The Need of Test Transformation in the Financial Domain

The Need of Test Transformation in the Financial Domain

The Great Recession had darkened the global economy in the first half of 1900s, which took a while to recover. The last decade has witnessed some phenomenal changes in the financial domain across the globe and has created remarkable opportunities not just for the strong economies of the world, but also for the emerging ones. Nevertheless, along with opportunities it has equally posed challenges.

To begin with, let’s consider the challenges & opportunities created by the Internet and Mobile revolution.

Today, imagining a day or week without online payments / transactions can give a sinking feeling to every customer / user existing and operating in this fizzing global economic environment. The financial services domain has gone through an enormous amount of digitization. It has been further triggered by the advent and proliferation of various mobile devices and mobility services.

The growing mobile penetration and increasing density has resulted in a paradigm shift for the financial services sector. Technology innovation and varying customer expectations has positively impacted the massive progress experienced by the sector.

A study by IDC on the financial applications software market estimates that it will reach $24.2 billion by 2019. Whether it is an online / mobile interface for a retail bank or an e-wallet transaction, financial services govern every aspect of our existence.

A report by Allied Market Research states that the global mobile wallet market is expected to grow at a CAGR of 127.5% from 2012 to 2020. The key growth driver for this is, effectively managing customer expectations and experience.

Additionally, a recent report released by International Trade Administration mentions that the global Financial Technology (FinTech) activity has increased considerably in the last 2 years and is creating ripples globally. The fundamental concept is to merge financial services with technology to refurbish the financial services domain for cost effectiveness and raising the quality index

The underlying purpose is to create a much more consistent and secure financial domain for the consumers and economy at large. Incidentally, most of the ventures in this segment are predominantly start-ups. Further, Goldman Sachs estimates that $660 billion in revenue could migrate from traditional financial services to FinTech payments, crowd funding, wealth management and lending.

This implies that the sector is creating waves of opportunities, resulting in a pressing need for a robust back-end strategy and IT back-up to manage several aspects pertaining to secure and user-friendly interface. Software testing for super performance is the need of the hour and has been witnessing a surge.

Investing time & resources in devising a Testing strategy is like investing every day for assured returns in the long run and optimistically in the short run.

Specifically speaking, testing transformation means a set of processes and practices followed to attain the defined business objectives. The core purpose is to constantly foster an environment that improves processes and enhances quality standards for its stakeholders. So, the constant focus is on maintaining and improving quality standards along with developing this sense amongst every person within the system / organization.

Nevertheless, the standards of quality may differ across organizations and industry domains. It can be defined or will primarily depend on the organization’s overall vision and goals. Testing transformation process involves changes at various levels in an organization, as it aligns with the culture, technology, processes and overall performance expectations.

Some much needed investments / prerequisites for implementing Test transformation are:

  • Creating a Center of Excellence (CoE)
  • Test Data Management
  • QA practices & standards
  • Test Automation methodologies
  • Standardized Testing strategies

There are immense benefits of a scrupulous testing transformation strategy. Having a testing transformation strategy in place:

  • Results in cost effectiveness
  • Helps attain higher quality standards and faster time to market
  • Establishes a robust testing framework for any kind of testing needs
  • Provides elaborate plans and benchmarks for defining business goals
  • Sets focus on key business areas

Testing transformation brings about a change in the way you evaluate your testing needs and overall plan the entire process. It endeavours to take your testing experience beyond the basic testing benefits. It brings about a cohesive approach towards delivering tangible results and takes quality to a higher level of optimization.

‘Business Assurance’ is the new ‘Quality Assurance’

Ensuring quality is the most rational way of ensuring business effectiveness; a constant endeavour to ensure performance and desired outcome confirms absolute commercial success. The term ‘Business Assurance’ signifies various factors, namely, Risk Assessment and Mitigation, Compliance Management, and Business Continuity Management.

All this precisely boils down to ensure that your business processes continue to work smoothly and securely with the required compliances.

The financial services sector is prone to a lot of security issues / lapses and stress in terms of delivering desired user experience from time to time. Testing Transformation determines an integrated approach by:

  • Rationalising costs and enhancing productivity of the testing function
  • Successfully establishing a Shift-Left approach that reinforces the constant involvement of testing across the Software Development Lifecycle (SDLC)

This injects the need and importance of testing within the overall functioning of the organization and makes an external impact while delivering quality and secure interface for the customers. The word ‘testing transformation’ predominately emphasizes on delivering ‘next-generation’ or ‘phenomenal’ experience to the customers in this constantly evolving and steaming economy.

While Manual Testing still prevails, Performance testing and digital testing are gaining further ground. Considering the challenges in the financial services domain, it requires long-term efficiency that facilitates repeatability of tests and at the same time accelerates the speed with which the tests are executed.

