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Back


WHY BANKING ON CROWDTESTING IS KEY FOR SHAPING SECURE, PERSONALIZED EXPERIENCES


AS THE BANKING AND FINANCE LANDSCAPE CONTINUES TO EVOLVE, THE ADOPTION OF
CROWDTESTING STANDS OUT AS A STRATEGIC MOVE FOR INSTITUTIONS AIMING TO STAY
AHEAD IN A COMPETITIVE AND DIGITALLY-DRIVEN MARKET.


Back


WHY BANKING ON CROWDTESTING IS KEY FOR SHAPING SECURE, PERSONALIZED EXPERIENCES


AS THE BANKING AND FINANCE LANDSCAPE CONTINUES TO EVOLVE, THE ADOPTION OF
CROWDTESTING STANDS OUT AS A STRATEGIC MOVE FOR INSTITUTIONS AIMING TO STAY
AHEAD IN A COMPETITIVE AND DIGITALLY-DRIVEN MARKET.

January 2, 2024 | Banking / Financial Services & Insurance
Darren Choong
|
| Content Manager

Today’s banking, financial services, and insurance (BFSI) landscape is more
connected, digital, and open. For customers, this has many benefits, such as
convenient access to services and personalized solutions.

However, for the industry, this increased connectivity and digital
transformation brings many challenges, ranging from ensuring the security of
sensitive financial data, to developing hyper-personalized digital solutions, to
navigating the complexities of multiple platforms and compliance requirements,
and more.

In this dynamic environment, the role of quality assurance (QA) and user
experience (UX) testing is critical to ensure the security, reliability, and
usability of BFSI products and services. Traditional testing methods often fall
short in addressing the nuances of the BFSI sector, where the stakes are higher,
and the margin for error is minimal.

Here, crowdtesting is a transformative solution that enables continuous growth
and improvement. And most importantly, to help maintain and build customer trust
as BFSI institutions grapple with how to address the challenges of open banking,
the need for robust payment systems, and the need to seamlessly connect with
customers at a truly unprecedented level.

Crowdtesting is uniquely positioned to provide solutions by simulating
real-world scenarios, developing comprehensive assessments, and creating
personalized connections through a global pool of testers.

Let’s first consider the role of QA and UX in the industry.


HOW QA AND UX TESTING CAN PAY OFF IN FINANCIAL SERVICES

As we’ve observed across multiple industries, including BFSI, both QA and UX are
inherently complementary and form the backbone of product and service
excellence. QA ensures that products and services work as intended, guaranteeing
their reliability, while UX ensures that users can interact with these offerings
effectively and securely, optimizing their overall experience.

As Maria Paz Adaro, Project Manager at Testbirds, aptly pointed out, “In an
industry where a lot of personal and sensitive data is being shared, any bug or
issue that might arise diminishes the trust of the customer in the
product/website.

Testing and double testing everything to make sure there are little to no errors
present is very important.”

By combining QA and UX, BFSI companies can achieve several benefits, including:

 * Secure and easy-to-use solutions that provide customers with a safe and
   enjoyable experience.
 * Reduced costs by identifying and addressing issues early in the development
   process.
 * Increased innovation, which leads to the development of products that meet
   user needs while maintaining the highest quality standards.

These points were further elaborated by Anastasiya Khrypach, Project Manager at
Testbirds, “In the BFSI industry, security and reliability play a crucial role,
and testing is one of the main keys to the quality of products.

By analyzing test results, gathering feedback, and implementing improvements, QA
promotes constant growth and improvement, enhancing products’ quality and making
them even more innovative.”

Insights


UNLEASHING QUALITY ASSURANCE WITH CROWDTESTING IN AGILE AND DEVOPS

Learn why integrating crowdtesting in your Agile development and DevOps enables
you to develop, and efficiently release, high quality digital banking and
payment solutions.

Read more


QA is also set to be a major player when it comes to the proposed Open Banking
Standard because, as Tobias Petruschke, Project Manager at Testbirds noted, “It
is essential to test, in advance, which banks will support the Open Banking
Standard and what the programming barriers are. Payment Testing is useful for
this.”

This also includes, Tobias continued, the issues that different banks face when
it comes to the Payment Initiation Service, or PIS – a form of Open Banking,
“even large banking organizations  may have different standards for all their
branches, which stand in the way of successful service.”

 

Tobias Petruschke Project Manager, Testbirds


“FORTUNATELY, TESTBIRDS CAN COVER A LARGE NUMBER OF BANKS, INCLUDING SMALLER
ONES, FOR VARIOUS MARKETS AND COUNTRIES. THIS CAN BE REALIZED PARTICULARLY WELL
WITH CROWDTESTING BECAUSE IT CAN COVER A WIDER AUDIENCE.”

