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Yethi Consulting
Yethi is a leader in software solutions bringing quality assurance to global banking and financial services industry.
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Yethi Consulting 2019-03-11
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Speed of change: Businesses wish to adopt new technologies more rapidly. Complexity of environment: Unlike the broad adoption of Core Banking Solutions (single monolithic applications) witnessed in early 2000s, today organizations are more more likely to go for a best-of-breed application stack. This leads to a higher complexity in the institution’s IT landscape and leverages integration technologies (service bus, SOA) extensively. An Accenture survey of 80 bank COOs in North America says, “The need is for back-office operations to become more digital and to act as the new front office.” Most of the banking applications today need to interact with multiple back-end systems such as trade, loan origination, core-banking, retail lending, and wealth management. Additionally, business processes and transaction lifecycles are spread across multiple days or may need to be executed in real time. Banks need to manage these transactions without losing them, and they must flow from one back-office system to another seamlessly.
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Yethi Consulting 2019-03-04
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With the advent of open APIs, new business opportunities are being created at the core of banking services.

Additionally, with the PSD2 directives deadline looming, banks need to ensure 24/7 availability of APIs to third-party providers.

theAsianbanker revealed that “one of the top banks in India implemented an API-based solution for its customer.

The solution aimed to reduce inefficiencies in the trade finance and financial supply chain, by providing a cost-effective and efficient means of automating bill discounting”.

Open APIs are fundamentally transforming the banking experience for end users, whether it is individuals or global corporates.

For banks to design, build, and operate such vast and complex financial ecosystems based on open APIs, they need to be backed by robust quality assurance processes.

Challenges due to APIs:

  • As multiple applications and parties are involved in API-based transactions, multi-stage commits and rollbacks have to be executed to perfection.
  • Real-time monitoring has to be performed to plug any un-envisaged process gaps. Insufficient discussion and debate on transaction rollback procedures and error handling have led to banks left with footing a large bill—sandwiched between clients and third party payment initiators.
  • Points of failure can be external to banks and unlike credit cards, the traceability of transactions will be more painstaking and difficult to establish. With no interchange fees to create validation infrastructure, banks must not believe that the risks are similar to credit cards.  Security protocols and authentication of third parties will gain prominence.

API testing makes FinTech innovation a reality

When it comes to open API testing, banks will need to ensure integrations are performed and tested in the most extensive manner possible. During API testing, banks primarily will need to validate the data response and behavior of API requests. They will require design and test APIs aligned with critical business logic and processes. With usage of APIs, banks need to accept the input data in the form of structured request and provide responses. Banks can automate most parts of the API testing such as functional testing, generation of dynamic data, extensive regression testing, test scenarios covering the complete ecosystem, performance, ad hoc scenarios, and robust security testing.

 

A Markets and Markets research points out that “The global API testing market size is expected to grow from USD 447.4 Million in 2017 to USD 1,099.1 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 19.69% during the forecast period. In the API testing market, the BFSI vertical is expected to grow at the highest rate during the forecast period. The open API movement in the banking industry which exposes a wide range of banking APIs with other businesses is driving the API test market.” So this points to the growing importance of the practice and the need to invest in automated API testing.



Open API testing at banks can be vast and complex. Banks must actively adopt open APIs to stay at the forefront of FinTech innovation. To achieve this, banks apart from having collaboration and partnerships, need to be backed by robust back-end systems that deliver in tandem with open APIs. To achieve this, banks will need highly automated testing and QA strategy. Tenjin is a next-gen test automation suite tailored-made to meet highly evolving QA requirements of banks. Tenjin features a core engine that seamlessly automates a bank’s open APIs testing. To know more, write to us at [email protected].

collect
0
Yethi Consulting 2019-02-20
img

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

collect
0
Yethi Consulting 2019-03-11
img
Speed of change: Businesses wish to adopt new technologies more rapidly. Complexity of environment: Unlike the broad adoption of Core Banking Solutions (single monolithic applications) witnessed in early 2000s, today organizations are more more likely to go for a best-of-breed application stack. This leads to a higher complexity in the institution’s IT landscape and leverages integration technologies (service bus, SOA) extensively. An Accenture survey of 80 bank COOs in North America says, “The need is for back-office operations to become more digital and to act as the new front office.” Most of the banking applications today need to interact with multiple back-end systems such as trade, loan origination, core-banking, retail lending, and wealth management. Additionally, business processes and transaction lifecycles are spread across multiple days or may need to be executed in real time. Banks need to manage these transactions without losing them, and they must flow from one back-office system to another seamlessly.
Yethi Consulting 2019-02-20
img

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

Yethi Consulting 2019-03-04
img

With the advent of open APIs, new business opportunities are being created at the core of banking services.

Additionally, with the PSD2 directives deadline looming, banks need to ensure 24/7 availability of APIs to third-party providers.

theAsianbanker revealed that “one of the top banks in India implemented an API-based solution for its customer.

The solution aimed to reduce inefficiencies in the trade finance and financial supply chain, by providing a cost-effective and efficient means of automating bill discounting”.

Open APIs are fundamentally transforming the banking experience for end users, whether it is individuals or global corporates.

For banks to design, build, and operate such vast and complex financial ecosystems based on open APIs, they need to be backed by robust quality assurance processes.

Challenges due to APIs:

  • As multiple applications and parties are involved in API-based transactions, multi-stage commits and rollbacks have to be executed to perfection.
  • Real-time monitoring has to be performed to plug any un-envisaged process gaps. Insufficient discussion and debate on transaction rollback procedures and error handling have led to banks left with footing a large bill—sandwiched between clients and third party payment initiators.
  • Points of failure can be external to banks and unlike credit cards, the traceability of transactions will be more painstaking and difficult to establish. With no interchange fees to create validation infrastructure, banks must not believe that the risks are similar to credit cards.  Security protocols and authentication of third parties will gain prominence.

API testing makes FinTech innovation a reality

When it comes to open API testing, banks will need to ensure integrations are performed and tested in the most extensive manner possible. During API testing, banks primarily will need to validate the data response and behavior of API requests. They will require design and test APIs aligned with critical business logic and processes. With usage of APIs, banks need to accept the input data in the form of structured request and provide responses. Banks can automate most parts of the API testing such as functional testing, generation of dynamic data, extensive regression testing, test scenarios covering the complete ecosystem, performance, ad hoc scenarios, and robust security testing.

 

A Markets and Markets research points out that “The global API testing market size is expected to grow from USD 447.4 Million in 2017 to USD 1,099.1 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 19.69% during the forecast period. In the API testing market, the BFSI vertical is expected to grow at the highest rate during the forecast period. The open API movement in the banking industry which exposes a wide range of banking APIs with other businesses is driving the API test market.” So this points to the growing importance of the practice and the need to invest in automated API testing.



Open API testing at banks can be vast and complex. Banks must actively adopt open APIs to stay at the forefront of FinTech innovation. To achieve this, banks apart from having collaboration and partnerships, need to be backed by robust back-end systems that deliver in tandem with open APIs. To achieve this, banks will need highly automated testing and QA strategy. Tenjin is a next-gen test automation suite tailored-made to meet highly evolving QA requirements of banks. Tenjin features a core engine that seamlessly automates a bank’s open APIs testing. To know more, write to us at [email protected].