the upgrade of legacy architectures

BPR (Business Process Reengineering) can pose a complex risk in development and testing since the traditional banking sector is known to be a slow reactor to the digital transformation wave. The legacy systems and practises take time to evolve. A complete rationalization of the services portfolio meets with resistance to change. The need-based development of the legacy systems makes them difficult to replicate during digitalization.

Inadequate Application Lifecycle Management (ALM)

A robust ALM structure during software development and testing offers hi-tech support right from planning, documentation, quality assurance to testing and launch. High volume and high value transactions occur throughout the day on banking sites. Cross-country money transfers, equity trading, trade financing and transaction analysis are being by millions of customers. Changes to the application must be continuously documented and tracked.

Performance Failures and aberrations

Inadequate stress and load tests can lead to software glitches like performance failures in banking portals. Proper check of infrastructure and connectivity with the backend will ensure that the banking sites do not crash with overload. Comprehensive audit for bugs is mandatory before the software is unleashed in full. Performance aberrations can have a serious effect on UX and UI and will defeat the purpose of core banking.

Towards successful product development and testing

Successful product development requires a customer-centric approach that ensures seamless banking for the target markets. Whether it is a banking chatbot or a mobile wallet, or a gamification-based digital strategy for increasing customer loyalty, automated and measurable testing processes will help in rendering smooth and unifies experiences to the end-user. Tests need to be carried out in diverse environments like different platforms, devices and networks.

digital transformation in banking

The spike in the expectations of the tech-savvy individual and corporate banking customers, the increase in brute-force attacks and data breaches and the evolution of cloud-based and mobile banking have posed unique challenges to the development and testing of BFSI applications. Setting measurable financial software metrics will help developers in delivering cutting edge banking and fintech software products.

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About the author

Malarvizhi is the Lead Full Stack Developer at Zuci. She is extremely passionate about new technology, innovation, and team building.
Find her talking and interacting at Malar.