Financial Product Testing Financial Product Testing Financial Product Testing

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Financial Product Testing

Financial Product Testing
In today’s proliferating market of financial products, banks and financial institutions need to ensure that their technology investment gives them superior ROI. Creating test repositories, completing detailed interface testing and ensuring their users do not encounter any errors while using the application are some of the crucial aspects in leveraging their financial products to the maximum.

Challenges in Financial Product Testing

The typical challenges below are handled competently during a financial product testing
  • Testing of a new product requires a deep understanding of domain encompassing varied functionalities which involve various business units.
  • Understanding legacy applications and the product behaviour to set up the product in the new application to meet business requirements.
  • Different test approaches have to be designed for various activities, starting from data preparation to data interchange between a vast number of third-party interfaces and the core banking platform.
  • Functional and technical assessments are necessary to understand the changes in the system and to prioritize testing.

Release Testing

Financial software products continuously evolve due to enhancements, compliance requirements, technical and configuration updates. Most product companies manage these releases according to a planned schedule. Given this scenario, product upgrades need thorough testing at component and enterprise levels for each release to ensure the integrity of release contents with the existing version of the software.

SQS with its vast experience has successfully established release testing frameworks for large global institutions spanning multiple business domains. These include TCoE’s (Testing Centre of Excellence) implemented for end user banks/financial institutions and multi-institutional platforms for product vendors.

Pre-shipment testing ensures the delivery of the version of a product or application that meets the customization scope that is meant to be incorporated into the current delivery.

As part of pre-shipment testing, test cases that cover all the important functionalities are selected and run to ascertain that the delivered application is ready for User Acceptance Testing and all the crucial functions of the program work correctly.

Following are the benefits of early detection of critical product level defects

  • Cost and time benefit due to early detection of defects
  • Full application scope is available for UAT
A major challenge faced by clients across the world is continuously reducing time-to-market, without compromising product quality.

Based on domain knowledge, experience and expertise gained through 10 million hours of domain focused testing, SQS has developed a multi layered approach for building reusable test repositories.

The test repositories have been built to
  • Support all types of testing – SIT, UAT, functional and regression
  • Enable high quality test planning to facilitate productivity gains and crunch the timelines
  • Facilitate quick response to client requirements by keeping abreast with industry updates/news
  • Re-use test packs to quickly customize application and client-specific enhancements, with a multi-layered approach

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