Internal audit software for banks

Drive digital transformation in banking to resolve modern challenges with QMetry, offering eSignature, audit logs, version history, analytics, integration with CI/CD, automation tools

There is an exciting mix of technologies like AI-blockchain and IoT looking forward to transform the BFSI industry in different ways.

There is a huge scope of modeling various localized but highly integrated IT-enabled banking and financial systems.

But it helps to be a lot more futuristic with products and build a pathway better than grassroots level understanding of customer expectations and core requirements.

It allows you to take the company the extra mile to fulfill them.

One-tap onboardingIoT devices, biometric collection centers, and seamless integration with unique identity management systems at a global level are all possible with the Internet of things.

Further, it lets the commuted taxi ride a pay just by scanning a QR code available on an integrated digital terminal within the entertainment system.

The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth.

Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises.Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market.

For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered.

The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers.

Financial databases stored on cloud create need to verify safety systems of the cloud service provider.

The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.Financial companies are stressing on consumer data protection and are implementing solutions such as firewall and threat management software.

Single Platform for detecting income leakage and track recovery NCS's Technology solutions for Income leakage will have features for recording and tracking leakages.

Organizations may improve its bottom line with effective Revenue Leakage Management To know more, visit: https://ncssoft.in/best-software-for-banks-audit/ #eTHIC #NCS #NCSSoft #Audit #incomeleakage #Banking #Finance #auditdigitalization #revenueleakage NCSSoft is a product development company primarily focused on developing products for the financial sector.

Completing a decade of delivering comprehensive solutions for Banking and media industries, NCSSoft is the preferred Auditing solution provider for top financial institutions across India.

With a user base exceeding 1 lac, we are poised to become a global leader in the Auditing and Compliance space.

Development Bank of Singapore partnered with Wipro to drive digital transformation through digital integrations to achieve a futuristic IT architecture and reduce go-to-market time

The modern regulatory and competitive environment has forced banks and financial institutions to deploy CRM systems.

The Role of a CRM Solution in the BFSI Industry

A CRM solution in the BFSI sector is typically used for customer onboarding, customer data maintenance and customer service requests management that provides a 360-degree view about the customer.

Right from running a campaign and generating leads to assigning and converting leads, a CRM solution can transform the customer experience.

Know Your Customer (KYC) norms involve intricate protocols to be followed and compliance requirements change frequently.

What the BSFI sector needs to tackle these changes is an efficient and dynamic CRM solution.

Importance of CRM Testing

CRM systems are becoming an integral part of a bank’s processes. Being interfaced with multiple data sources, client service solutions and reporting databases, they gather and process large volumes of data. As modern IT systems are in a constant state of flux, CRM systems often get impacted. As the CRM systems are being changed and modified often, constant testing of CRM systems becomes imperative. 

The CRM testing activity can be done manually or through an automated solution. The challenge is that when the CRM is upgraded or transitioned from legacy systems, testing the CRM software manually becomes time-consuming and error-prone. The error rate also multiplies in no time and affects the various functions of the business. Automating the CRM testing process is the befitting solution. 

Benefits of an Automated CRM Testing Solution

With the CRM testing automation solution, banks can tackle complex banking workflows. They also can:

• Make better use of the large volumes of data
• Ensure an agile process
• Use the solution on multiple interfaces
• Validate larger portions of the customer lifecycle
• Follow a data-driven testing method

What makes banks to adopt an automated CRM testing strategy is the fact that the customer’s demands and expectations change rapidly. Banks can’t afford any delays and redundancies while working with their customer relationship lifecycle. The banking sector is beginning to see the advantages of using an automated solution and is slowly moving in that direction. The need of the hour is a dynamic automated CRM testing solution, a solution that could be deployed for multiple processes. 

How Banks Can Benefit from an Automated CRM Testing Process?

Of all the advantages that an automated CRM testing process brings in, the most important one is that it saves time. 

Let’s look at some more advantages: 

• Accurate: Automation brings in accuracy to the testing activity
• Agile: As automation brings in accuracy and makes it error-free, the testing activity becomes agile
• Reliable: Automated testing is much more reliable than manual testing and brings down the error rate
• Reusable: CRM tests and components can be reused on different versions
• Programmable: Automated CRM tests are programmable for different variables, operators, loops, etc.
• Work 24/7: Unlike manual testing, automated CRM testing can be performed at any time and for longer spans
• Better ROI: Automated testing has a big initial investment, but produces better ROI than manual testing

Considering all the advantages that automated CRM testing offers, it makes a strong case for itself in the banking industry. Banks can not only save money and time by investing in automated CRM testing software but also ensure better resource utilization.

This blog was originally posted on Yethi Consulting

COVID-19 Impact Analysis on BFSI Security Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.

The report encompasses data regarding market share and recent developments by key players.

Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.

The major players in the BFSI Security Market include Comarch SA, Accenture, ClickSoftware Technologies Klugo Group, Infor, SAP SE, Trimble Navigation Limited, Astea International, Inc., and Tech Mahindra Limited, among others.

This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global BFSI Security Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/bfsi-security-market/download-sampleMarket SegmentationThe broad BFSI Security Market has been sub-grouped into the Physical Security, Information Security, End-Use and Region.

The report studies these subsets with respect to the geographical segmentation.