The global banking industry is massive, it is one of the largest industries valued at $2.41 billion in 2020 and estimated to reach a whopping market size of $11.34 billion by 2030. Further, with the increase in digitization, this number is growing as more people are using digital platforms to carry out day-to-day transactions. Banking applications are essential in today’s fast-paced world for a wide range of benefits they offer ranging from instant transactions, 24*7 services, and better support to name a few. The app-based banking has taken over its brick-and-motor counterpart, hence, it is important for banks to create seamlessly working applications that offer complete peace of mind to the customers.
Testing banking apps is inevitable to check functionality, usability, performance, and safety of the transactions. Since, banking apps involve sensitive customer information like financial information, credit card details, transaction history and so on, it is important to safeguard these information, failing which the banks will face monetary and reputational losses. Thereby, testing banking applications are an unavoidable requirement.
Tenjin Online has been created to test the complex and sensitive nature of banking and financial applications. The team has extensive experience and expertise in already building a niche service for banking and financial sector with its enterprise testing solution. With this years of experience in testing banking and financial systems, undoubtedly, Tenjin Online will efficiently test the banking apps with much ease.
Why Testing of Banking Apps is Essential?
Banks deposit a huge portion of public money and become a soft target for hackers for the sensitive financial data they deal with. Hence, it is pivotal for banks to prevent their software systems from any potential vulnerabilities, improve performance, while ensuring the functionalities is working fine. Further, with the advancing technology, it becomes essential for the banks to keep updating their software system to offer better user experience. Hence, with evolving technology, banks are releasing new updated software. To ensure quality of the software remains uncompromised under all the mentioned scenarios, it should be tested.
Banking software should be tested for:
Improved user experience: The rise in online and mobile banking has reduced the footfall on the physical branches. As the banking sector is witnessing this digital transformation, customer preferences are changing too. They choose to go for options that are simple and effortless solutions that allow them banking on the go. The new group of evolving customers have zero tolerance for any glitch; hence, testing is inevitable to ensure high-quality software that offers seamless customer experience.
Regulatory compliance: Banking software are bound to strict, ever-changing regulation governed by authorized bodies. It is essential for the banks to test if the software is compliant to the latest regulations.
Security and Privacy: Banks deal with sensitive financial details of the customers which when breached can cause huge reputational and monetary loss. Hence, to safeguard critical customer details from malicious attacks, it should be tested for security and privacy.
Support digitization: Digitization has given rise to a wide range of digital platforms that makes banking transactions easy for the customers. To ensure digital transactions are made at ease and provide secured platform for the customers’ peace of mind, the apps should be tested. Hence, the need for testing banking software is increasing with the rise of digitization.
Payment gateway integration: To ensure the banking apps are integrated with popular gateways to make the user experience seamless, it is essential to implement effective testing to ensure the payment gateway integrations are working as expected. In addition, it is also important to test if sensitive data like financial details are secured from any malicious attack.
Technological advancement: Banking sector is one of the largest industries building the world economy. With this huge market size, it must stay in par with the technological advancements to cater to this wide audience base and offer a great user experience.
Customer Landscape of Banking Apps
With advancing technology and evolution of mobile phones, there has been a significant rise in app-based banking landscape. Customer preferences are changing with digital banking technology and banks are investing heavily in mobile and web infrastructure to offer seamless app-based banking services. The advanced app technology is based on complex software development processes which should operate in an ecosystem to create the right delivery channel. To ensure that the whole system works in unison and offers a great user experience, it should be tested. Testing is essential to deliver seamless customer experience.
Testing improves customer engagement and fulfils customer expectations for added convenience. With the new-age millennials and gen-z forming the majority of customer base, it is important to provide high-quality apps for these tech-savvy customers, failing which the banks may lose valuable customers. Hence, to retain the existing customers and attract new ones, it becomes pivotal to test the apps. This changing customer landscape is emphasizing more on testing banking applications to improve user experience and the institution’s ROI metrics.
Web and mobile apps are increasingly used by banking customers for the ease of transaction they provide. Apps help banks to build a good customer relationship by providing a seamless experience. With the increase in technology, there is no tolerance for poor quality among the users, even slow loading time or poor navigation can leave the users uninstall the app. Hence, it is essential to test the app and ensure all the functional and non-functional aspects are working as expected. Testing banking apps is critical and requires an efficient tool to perform it. Tenjin Online is designed to test the complex functionality of the banking application and have a team for 24*7 support who have gathered a wealth of knowledge working in the BFSI industry. It has been tested over more than 250 app categories with a good number of banking and financial applications. Tenjin Online is a simple, efficient, 5th-generation, codeless, self-assisted test automation platform for web, Android, and iOS apps. For further queries or scheduling a demo, write to us – firstname.lastname@example.org