How To Make Banking Safe With AI Testing?

From having to visit the local bank every time you need to make a transaction to doing it all online – we have come a long way in the banking and financial industry. The latest technological advancements like digital transformation along with the pandemic compelled banks to come up with innovative strategies for improving their efficiency levels. 

The possibilities with AI are limitless. For example, 

• Capital One uses a virtual assistant to communicate through a mobile app or desktop. 
• FIS uses AI and ML algorithms to aggregate and analyze client data across different systems. 
• J.P. Morgan uses machine learning to personalize the digital experience of its research platform.  

Bank Smarter with AI… Test Faster with AI !

By leveraging AI and Automation, banks can boost data processing and support, prioritize data security, conduct comprehensive risk assessments, implement robust AI and ML models, customer authentication and experience, and perform data analytics. 

As per a report, AI in the banking industry is expected to reach $64.03 billion by 2030.

To get started with testing the banking applications, you need to understand the critical use cases and the areas that require testing. Let’s look at the top critical use cases for AI and ML in banking. 

Personalization

It’s no secret that the human connection was lost as banking became digital. Customers’ needs keep changing and having this information enables banks to personalize their products and services. 

AI helps banks to establish a connection with the customers. You can use Generative AI to create personalized offers and content. Understanding the customers’ requirements can also lead to new banking opportunities, predict customers’ needs, and discover any pain points.

Round-the-clock tech support

Customer service agents would benefit greatly from automation and AI.  It can automate most of their daily tasks by collecting and processing data, tracking the calls, and helping to make necessary documentation.  

AI-powered chatbots and virtual assistants can provide 24*7 support.

Insights for Better Risk Management 

Every customer has an assigned Relationship manager. They are usually the first point of contact when customers need any assistance regarding credit cards, loan processing, or any other requirements. 

Insights about customer data, loan details, or any credit card payment information can significantly speed up the decision-making process. AI and ML algorithms can also help to assess risk early based on the existing data.

Data Security and Cybersecurity 

Banks collect a multitude of data across different sources such as transaction details, credit card history, deposits, and so on. Banks need to strengthen their cybersecurity measures to protect these personal data against any cyberattacks. 

Security Testing allows for real-time detection and prevention of fraudulent transactions, minimizing financial losses for both the bank and its customers. Using a shift left approach can help to conduct a proper security threat analysis and create an appropriate test plan while designing the application. You can also include exploratory testing for finding unpredictable and unforeseen errors.

Check this out Security testing complemented with complete regression for a better understanding. 

Industry Regulatory and Audit Compliance 

The banking industry is highly regulated. The AI solutions that banks use must adhere to these regulations. Banks must also handle customer data with the utmost care to comply with any privacy regulations.

Improved Customer experience 

As per Gartner, customers transact while on a vacation, from the convenience of their home or offices, and also expect instant application loading and seamless performance. They also want the apps to be intuitive, easy to use, and visually appealing.

The Banking ecosystem is made up of intelligently connected devices, and IoT bridges the gap between the physical and digital world. Webomates automation framework has capabilities to support IOT Automated testing. 

A good stress testing and Performance Testing ensures that the app functions properly under different load conditions and that the customers are not affected by any performance failures. Club that with DevOps, Continuous Testing, and Shift-Left testing and you can be sure of a good quality banking product! 

Detect Financial Crimes

AI and ML algorithms can analyze datasets, user access patterns, and identify any unusual behaviors or fraudulent patterns. 

For example, cybercriminals steal a customer’s identity by hacking into their account and making unusual and fraudulent transactions. AI can help banks identify such attempts to steal data or gain unauthorized access to private data. 

Automation of Banking processes

AI can assist in automating several processes, which will help them save money and work more effectively. A combination of Robotics Process Automation (RPA), AI and ML algorithms can help banks automate their mundane, time-consuming activities like Know Your Customers, data collection, and other manual processes. 

This can free up the human resources for more productive tasks For example, JPMorgan Chase’s CoiN technology uses automation to go through documents and extract data.

How Can Webomates Help?

With great power, comes greater responsibility. AI can never replace humans in the banking industry but it can definitely empower humans with its automation and intelligent algorithm powers to make work easier. This allows the bank to serve its customers faster and better. 

Modern banking applications are intricate, with complex integrations between internal and external applications requiring robust testing. At Webomates, we provide intelligent testing solutions tailored to the banking and finance sectors. 

Webomates is a PCI DSS compliance certified company, which is the most thorough and stringent global security standard in the payment card industry. We can convert your functional tests into security tests effortlessly. Our end-to-end testing solution helps teams analyze huge and complex data sets to detect defects, reduce false positives, and provide high levels of security.  

Are you interested in making banking safe for your customers? If yes, then Click here to schedule a demo with our team, or reach out to us at info@webomates.com.

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Tags: AI Testing, AI Testing in Banking, intelligent testing, Testing with AI