In the highly competitive financial services industry, companies’ online and mobile interactions with customers are make-it or break-it experiences. Users expect a delightful digital experience that builds in flexibility and resilience in the face of mobility and changing device and network connectivity, as well as a reassuring level of security. Usually, the best digital experience wins.
Challenger banks with more nimble and less expensive operating models are disrupting the industry—and in the next 5 years, could steal an estimated 35 percent of market share from traditional banks. To compete effectively, financial services companies are undergoing digital transformations to upgrade to modern testing techniques and incorporate digital initiatives like person-to-person payments, mobile wallets, and omnichannel banking. All of which require significant investments in terms of money and effort.
Developing and testing digital apps in the finance industry is complex, thanks in large part to continuous demand for innovative features in a backdrop of ever-evolving regulations, and the testing required for complicated technologies in highly secure and constrained environments. All of this takes place in a DevOps world where teams need continuous tester support to regularly roll out new app releases. And don’t forget about sophisticated and diverse IT systems—like customer-facing services delivered via browsers and secure mobile apps, and essential back-office systems.
There just isn’t enough time to manually test apps anymore, and it typically takes longer for open-source solutions to be compatible with new technology. Institutions need more automation to keep testing at the pace of DevOps and market demand. Gone are the days of simply ensuring the code works to specification. Now, you have to ensure your apps delight customers.