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22 Jun, 2017

Is the banking industry keeping pace to the changes in technology

Technology has left no stone unturned – in today’s age, every imaginable domain/discipline has the technology touch in some shape or the other, globally. The impact of technology in large domains, especially involving the masses as end users, such as banking, health care, government etc. is huge. However, the ongoing question is whether these domains have fully embraced technology changes and are able to keep pace with them on an ongoing basis. Consumer oriented domains such as e-commerce have been able to more nimbly align with the changes, given the smaller players and the start-up like mentality along with the market being not so very regulated. One of the huge challenges when it comes to domains such as banking is not just the scale but also the regulatory market which it makes it very difficult and beaurocratic, for any changes. For example, in implementing technology, given the scale in consideration, it takes months and even years to adopt, by which time there is a good chance, much better solutions are available in the market. These are challenges that are fairly well known – if so, what are some smart ways out to tackle these changes?

In our experience of having worked with both large players in the regulated market as well as start-ups of varied sizes, our suggestions in enabling every one stay current with changes in technology include:

  1. Question the status quo – if a certain practice is adopted, continue to question the value and whether there are better ways of doing it – this could even be the way technology contracts work in these large sectors such as banks – if RFPs have been the traditional routes to seek vendors why not consider smaller pilots or fixed bid assignments for niche areas such as performance, accessibility, security etc. This brings in faster and better focus aligning with the latest in the industry.
  2. Build centers of excellence – that can show results on the ground within a short period of time. This could include moving to a newer technology implementation compared to an existing legacy solution. The key here though is to have results demonstrated within a short and pre-defined time rather than a mere white paper from research and study.
  3. Embrace users as crowd – banking users are diverse today across geographies, age profiles, demographic profiles amongst several other variables. As end users, a large portion of them are keen in evaluating newer solutions that banks have to offer. Such feedback from end users be it at a design or implementation level, goes a long way in helping banks stay current with technology.
  4. Map product ideas to quality assessment solutions – domains such as banking often have a lot of interesting ideas including mobile adoption, remote banking, integrating banking services with other solutions including shopping etc. The challenge is often the quality of such innovative solutions. It is very important to ensure solutions are not just envisioned but also taken to full life cycle implementation including adequate banking app testing to ensure it is ready for consumption

This is certainly not a fool proof list – but a very good start to empowering the banking industry stay current and relevant in embracing technology

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