Software testing

Digital Disruption in the Banking Industry: Have you Defined your QA Strategy?

Disruption-of-the-Banking-Industry-Challenges-Solutions

Before we get there, we need to understand what is causing the whole turmoil and disruption in the banking industry.

It is FinTech. But what really is FinTech?

Financial technology, also known as FinTech, is an economic industry composed of companies that use technology to make financial services more efficient. Financial technology companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.

The Risk of Disruption

According to EY’s first FinTech Adoption Index, the average FinTech users are young, urban and belong to a higher-income group.

Adoption_of_fintech_led_by_young_and_high_income_demographic_segments

The Solution

Per Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking Report, “It is time for banks to take the FinTech movement seriously as adoption of FinTech could double among digitally active consumers in 2016.”

The moment the organizations understand the importance of making lives easier (read reduced paperwork and number of personal trips to banks) for their clients, they will see a lot of the challenges being overcome. To top it up, they can also provide better access to other products and services.

Read this blog to know how to overcome the challenges that are faced by traditional financial providers and how Cigniti& Experitest can help you assure software quality and succeed in digital age.

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