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Software Testing is the solution to banks' potential financial risks

Woman is using software testingTo meet the increasingly diverse need for financial services, banking institutions are focusing on banking software solutions, like building new applications such as Mobile Banking, Personal Finance applications, Corporate Finance systems. In accordance with that, they also apply Software Testing to ensure the quality of these technologies.

According to QA Experts from KMS Solutions, Software Testing usually accounts for 10-20% of software development costs, however, it can help reduce over 80% of the common risks associated with development errors and defects; and offer suggestions to improve customer experience.

According to Mr. Do Dang Khanh - Director of Testing for Banking of KMS: "Unlike Vietnam, up to 90% of software developed abroad will undergo testing before being marketed. Testing can speed up development by up to 2x, limit errors, and keep development teams on the right track. Usually, a single operational mishap in the Banking industry can be fatal, causing damage to tens of billions of dong, a large number when compared to the cost of software testing This is considered the final step to evaluate the success of development but has not been really focused. It is hoped that in the coming time Vietnamese banks will have positive changes in the application of this solution to the digital transformation process."

For the Banking sector, Software Testing is particularly challenging due to a lot of reasons: the high volume of concurrent users, stringent requirement of security, complex integration.

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

Faced with unforeseen risks in the process of operating, developing new, or integrating technology solutions, software testing is viewed as an insurance package for software when introducing software, platforms, and software. The banking industry in Vietnam is currently on the rise and tends to invest seriously in digital transformation. However, much support in terms of technology, strategy, and people is still needed to more clearly improve the efficiency and quality of business activities from reputable consulting units.

To learn more about how Software Testing can help banks ensure their Digital Transformation, read on here: