5 Unique Challenges Faced by Modern Day Banking Systems

Logix Guru

Welcome to the 21st century: a time when everything we could ever need is available in the palm of our hand, visible on a high-definition screen that holds everything from our credit cards, email, and a digital recognition of our faces. Mobile banking and payment is more popular than ever as people have the ability to cash checks, transfer money, and make changes to their accounts entirely online without ever having to visit a branch and have a face-to-face conversation with another human. But here’s the thing -- these shifts have made it so that a 1920s-style bank robber in an eye mask or a fleet of angry patrons barging into the bank as the stock market crashes are no longer a bank’s greatest concern. Today, the greatest concern for a bank is ensuring that their banking systems - primarily online - are functioning, secure, and surpass those of the competition. However, due to a variety of factors, this is no easy task. That’s why the experts of banking application testing at Logix Guru are here to break down the five biggest challenges banking organizations face and how banking application testing can help overcome these challenges.

The 5 Biggest Challenges Banks Face Today

Five Areas of Banking That Could Benefit from Banking Application Testing

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The Shift Toward Digital-Only Banking

According to the American Bankers Association, two-thirds of Americans use digital banking platforms more often than they go into a branch. In other words, given that nearly all Americans use a bank, foot traffic in branches has significantly decreased, forcing banks to reevaluate how they can go where their audience goes. This involves a massive personnel shift - an increased need for coders and banking application testing personnel - and the need to develop online and in-app banking platforms instead of opening more branches.

Network and Customer Security

Banking is one of the areas in our current landscape that requires the greatest amount of security in business. Protecting the bank’s institutions and your customers’ security is number one priority at any given time, which is why this shift toward digital banking raises so many concerns. With hackers, data mining, and identity theft a consistent concern, banks need to ensure that their platforms are strong against security threats and in preserving security and privacy of their customers. 

Regulatory & Compliance Issues

With the given security threats and standard regulations regarding banking in general, banks have more of a reason to be concerned with their software, platforms, and digital applications being compliant with industry regulations. Ensuring that transactions have the proper security and risk assessment is fine tuned is no easy task, and many small slip-ups in the coding of your application can lead to serious problems in the compliance of your software. With BASEL IV, MiFID II, GDPR, and new Money Laundering directives arriving all the time, there’s a lot to keep track of, and these little mistakes can end of costing banks millions of dollars, which is why it’s imperative for banks to use banking application testing that ensures proper functioning and compliance at once.

Performance Failures

When people need to access their money, it’s often urgent, and customers don’t like having to wait around due to application performance errors. Often, banking applications are under domains with thousands upon thousands of different pages, which leads to small glitches that are difficult to find during a long QA and testing process. Applications of this magnitude that are handling so much information need to be functioning at peak performance as much as mechanically possible, using banking application testing can ensure a thorough scan of the software and application to ensure performance is always in tip-top shape.

Staying Ahead of the Curve

As a bank, you’re far from alone. With different banking companies all across the world that are all working to be the best, you have a lot of competition. This means that your bank can’t afford poor banking applications and functional issues. Additionally, the ability to offer new features that your customers want before the competition can set you apart, which is why it’s important to ensure that your testing capabilities are always ready to roll.

Why You Should Choose Banking Application Testing to Overcome These Challenges

Banking Application Testing Takes the Guesswork Out of Development

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With so many roads bumps along the way to develop banking applications, there are many benefits to using banking application testing. For starters, banking application testing from Logix Guru is extremely thorough and includes system expertise in Flexcube, T24, and Finacle and application expertise in the following:

  • Core banking applications
  • Thrift Banking
  • Online Banking Application
  • Cash Management System
  • ATM/PoS
  • MQ Upgrades
  • Payment Gateways
  • Loan processing applications
  • Life insurance Applications
  • Non-life insurance applications

This thorough knowledge allows Logix Guru to complete thorough, unbiased testing on your banking application and takes the guesswork out of making sure your system functions properly. Best of all, Logix Guru works quickly so you can get your banking application live quicker than ever before.

Ready to use the banking application testing company that covers all the bases? Get in touch with Logix Guru to learn more about our banking application testing services.