Wealth management is a support advisory service offered to the customer in effectively creating a long-term/lifetime investment plan. The advent of financial technology has been noticed in the Wealth Management also, as a result it has left an immense impact on the service. For the last several years, financial organizations are using multiple technologies like chatbots, artificial intelligence, blockchain, cryptocurrency, neo banks, Robo-advisors, and other digital solutions, to streamline the front-to-back-office operations and enhance the productivity of the advisors to offer outstanding services to the customers. 

Understanding the customer need of the hour, the financial services and solutions providers build a multi-module CRM platform that will not just provide the finest investment advice to the clients but will manage the end-to-end wealth management process. Finacle, being an industry leader, offers a comprehensive financial solution. Finacle’s Wealth Management Systems allows banks to provide new services and products in a time-bound manner besides the traditional banking services. Thus, many banks and financial institutions have opted for Finacle Wealth Management System as their trusted CRM platform to offer efficient services and strengthen their customer portfolios.

The Wealth Management Systems handle a series of workflows like defining financial goals, planning investment, creating & reviewing the portfolio, planning for estate & tax, planning assets strategically, family philanthropy, managing cash, managing & analyzing diversified investment plans, reporting, and more. As the systems are created to streamline all the processes, it requires end-to-end testing with a massive focus on handling risk and compliance and helps in reporting. As stakes are high in managing the portfolios of high-net-worth individuals and retail customers, any inaccuracy can lead to huge losses. Hence, testing the wealth management system becomes an inevitable step to ensuring system performance and protection against massive loss. This article serves as a guide to test wealth management systems.

Reasons for testing Wealth Management Systems

Following are the major reasons why wealth management systems must be tested:

• Optimization of Customer Experience: Wealth management systems are the backbone of customer wealth creation. Therefore, their accuracy and timely service are important to optimize the customer experience. Acceptance testing can be helpful to ensure that the software meets the expectations of the users.
• Obtain Understanding of Workflows: Testing helps in obtaining a thorough understanding of the workflows of the organization and assessing whether all the important workflows are operating independently. As banking systems handle innumerable transactions and, therefore, possess multi-layered workflows and are highly complex, understanding the workflow and testing the systems become a necessity. It also assures their security and transparency.
• Detection and Correction of Performance Issues: Testing will allow the organization to determine major issues and loopholes in performance. This can create major obstacles in the performance of the systems and overall customer experience. After detection, the anomalies can be corrected to obtain desired results.
• Improves User Retention: System testing helps to know how many users the system can accommodate, and the time taken to perform various functions. This will give a thorough idea of the performance of the system and the user-specific changes that shall be undertaken. This makes the system more user-friendly and helps in overall user retention.

Challenges associated with testing Wealth Management Systems

Following are the major challenges associated with testing wealth management systems:

• Security Loopholes: Financial data is sensitive and vulnerable. Therefore, security is paramount. There might arise variations in networks and operating systems that can lead to a lapse in security features. Therefore, software testing becomes important to ensure that it adheres to the set security standards across all the networks, operating systems, and platforms.
• Multiple Devices: Another important challenge that arises in the testing of wealth management systems is their operations on multiple devices. Each device may have separate configurations and installations that directly affect its security levels. For instance, a device operating in one OS may be more secure than the one operating in a different OS. Also, certain devices may have different functionalities and software support that can lead to reduced efficiency.
• Lack of Knowledge: Testing experts are not necessarily finance experts. While they specialize in software, they may lack knowledge of the finance domain. This can create obstacles during the testing process that should be taken care of. Appropriate coordination between the testing and finance teams can help mitigate this challenge.

Testing Finacle Wealth Management System

Following are the major tests associated with Finacle Wealth Management Systems:

• UI/UX Testing: A proper UI/UX is essential to ensure that the customers have a smooth experience. UI/UX testing optimizes the overall customer experience and helps organizations adopt a user-friendly approach to designing and maintaining systems.
• Functional Testing: Here, the systems are tested for their functional designs and specifications. This is to ensure that the specifications as required by the users are satisfied by the systems.
• Performance Testing: Performance testing is key to ensuring that the system delivers performance up to the benchmark when it comes to responsiveness, sustainability, and stability.
• Security Testing: Security testing helps identify loopholes in security breaches and mitigate the associated risks. Data handled by wealth management systems are susceptible to manipulation, hence it is essential to ensure the security of the systems and data.
• Integration Testing: Integration testing is essential to check whether different units and functionalities of the software interact properly. While the units and functionalities are tested separately as well, it is essential to test them in sets to ensure that they work properly when operated together.
• Data Migration Testing: Technology keeps on evolving, and therefore, it becomes important to optimize the existing systems or create new ones. This involves the migration of data from one system to another which can make data vulnerable to security breaches and inaccuracy. It, thus, becomes important to conduct data migration testing to ensure that the migrated data matches the original data.
• Regression Testing: Certain changes might be carried out in the existing codes and backend of the software. In such cases, it is important to conduct regression testing to ensure that it does not impact software functionality and that an application still functions as it was expected.

Important aspects of Finacle Wealth Management Systems

Following are the important aspects of Finacle Wealth Management Systems:

• A Complete Solution: The Finacle Wealth Management Systems offer a complete wealth management solution offering a wide range of investment products and services. It allows transacting across multiple different asset classes including, but not limited to Equity, Mutual Funds, Insurance, Bonds, Futures & Options, Exchange Traded Funds, etc.
• Client-Focused Approach: Finacle Wealth Management System ensures a holistic understanding of the client requirements and empowers experts to make better decisions. It facilitates the evaluation of clients’ risk scores and builds an ideal and personalized portfolio and visualization of the same. It also alerts whenever there is a deviation from the portfolio.
• Low Cost to Income Ratio: Finacle Wealth Management Systems ensures automation and better operational efficiency. While the front office becomes smarter, the back-office operations witness efficient operations.
• Use of Advanced Technology: Finacle Wealth Management Systems use advanced technology that is open for collaboration and works on the principle of interoperability. The systems are cloud-ready and can support multi-entity, multi-lingual, multi-currency, multi-national, and multi-time zone operations.

Therefore, it is important to ensure that the Finacle Wealth Management Systems are tested for their performance, accuracy, and functionalities for running the operations in an orderly manner.

At Yethi, we have undertaken various transformational projects, project upgrades and Business-as-usual. We have tested Finacle Wealth Management Systems for some of the major banks and financial institutions. Our end-to-end testing services include functional (Data Migration Audit, System Integration Testing, User Acceptance Testing, Regression Testing, and Automated Testing and non-functional testing (Performance Testing, Security Testing, and UI/UX Testing). Our Test Centre of Excellence is equipped to offer extensive advisory services and reengineer the process.

Yethi’s 5^th generation codeless test automation solution, Tenjin a plug-and-play banking aware solution, which minimizes the manual effort and speed up the test execution regardless of the complexity and number of updates. Tenjin’s intuitive features and robotic capabilities enable learning and adapting to application updates with ease.