Risks in Banking Digital Transformation – How can Quality Assurance Mitigate them

It would not be right to say that digital transformation in banking occurred during the pandemic, but it was owing to the pandemic that the banking services realised the need of speeding digital transformations as much as they can. 

You might wonder what exactly a digital transformation is as far as the banking industry is concerned. Well, the short and crisp answer to that would be offering all the services a bank would offer but making it online so that it is available to the consumers at their fingertips.  

These transformations are not a one-day thing. These transformations have been thought of and curated over the years with the growth of digital assurance services in various fields.  

Banking digital transformation – what it entails 

One of the biggest examples of digital transformation in banking would be the meteoric rise of Google Pay and how it has sustained itself. Changes cannot occur overnight and at the root of any change in a business are the customers. Keeping up with the digital industry is not an easy job and where banking is concerned, more caution automatically needs to be exercised because at the base of it lies the trust of the customers. 

Banks have gone as far as to offer loans on a 0% rate of interest, the general fees of banking have also come down and it is steps like these that have enhanced the expectations of the customers.  

Now, to keep pace with the expectations and to ensure maximum safety in money matters, banks need to upgrade their digital systems. Digital transformation in banking can mean a plethora of things like mechanization of the process, the online services offered, how much can be done without actually having to visit the bank, the user experience and so on and so forth.  

Banks are doing a great job walking hand in hand with their customers, trying to reach their goals. However, a question still lingers at the back of our minds, and that unanswered question is about security. How safe is this whole new transformation in banking? Because after all, it’s our money!  

Also, having said that, customer satisfaction is the primary concern of the banks, and in digital banking transformation, what the banks need to keep in mind is the fact that in a world driven by the pandemic, the customers will want to relate to their banks on their phones 24*7 through a mobile app. Thus, security is a major concern. 

Let us take a look at the risks in banking digital transformation: 

• No awareness is a big no-no 

If there is anything that’s worse than dealing with risks, it is the banks’ unawareness that risks exist. For any institution to function and grow, risks have to be calculated. Everyone has to be aware of the risks that come with digital transformation and only then can possible ways can be thought of which can cancel those risks out. 

• Scarcity of resources and budgets 

For digital banking transformation to thrive, the banks need to have enough money at their disposal to be able to afford the transformations. Otherwise, it will haphazard transformation and/or no transformation at all. A tighter purse will be inversely proportional to the rise in the digital field that you are looking for. A cost-effective approach, however, can help you out. 

• Maintenance of tight cyber security 

Banks will not leak the data of their customers but we all know about the fraud calls we get every now and then. If the security system of the bank’s website is lax then there are chances of personal data being leaked out. Mobile banking users quite often happen to fall into the trap of installing third party apps, which in turn have led to severe issues. 

• Design of the system 

While keeping so many things in mind if the banks fail to maintain an upgraded system, then the customers will run the risk of losing their data, and eventually their money. 

How Quality Assurance can mitigate these risks? 

QA or Quality Assurance is a new thing in the banking industry. The basic thing that quality assurance does is that it ensures that the best business practices are imbibed by the banks while also keeping in mind the risk factors. 

• Diverse testing environment: Banking applications are quite convoluted. For these apps to run hassle free while keeping up with the needs of the customers, the apps need to be constantly updated. A varied testing environment ensures that all the tests for the smooth functioning of the app are run successfully.
   

• Model Based Test Workbench: With this testing tool, the models do the work of manual testers and test cases are generated automatically, thereby, speeding up the process and thus ensuring the best results.
   
• Maximum reliability and security offered: With the aid of robotization, quality assurance promotes maximum security and reliability in the banking websites. Starting from Omni Channel Testing, continuous testing, end to end testing, quality assurance looks into all of these things and covers all the requirements that the banking industry might have as far as security is concerned. 

Key takeaways: 

Quality assurance is what all the banks need right now to keep up with the ever-growing pace of the digital industry. Sooner or later, it will seep into all the systems because that is what flies with the customers, and while running a business, the customers are everything. Their safety is everything.  The banking industry will be attaining that meteoric rise universally with the application of proper quality assurance teams. Regressive systems are at the core of all the risks that are associated with digital transformation in banking, which is why digital transformation testing is crucial. A proper user experience with the promise of a secure, well built application is all the customers primarily need, and the application of quality assurance is what would go a long way in attaining that.

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