BFSI trends 2021-main
Blog

6 BFSI trends and how to implement them with QA

Explore how to stand out in 2021 and beyond by smoothly introducing BFSI trends with QA support.
30 June 2021
QA trends
The article by a1qa
a1qa

While the crisis makes businesses across multiple industries accelerate digital transformation programs, most BFSI companies have already begun that before the pandemic. However, they should adapt faster keeping in mind the mass migration of users to online platforms due to increased competition and expanded software quality standards.

To keep up with such a high pace and enable business resilience, BFSI industry representatives should stay flexible and promptly adopt innovation. So, what is the starting point for this transformation? How to perform it effectively to stand out in 2021 and beyond?

Check out the top 6 trends and a four-step QA guide helping BFSI companies revamp their working processes and meet end-user expectations.

Within an overwhelming technological diversity, what aspects are the pressing ones bringing true value to the business in 2021?

Trend 1. Implementing open banking solutions

The introduction of the second payment directive PSD2 became a push for the development of open banking in Europe. In turn, this allows market players to gain access to the clients’ financial information while generating a sizable number of the system’s participants and provoking higher competition. Several countries have already presented their solutions, for instance, SGFindex in Singapore.

In 2021, BFSI companies will continue introducing open banking while increasing the variety and quality of services at a lower cost.

Trend 2. Automating SME support processes

The pandemic has also impacted small and mid-sized companies by increasing the lending rates, so that 50% of SMEs cease to exist. Enabling business continuity and addressing the costs challenges, financial entities are keen on developing business support packages within a high request for online support.

For example, the Royal Bank of Canada (RBC) has been giving users the ability to interact with smart chatbots for several years, which improves the quality of service. The bank has also adapted its mobile app and Internet banking capabilities to support its online business.

Trend 3. Customizing financial services

Since 2019, CX has been entering the list of tech trends. Today, end users, especially Generation Z clients, have become more fastidious and require to be treated as individual customers rather than a segment.

So, financial companies need to apply deep data analytics and form a digital ecosystem to deliver a unique set of banking products based on end-user needs and preferences.

Trend 4. Empowering software with biometrics

Within an increased risk of facing cybercriminals, users need more advanced data protection methods while making financial transactions.

Statistics Market Research Consulting showcases that the biometrics market size will reach $76.64 billion by 2027. The authors of “Biometrics — Global Market Outlook (2018-2027)” also predict significant growth in the biometrics market in the coming years, becoming one of the most reliable options for ensuring the security of personal data.

But the use of unique physiological features in the authentication process goes beyond fingerprints or habitual Face ID. The iris of the eye, voice recognition, vein patterns can be utilized to confirm the identity as well. Another factor that increases safety is the use of survivability algorithms that distinguish humans from reproducible digital images helping end users be confident in financial products offered.

Trend 5. Enhancing global financial health

Did you know that about one in ten Americans cannot pay their credit card bills monthly, according to the study by Cornerstone Advisors? It makes sense that attention to personal budget stability will be in focus this year, and specialized software can become the desired tool for managing financial processes.

Even until recently, users gave preference to software based on their convenience. Soon the ability to maintain their stable financial position may come to the fore. We’re not only talking about information support, but also about the development of original software to optimize financial transactions.

Trend 6. Shifting to the cloud

BFSI is one of the most significant segments that apply cloud services within 16% of the global cloud computing market share.

Cloud computing market share 2020

Source: fortunebusinessinsights.com

Along with providing high scalability and flexibility of the system, moving to the cloud helps reduce the costs for maintaining corporate infrastructure.

To effectively implement cloud solutions, it is valuable to form a quality assurance strategy helping identify critical defects and prepare to go to market.

QA allows 66% of the World Quality Report 2020-2021 BFSI respondents to achieve the required test coverage largely due to a shift-left concept. To help navigate through incorporating trends with confidence, let’s delve into the 4 steps to make.

Step 1. Choose Agile to ensure continuous improvement

27% of the WQR’s reps prefer applying Agile in their BFSI projects. Even the 2% growth comparing to the last year shows that the change not only in the industry form but also in its fundamental processes.

According to WQR’s experts, to successfully implement digital strategies, about 80% of companies will begin to rethink their products, services, and formats of cooperation with vendors and customers.

