The banking and financial services industry is one of the most highly regulated and competitive sectors in the world. As a result, BFSI organizations are always looking for ways to improve their efficiency, security, and compliance. In this context, software testing is a crucial factor in achieving these objectives.
This article sheds light on the future of BFSI Testing and how software testing for banking and finance sectors is enhancing security, compliance, and the overall performance of BFSI applications.
Why is Software Testing for Banking and Finance so Crucial?
Proper System Execution:
It is essential to test the banking application to ensure that all activities are executed correctly, and the entire system remains safe and secure.
Domain Expert Knowledge:
Since banking software involves numerous dependencies, testing is an extensive process that needs both time and resources. Testers and developers should have good domain knowledge, and guidelines must be followed strictly, as finances are involved.
Compliance:
It is crucial to ensure that laws and regulations are strictly enforced in financial transactions. This can only be achieved by testing the banking application.
Load Assurance:
It is essential to ensure that the application and the infrastructure on which it is deployed can handle the load, especially during peak business hours, without causing any disruption. Performance testing can ensure this.
Top-Notch Security:
Security is a major concern for everyone. Banking applications and financial transactions must be secure from any attempt to breach them. Security testing can help enforce industry standards to secure financial transactions.
System Integration:
It’s critical to ensure that different application modules are integrated correctly and that the client's objective is achieved. System Integration Testing can help achieve this task.
BFSI Applications Test Case Examples
Here are some elements that testers ensure to test for the proper functioning of BFSI applications:
Verify that the "Remember Me" option stores the user's login credentials for the next session.
Test the "Forgot Password" functionality to ensure that users can reset their passwords securely.
Check for real-time updates of the account balance after each transaction.
Verify that the account balance is displayed accurately in multiple currencies, if applicable.
Test fund transfer to an account with incorrect or invalid account details to ensure it fails with appropriate error messages.
Verify that fund transfer to the same account from which the transfer originates is restricted.
Testing to ensure that the bill payment comes with incorrect or incomplete biller details to verify that the application fails with proper error handling.
Validate the application's behavior when you try to pay a bill with an insufficient account balance.
Verify that the transaction history includes all types of transactions (such as deposits, withdrawals, transfers, and fees).
Check that the transaction timestamps are accurately displayed in the correct time zone.
Trends to Drive the Future of BFSI Testing
BFSI organizations need to modify their testing practices to keep up with the digital transformation. Here are some ways to enhance their testing practices:
Embrace Test Automation:
Test automation is crucial for enhancing the efficiency and effectiveness of testing.
Adopt AI/ML:
These technologies can assist in developing innovative testing solutions and improving overall testing practices.
Implement Shift-Left Testing:
Early detection of issues during development can enhance software quality and lower costs.
Invest in Security/Pen Testing:
To ensure the safety of customer data, robust security measures, and regular testing are essential.
Conclusion
As briefly discussed above, the BFSI industry encounters various challenges - such as the growing use of open-source software, the emergence of new technologies, and increased concerns regarding data security - as the digital landscape evolves. This invokes the need for domain experts and professionals to step in and build competitive testing strategies for the BFSI industry. Additionally, this makes it crucial for BFSI entities to stay up to date with the above-mentioned trends to ensure that their software is of high quality, secure, and compliant with industry regulations.