core banking transformation

We have seen significant changes in the banking and financial industries. Customers’ requirements, growing digitalization, and market competition have accelerated. These factors are propelling banks to transform their core banking systems. Banks, being customer-centric, understand the need to evolve faster than before and adopt modern technologies to support them in the transformation journey. Banks are doing every bit from their side, yet some problems still remain to support the need for quality digital solutions.

Banks face recurring challenges like quick adoption of digital changes, faster product go-live, and meeting customer expectations. All these must be done at a low cost or should be sustainable to yield a high return on investment. Banks would not want to compromise on the product/software/application quality. Financial institutions are constantly looking out for solutions that will address all these issues.

Considering how fast OEMs release new products, banks and financial institutions are driven by the need to be prompt and flexible in adopting the changes. But adopting changes is not always easy. Organizations face multiple challenges like time constraints, cost restrictions, and inefficient implementation of changes. The process can be more complicated if applications run into errors, affecting the platform’s performance, loading, and response.

What are the challenges?

New innovative banking and financial solutions are not compatible with outdated legacy systems. Banks and financial institutions must steadily adapt to sustain the competition around them. Customers are no longer ignorant of the changes brought by digital innovation. They are more informed and updated with the recent changes.

The tech-savvy millennials comprise 35% of the U.S. workforce and will make up 75% by 2030, followed by Gen Z, who are twice tech-savvy compared to millennials. Both these generations are always ready to adopt new digital techniques. They constantly demand updated technologies, and any organization unable to match their expectations and demands is likely to be out of the league.

Hence, banks must pick up the pace of digital transformation in order to hold on and strongly build their brand sustainability and reputation. The drive for digital transformation is two ways,

  • Transforming and growing technologies

  • Customer requirements and demands

Since banks and financial institutions are customer-centric, customer retention is the main objective of their business. Considering the mentioned driving force for digital transformation, banks must let go of their legacy platforms and start incorporating new technologies and updated platforms.

Since organizations have less time between adopting and are always in a rush to release the products in the market, the end-released product can run into errors. Banks and financial institutions cannot risk their system failure and brand reputation. It is inevitable for them not just to be ready for the changes in technology but also to predict future trends and offer quality service. Ensuring the systems’ quality, being future-ready for changes and adapting to it is necessary for the banks and financial institutions to deliver to their optimum capacity.

From many of our previous experiences, we have noticed that organizations have a lot of reservations and doubts clouded in their mind regarding the implementation of codeless test automation tools. It is because they faced challenges maintaining the balance between rapid implementation of changes and quick testing turnaround.

Our research has highlighted some common findings. A few of the familiar questions we have ended up answering are

  • How easy would it be to adopt the codeless test automation solutions?

  • Would the testing team need adequate training or specialized skill and knowledge to handle the tool?

  • Can the codeless test automation solution effectively validate the changes?

  • Will it ensure end-to-end system quality?

  • Will it successfully highlight the significant errors and predict the latest trends?

  • Will it reduce the time to market while detecting and highlighting defects early in the development phase?

  • How much maintenance will the codeless automation tool need to ensure seamless performance and functionality?

  • Can automation testing be effective even without an adequate infrastructure?

This is where our domain expertise, knowledge, & skill come into play.

Yethi is one of the pure-play QA services and solutions providers that offers a 360-degree overview of all testing efforts. From our experience with 100 likewise transformational journeys of banks and financial institutions and closely witnessed the challenges that organizations face. We worked in a capacity to meet strict deadlines for digital releases in a cost-efficient manner. In tune with the continuous changes introduced by OEMs, we help banks and financial institutions test the functionality, performance, and security of enterprise software applications.

We are in continuous innovation, and our intuitive codeless test automation solution, Tenjin Enterprise 3.0, is 5-times more effective, fast & improved with new and futuristic features. The prominent features of Tenjin Enterprise 3.0 are listed below,

  1. Auto-learning application BOTs are Adapter independent & can commence immediately after installation of Tenjin Enterprise 3.0, saving 40% of testing efforts. These independent adapters can auto-learn the entire screen, part screen, and single attribute. 

  2. Auto-execution with immediate installation saves 50% of testing time, and auto-discover test-specific feature improves test efficiency by 70%.

  3. Client-side execution vs server-side execution improves system performance. Transaction execution summary displays the flow of execution & values of each field to track failures. It increases the test coverage and reduces errors & costs by 60%.

  4. It has a high level of readiness & adaptable to recent versions of Finacle, Temenos & FLEXCUBE. Tenjin Enterprise 3.0 comes with in-built adapters for all core banking solutions.

  5. It does not require a specific framework for implementation and is effective from day zero.

To sum it up, Tenjin Enterprise 3.0 can be easily adapted by all major core banking solutions. Since it is codeless, there is little to no specialized knowledge or skills required to execute automation testing on this tool. It auto-learns specific changes in the applications and not only knows the exact changes but also validates them instantly.

Tenjin automatically detects functional errors at the early stages of the applications, ensures end-to-end software quality, and reduces the time to market. Tenjin runs on low maintenance and offers seamless performance and functionality. Tenjin functions even without adequate infrastructure. It requires implementation on the client-server systems, and with easy integration, it executes automation testing effectively.

Recommended Posts

Importance of test code quality in continuous testing of financial applications
Ensure Credit Quality in Digital Lending Applications
10 Critical Steps in Testing the Business and System Upgrade Projects of Banks

147 Comments

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