Step 2. Design a QA strategy to test innovation

The global trend of implementing AI, ML, IoT, cloud services requires more sophisticated tools and exceptional expertise to obtain more value.

By improving QA practices, companies can test software with any business logic complexity supporting digital personality (a virtual user version becoming another venue for protecting personal data). To test it accurately, QA engineers use complex mechanisms even in a remote format.

Step 3. Accurately build the QA process

Before starting the software process, think over a QA plan. Which mission-critical testing types to include? How to prepare the testing environment? Which tools and methods for monitoring to apply? Is it better to rely on an in-house QA team or onboard an offshore one?

  • Then, move on to the testing process to evaluate:
  • Confidentiality and security of personal and financial data
  • Compliance of planned financial transactions with laws and regulations
  • Security of transaction processing
  • Speed of handling client requests
  • Coverage of customers’ needs
  • Usage of information from the client DB
  • Possible threats to the security system.

Make sure the QA team detects code defects at different levels: from individual modules to the principles of their interaction.

Step 4. Implement test automation to speed up product delivery

It’s no surprise that companies are increasingly using automation when developing QA strategies in the financial sector. Who does not want to accelerate t2m, reduce QA costs, enhance test coverage, etc., right?

However, test automation does not mean completely rejecting manual tests – this is especially true for UI, conducting exploratory and ad-hoc testing. A wise decision is to find a balance between automated and functional testing as well as automate at different SDLC stages not to miss anything.

Closing thought

The focus on online services and operations is shaping new trends in the BFSI industry. Implementing innovations with constant QA support helps businesses get confident in the relevance of the software in the market and ensure its high quality and reliability.

Do you wish to get advice from the testing team? Reach out to a1qa’s experts to get your BFSI software ready to go live.

More Posts

18 December 2020,
by a1qa
4 min read
Top 5 QA and software testing trends in 2021: responding to a global situation with ease
Rapidly approaching 2021, a1qa proposes to have a closer look at the most influential trends empowering QA teams to perform even more effectively.
Agile
QA trends
Test automation
27 May 2020,
by a1qa
5 min read
Following six main 2020 retail trends with QA
In this article, we are talking about how QA supports prime retail trends.
Big data testing
Localization testing
QA trends
23 December 2019,
by a1qa
5 min read
Business-oriented QA and software testing in 2020: top 6 trends
In the article, we have rounded up six QA trends that will play a crucial role in the software testing arena.
Agile
Cybersecurity testing
QA trends
Test automation
21 January 2019,
by a1qa
5 min read
IT trends that will shape the face of QA in 2019
We’ve rounded up the top 11 tendencies that will determine the future of testing in 2019 and beyond.
Agile
Big data testing
Cloud-based testing
Cybersecurity testing
IoT testing
Performance testing
QA trends
Test automation
24 January 2018,
by a1qa
4 min read
Testing trends for 2018
What trends will mark the software quality assurance of 2018? Read the article not to miss on the potential benefits while shaping your QA strategy. 
Agile
Big data testing
Cybersecurity testing
Mobile app testing
Performance testing
QA trends
Test automation
27 December 2016,
by a1qa
3 min read
Guideline for successful software testing in 2017
Learn 5 tips from QA professionals on improving testing services in 2017.
Big data testing
Cybersecurity testing
QA consulting
QA trends
Test automation
6 June 2016,
by a1qa
< 1 min read
Relevant mobile testing trends in 2016
At the start of 2016 there appeared numerous forecasts regarding the mobile testing. Which of them have stood the test of time?
Mobile app testing
QA trends
26 April 2016,
by a1qa
4 min read
Interview with Daniel Knott: mobile testing trends and challenges
Daniel Knott, a well-known mobile testing expert specializing in test automation, talks about modern trends and challenges in mobile testing.
Interviews
Mobile app testing
QA trends
18 January 2016,
by a1qa
3 min read
10 mobile app predictions of 2016
The year 2015 is distinguished by multiple innovations and events in the app sphere. What new trends should we expect from 2016?
Mobile app testing
QA trends

Get in touch

Please fill in the required field.
Email address seems invalid.
Please fill in the required field.
We use cookies on our website to improve its functionality and to enhance your user experience. We also use cookies for analytics. If you continue to browse this website, we will assume you agree that we can place cookies on your device. For more details, please read our Privacy and Cookies Policy.