Top 5 Reasons Why You Need AI Testing in Financial Sector

The Perils of ignoring Quality Testing

The Growing Need for a Digital Facelift Across Fintech

Trust is the new currency!

Adoption of AI and ML across the banking, financial services, and insurance (BFSI) or the Financial technology (Fintech) industry space is advancing at an unprecedented rate. And simplifying the customer journey is currently the prime focus of any financial or banking institution. 

Banking is all about speed and security – hence there is the need to deliver rapid upgrades to existing products and services and launch new offerings to meet the ever increasing customer demands.  

According to Globenewswire, the global mobile banking market was valued at $715.3 million in 2018 and is expected to reach $1,824.7 million by 2026, registering a CAGR of 12.2% from 2019-2026.

Potential Vulnerabilities of Fintech

• Data Confidentiality and Security Breaches
• Strong Regulatory compliance 
• Complicated Transactions Processing Lifecycle
• Application availability to all potential users.
• Compatibility with a range of devices, platforms, networks, and operating systems

The Equifax Catastrophe

Did you know that Equifax curtailed their regression and as a result did not discover a security vulnerability? This resulted in a data breach that exposed the personal information of 147 million people! Security experts found an unknown hacking group trying to find websites with security flaws so as to find a system to exploit.

Banking security is always top-notch. This article examines how embracing Webomates’ Intelligent Automation Testing powered by AI and ML technologies helps to keep your system safe and secure. 

The only industry with a higher security can be the Department of Defense… And we help them keep their systems secure too!

As per Gartner, here’s How The Customer’s Expect to Transact:

• While on vacation – relaxing on a beach
• From the convenience of their home
• Banking on the go

And what are the new gen customers expecting from the banking firms?

• An exceptional personalized experience to have a smooth transaction processing
• Secure and reliable web and mobile banking with no downtime
• Instant application loading and seamless performance

With such increased pressure and operational complexity, the banking institutions recognized that a change was needed.

What needs to be changed? The traditional approaches to Quality Assurance that are no longer beneficial. 
Why? To deliver better software faster that’s safe and secure. 
How? Perform end-to-end application testing powered by AI ML tools.

With automation becoming increasingly embedded in improving efficiency, manual processes are either being augmented or replaced by systems equipped with artificial intelligence (AI) and machine learning (ML) capabilities.

Why Intelligent Test Automation for Financial Companies is Necessary

Fintech software relies on rock-solid testing, Intelligent automation testing and QA processes to ensure high product quality. Club that with DevOps, Continuous Testing and Shift-Left testing and you can be sure of quality releases, everytime!

Ensuring Conformance to PCI DSS Compliance Requirements

Fintech companies are highly regulated industries and have to meet compliance standards like  PCI DSS (Payment Card Industry Data Security Standard) international security standards to secure their customers’ data and privacy.

Webomates CQ portal’s reporting & auditing capability makes sure the customer platform is compliant.

Optimizing The Customer Experience by Functional Testing and AI-Driven Exploratory Testing

How well does your system work when you add a new feature to your existing application? Does it make or break the system? 

It is of utmost importance to perform core functionality checks through Regression Testing for every release.

We Test as you Develop. Using its advanced AI, Webomates CQ creates up to 2,000 test cases in 4 weeks that are relevant, appropriate for the existing release and will be relevant for the new release and software version. 

By combining Exploratory Testing with regression testing, it helps you scrutinize the potential risks. The basic aim of exploratory testing is to pinpoint how a feature works under various conditions and that could be against different devices, browsers or operating systems as well.

Create Exceptional Digital Experience by Performance Testing

Come salary day, and that brings in a spike in the usual traffic on the app. Combine that with other events like the end of the financial year or a festive season, and all hell can break loose.

With the number of users each banking app has, Performance Testing is a must to ensure that the app functions properly under different load conditions and the customers are not affected by any performance failures.

Protecting Data by Thorough Security Testing

Failure or vulnerabilities anywhere along the payment process could lead to disaster. If a vulnerability exists in a financial software program, hackers could gain access and exploit sensitive user data.

Security testing ensures that the application does not have any such web vulnerability that can expose sensitive data to an intruder or an attacker.

Webomates helps you to shift left your testing and provides an effective means to perform testing in parallel to development processes, enabling faster defect identification and resolution.

Managing Test Data and Ensuring Test Optimization

Data management is another big aspect of testing with the numerous kinds of testing on huge volumes of data across multiple environments. Performance, load, stress testing require humongous amounts of data.

Our comprehensive test automation solution facilitates the regular updating of test data with minimal human intervention. The platform is designed to reduce test cycle duration and mission critical defects by more than 50% by applying AI and ML to software testing.

Bank on Webomates’ End-to-End Testing !

With so many banking industry challenges, it may seem a daunting task to test the applications end-to-end. But with Webomates’ full suite of Intelligent Automation testing tools, it’s always attainable.

Benefits

• Up to 100% test coverage and execution of test cases
• Significant reductions in regression test execution times
• Lower incident rates and bugs reported by end users
• An industry- and tool-agnostic solution to optimize testing in various scenarios

Webomates has a dedicated focus on Continuous Testing. By leveraging Webomates’ patented AI powered tools, you can jump start your team’s testing efforts and achieve a valuable difference by faster testing, better quality builds. Our QA team embeds intelligent test automation and continuous testing principles right across the software delivery pipeline.

Our tools help reduce the overall cost of quality and time-to-market for new applications and upgrades to existing ones, as well as enhance customer experience.

If you are interested in learning more about Webomates’ CQ service please click here and schedule a demo, or reach out to us at info@webomates.com.

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Tags: AI Testing, Automation testing in Banking, Automation testing in Fintech, Intelligent Test Automation