Mentioned below are some logical steps that can revolutionize the contemporary testing platform and further strengthen the financial services domain.

A modernized testing framework with the required tools and methodologies provides:

  • Developers with feedback and ultimately empowers the Agile Development process
  • The testers a better environment to automate the process and align it with the application development
  • Testers the environment to build capabilities to execute Continuous & Regression tests
  • Better documentation by getting the Business Analysts involved in the testing process

Testing transformation comprises of a range of methodologies, processes, and accelerators, which subsequently speed up time-to-market by ensuring cost effectiveness.

This can be achieved by collaborating with a Testing partner who can enable your business and forecast future changes that would help businesses take much more informed decisions.

Connect and collaborate with Gallop’s ‘test transformation consultants’ to reap the benefits of transformation for your enterprise.

The opinions expressed in this blog are author's and don't necessarily represent Gallop's positions, strategies or opinions.

Achieve Greater Agility with Test Advisory

Achieve Greater Agility with Test Advisory

Today’s enterprises are facing increasingly complex IT infrastructures and need to have a shorter time to market to provide their solutions and products. Moreover, the quality of the solutions provided by them is directly proportional to the quality of the process being executed. Today, many businesses struggle with building an efficient and scalable testing schedule that can support different types of testing. The other common challenges they face include ineffective automation efforts, inadequate tools configuration and management, and improper test data management along with ineffective requirements traceability and test environment management. These challenges have the capacity to hinder build and release management. Therefore, it is clear that these enterprises need to have an effective test strategy to deliver quality solutions. The better the process is managed and implemented, the batter will be the predicted output. Thus, a smart testing strategy helps address these challenges across the testing continuum to ensure better software quality.

Software quality is a responsive differentiator in today’s techno driven global economy. Achieving quality requires a carefully crafted test strategy that is implemented and monitored by a combination of people, process, and technology. This also ensures a flawless IT operation that is crucial to strengthen business environments with the right test infrastructure, tools, and resources to address the software testing requirements. This planning is possible with test advisory management.

Test Advisory Overview

In general, test advisory takes an overview of people, process, and tools to capture the processes through a comprehensive initial assessment and review. It primarily involves test assessment, audit of test cases, tools strategy and enterprise test strategy creation. It also includes the processes of an effective management of test strategy, provide testing assistance, and also provide quality reviews.

Test advisory follows the process of test assessment, audit of test assets, test process advisory and QA tools advisory. Further the major approach includes developing a testing strategy and planning with the assistance and assessment. Further, risk-based approach to testing is followed and focus is placed on areas of high risk business. All the factors of people, process, technology and risk is taken into account and ensures that testing is performed early and continued throughout the software development life cycle.

Now, after knowing in detail about it, let us see some of the advantages with test advisory listed below.

Test Advisory improves the Agility of an enterprise with the following:

  • Helps deliver agile, reliable solutions that effectively brand businesses
  • Improves enterprise agility in IT business engagement as it reduces testing cycle time
  • Eases to get uniform test management, planning, and reporting
  • Paves way to develop a reliable and feasible business goal focused test strategy and plan
  • Facilitates adherence to the target verification, validation, and compliance requirements
  • Standardizes the entire process of test management and generates standardized reports
  • Facilitates overcoming testing challenges, and building robust testing capabilities
  • Reduces cause and impact of failures and helps build high performance
  • Helps streamline testing processes, managed test environment scheduling, and reporting
  • Reduces total cost of testing and improves business value

As an overview, test advisory delivers high performance over time and defines a unique path. This path will monitor the capability maturity level and directs to move towards higher maturity levels, which also form an important part of test advisory. All these benefits of test advisory can be availed by enterprises through test advisory services that are basically built on extensive consulting expertise and technological capabilities. These services include test organization assessment, end-to-end enterprise test management. Skilled pool of assessment experts help identify, plan, and implement industry practices in QA process, methodology and strategy and thus achieve comprehensive test quality metrics through planned test advisory services.

Gallop’s Test Advisory Services (TAS) brings in high visibility to the organization’s processes from inception to delivery of solutions and helps clients attain a higher level of QA & Process Maturity. This service leverages standard industry frameworks such as CMMI/ISO/ITIL/TMMi/TPI and Gallop’s decade of experience in Software Testing and QA. Our testing experts utilize industry best practices, indigenously developed processes that complement the client’s in-house processes to ensure the best possible options for a given business context or a scenario.

test advisory services, test advisory services, TAS, Testing Frameworks, Test advisory consultants, Test advisory, Software testing, QA tools advisory, audit of test assets

The opinions expressed in this blog are author's and don't necessarily represent Gallop's positions, strategies or opinions.