Software Testing is the solution to banks' potential financial risks

To meet the increasingly diverse financial services needs of tech-savvy young customers, banks are actively transitioning to the digital environment, demonstrating their agility through various banking software solutions such as mobile banking or personal finance management apps.

During this process, software quality remains an open question as many financial institutions are willing to invest in developing and modernizing platforms to support their operations. Yet, they are more than often hestitatant when it comes to employing testing solutions to predict risks and verify product quality before market release.

Software testing usually accounts for 10-20% of banking software development costs. Despite that, it can help reduce over 80% of the common risks associated with programming errors, system malfunctions and provide better customer experience. Particularly, with automation testing, companies can expect to double their development speed and reduce human error.

According to Mr. Do Dang Khanh - the Director of Banking Testing Division of KMS: "In contrast to Vietnam, where only a small percentage of software undergoes comprehensive testing before market release, around 90% of software developed abroad goes through rigorous testing processes.’’

Not to mention that a single operational risk within the banking application can be fatal, causing damage to tens of billions of dong - a staggering figure that far outweighs the investment required for thorough software testing.

‘’Unfortunately, the importance of this final step in assessing development success hasn’t received adequate attention in the domestic market. Hopefully, in the near future, Vietnamese banks will prioritize the implementation of robust testing solutions as part of their digital transformation journey".

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Moreover, technical risks add further intricacy to the testing process. 

• Ensuring Seamless Interaction among Multiple Systems: Testing the interaction among multiple systems through a limited number of interfaces and gateways is a complex task that demands meticulous attention to detail.
• Automating Complex Test Scenarios: Automating intricate test scenarios, although essential for efficiency, presents its own set of challenges. Crafting automated test scripts that accurately simulate real-world scenarios requires expertise and innovation.
• Managing Testing Environments: Effectively managing testing environments amidst the complexities of transactional activities is no small feat. Overcoming the intricacies and ensuring a stable and controlled environment is vital for reliable testing outcomes.

Given the complexity of the systems involved and the immense volume of banking operations data, appropriate testing strategies, a robust testing platform and skilled testers are necessary to help banks facilitate an effective testing process. 

Some of the must-have Software Testing methodologies for the Banking sector include:

• Database Testing
• Security Testing
• Functionality Testing
• Integration Testing
• Performance Testing
• Regression Testing
• Usability Testing
• User Experience Testing

Several types of testing that are currently popular in the banking domain include database testing, security testing, functional testing, integration testing, performance testing, regression testing, usability testing, and user experience testing.

In the face of unforeseeable risks during operations, new developments, or the integration of technology solutions, software testing serves as a vital insurance package for software, ensuring its reliability and performance when entering the market and serving users.

The banking industry in Vietnam is currently undergoing a remarkable growth trajectory, with a serious commitment to digital transformation. However, to further enhance the efficiency and quality of their business operations, banks require extensive technological support, strategic guidance, and the expertise of reputable consulting firms. These invaluable resources will empower them to navigate the complexities of the digital landscape and drive their success in an increasingly competitive market.

KMS Solutions, with deep expertise in the banking domain, can be the suitable technology provider to steer banks towards a more efficient testing process for banking. With an impressive track record of 14 years in software testing, KMS Solutions has successfully executed numerous testing projects for renowned Vietnamese banks, such as TP Bank, MB Bank and OCB. This extensive experience has solidified KMS Solutions’ understanding of the unique challenges and requirements within the banking sector.

Moreover, KMS Solutions has been at the forefront of innovation by incubating two cutting-edge automation testing solutions, Katalon and Kobiton. This not only demonstrates our commitment to staying ahead of the curve but also positions ourselves as a comprehensive authority in automation testing. The in-depth knowledge and expertise gained from nurturing these automation testing tools further reinforce KMS Solutions' ability to deliver exceptional testing solutions tailored to the specific needs of banking institutions.

By leveraging KMS Solutions' unparalleled industry experience, proven track record, and technological advancements, banks can confidently rely on their guidance to streamline their testing processes, optimize efficiency, and ensure the robustness of their software applications.

Read more: Banking Domain Application Testing 

Read the Vietnamese version here: https://cafef.vn/kiem-dinh-chat-luong-phan-mem-giai-phap-cho-nhung-rui-ro-nganh-ngan-hang-20210316105307512.chn