Banking systems are far more developed with the latest technologies. Especially during the last decade, technological advancements have changed how we transact and interact with banks and financial institutions. Technology improvisation is not expected to end; with every passing day and year, it is now an essential aspect of our financial dealings.

By integrating banking transactions through mobile phones using UPI and NEFT payments, banking has moved another step towards digital advancement. While many third-party apps can connect to a bank account and make payments, some banking apps allow users to check the status of their cheques and card applications.

Digital transformation in banking is a matter of patience and caution. A mistake made in an online eight-ball game will not cause much damage, but software cannot be trusted with people’s money. Anything that goes wrong with transactions will directly be the bank’s fault, which can be detrimental for businesses.

Every software bundle that a financial institution releases must undergo a thorough testing process to ensure nothing goes wrong. In a growing business, software testing cannot wait for long days of testing or be prone to human errors. Therefore, banks and financial institutions are adopting codeless test automation. Test automation saves time, money, and effort, while codeless reduces human errors in the applications.

What is test automation and how can it help the banking sector?

Whenever organizations develop software, they do not directly release the initial version to the market. At least, strictly, not in the case of banking systems. The one place where you don’t want loopholes is in the software that connects to banking and financial archives.

The way financial institutions offer services has changed. With digitalization, financial services are more advanced. From how you avail services and access data to record transactions, everything must proceed with uniform speed while maintaining the quality of financial software and expenses. A financial sector is a place with humongous amounts of public data under a confidentiality contract, which means that if a bug in service causes loss of money, the bank can be defamed and sued.

Organizations must ensure that the applications offer outstanding customer experiences with real-time data. Real-time data must be safe and accessible to the customers to ensure complete customer satisfaction. This very reason creates a need for testing banking or financial software. Until codeless test automation came into the picture, the testing of such software was done by human eyes and brains, which were susceptible to many errors due to long test lines for running the whole testing program.

With maturity in machine learning, the linguistics of machines are now used to create a precise testing platform that allows faster, much more efficient testing of software and privatised control of the whole process.

How does Codeless test automation help financial institutions?

Codeless test automation is necessary for most core banking processes like loan origination. Loan origination and trading are some of the most affected areas of the industry. Such core banking operations require faster software development and a stable system to handle a plethora of tasks, all at once. In a world where a single rating on the Play Store matters, a few unsatisfied users might create a bad image with negative reviews. To understand why the financial service industry requires end-to-end codeless test automation, we need to know the requirements of financial software:

• The application must be multi-utility and flexible to handle several multi-tier user requests at any given point in time.
• The app must safely integrate with third-party apps on a large scale.
• The app must deploy secure transactions with end-to-end data encryption.
• The servers of the application must be secured enough to keep personal information hidden.
• The application must be synced in real-time with the archives to make quick transactions.
• The software must be stable enough to perform several transactions within a short time duration.
• The app must record every detail from all transactions and store them securely on the user’s device or cloud.
• The software must be able to troubleshoot queries raised by the customers.
• The app must have a fail-safe system to protect the users from emergencies like device theft or data attacks.

Here are some of the core banking segments that require codeless test automation:

●       Trading

The world of Wall Street and many forexes rely on secure, real-time data and money transfers because people’s hard-earned money is at stake. In such a complex game of numbers and sales, a minor glitch in the system or algorithm would cause chaos for thousands. Codeless test automation makes sure that the software is tested in the most complex of conditions to make it fail-safe.

●       Digital banking

Banks have come a long way from transfer and withdrawal slips. Payments are being made on phones using QR codes, and business is being conducted on current digital accounts—that too with a bank with no branches. When an entire bank promises core banking from anywhere and everywhere, the whole banking framework depends on the software. With codeless tests, banking automation can turn branches and passbooks obsolete.

●       Loan origination

The entire process of loan origination, from the applicant to the lender to the credit score calculators and back to the applicant, is a long, complex operation. The credit market is the most fluctuating market and needs secure and accurate data for confirmation. Loan origination can benefit from proper assessment and credibility of the applicant, enhancing the user experience on both sides. With codeless test automation, the application becomes error-free and helps make accurate lending decisions for financial institutions.

Choosing the right framework

As a financial institution, the software you introduce cannot be open ware. A banking institution is mandated to hide its clients’ crucial and private data. With codeless test automation, the control of the software while it is connected to a network shall be in safe hands. You can choose what functions need to be automated and which ones are to be kept on hold. For testing such software, the testing framework needs to be hybrid or library-based, so it can be customised frequently with changing data-sharing norms.

Conclusion

Codeless test automation can help transform the banking sector by creating reliable banking systems that have become the need of the hour. Most of the banking processes can be streamlined to provide improved services and better customer satisfaction, leading to the overall growth of the sector.

At Yethi, we focus on improving the efficiency of the organization’s core software system. Being a niche QA service provider, we have helped and are helping several global banking/financial organizations increase the agility, consistency, and accuracy of their platform. With our efficient test automation solution.

Tenjin is an easy-to-integrate, codeless automation platform. This revolutionary solution has taken the test automation to next level with an accuracy rate of nearly 100%. It is designed to rapidly scan through the software and detect errors. This innovative platform works 3x times faster than any other automated testing system, while the simple plug-in and play design enable easy integration. Tenjin is developed with a focus on continuously helping banks and financial institutions across the globe to build a robust and resilient testing process.