By using crowdtesting to identify and remediate bugs early and gaining real user
insights into customer behavior, banking and financial institutions can create
hyper-personalized experiences.


WHY CROWDTESTING IS NEEDED IN OPEN BANKING

Getting ready for Open Banking is one big challenge, but there are many more.
These include dealing with regulatory compliance, data security, and managing
multiple product offerings across interconnected systems. As Anastasiya asserts,

Anastasiya Khrypach Project Manager, Testbirds


“THERE ARE LOTS OF DIVERSE SYSTEMS AND PLATFORMS, AND ENSURING A SEAMLESS,
USER-FRIENDLY INTERFACE ACROSS VARIOUS DEVICES AND PLATFORMS IS ALWAYS
CHALLENGING, ESPECIALLY GIVEN THE COMPLEXITY OF FINANCIAL PRODUCTS AND
SERVICES.”

This can be further compounded, as Paz noted, by an inability to effectively
test their solutions outside of main city areas. “Finding users with regional
banks in very specific towns can be tricky, but thanks to our amazing Crowd
Management team, we can reach most of those areas and those banks or payment
methods.”

Crowdtesting is also particularly suitable for such banks during testing and
retesting because, as Tobias mentioned, it gives people a quick way to know that
“everything will work as planned. Without a test, companies run the risk of
their Open Banking service user having an incompatible bank and then having
problems with customer contact.”

This brings up the necessity to ensure a good, if not great, user experience
across various devices at every step of the increasingly hyper-personalized
customer journey.

Insights


UNDERSTANDING THE CUSTOMER JOURNEY: BENEFITS, TOUCHPOINTS, AND OPTIMIZATION

Find out why you must understand your retail customers’ journey to keep up with
their ever-evolving preferences.

Read more


As with regional banking, this includes ensuring that products and services are
accessible to customers in different countries and regions. Fortunately,
crowdtesting can help companies localize products and services for different
languages and cultures and ensure that they are accessible to all users –
ensuring an optimal experience.

For open banking, in particular, this is where a mix of usability, UX, and user
crowdtesting can make a huge difference. As Paz says, “By testing real scenarios
with real testers, they face issues which might not show up in your internal
testing. Every scenario is tested by a tester who might not know much about Open
Banking, so it’s ‘easier’ for them to find ways to ‘break’ the product.”

Maria Paz Adaro Project Manager, Testbirds


“BY TESTING IN DIFFERENT COUNTRIES, WITH REGIONAL OR SMALL BANKS, WE GIVE OUR
CLIENTS ACCESS TO DEMOGRAPHICS WHICH ARE VERY DIFFICULT TO TEST INTERNALLY.”

This is a cost-effective way to ensure that solutions are not only nice to use
but are usable and as bug-free as possible. The ideal way to ensure conversion
rates don’t drop!

Insights


USABILITY TESTING VS UX TESTING VS USER TESTING. WHICH TEST IS BEST?

Learn more about these three common types of testing and determine which test
you need to improve your banking solutions or fintech products.

Read more



A CASE IN POINT

Finding critical bugs and establishing a collaborative process with developers
is an essential part of Testbirds’ solutions. This was highlighted by Paz when
discussing our recent work with a BFSI client:

“Not long ago, we tested with a company that needed to conduct tests with both
private and business accounts. The test was quite notable since when we started,
we expected it to be a regular test that would provide nice results for our
client, but nothing out of the ordinary.

Once the test started, we noticed it was anything but. Several critical bugs
were found, which caused the test to be paused, so that the developers could fix
these critical issues.

There were lots of back and forth between everyone involved, and as bugs started
to get fixed, testers could move forward in the process of testing the different
steps.

It was a really valuable test for the client, since it flagged really concerning
issues in their platform, and it took quite some time, but our testers were
ready for it!”

For more real-world examples, click here.

By leveraging a global pool of real-world testers, crowdtesting provides BFSI
companies with several key advantages:

 * Unveiling critical bugs and issues that may go undetected in traditional
   testing methods.
 * Gaining valuable insights into user behavior and preferences, driving
   continuous improvement and innovation.
 * Ensuring seamless compatibility with various devices, platforms, and payment
   methods, enhancing customer satisfaction.
 * Maintaining regulatory compliance and safeguarding sensitive data, instilling
   trust among customers.


LOOKING AHEAD

Today’s consumers are clearly prioritizing digital solutions and changing the
criteria for selecting a financial services provider and insurer. This shift
underscores the critical role of the customer experience as a key differentiator
for financial services providers.

As the industry embraces digital transformation, a focus on customer experience
not only improves service quality, but also contributes to cost efficiency.
Moreover, the advent of open banking will intensify competitive pressures,
challenging BFSI institutions to innovate and excel in meeting evolving customer
expectations.

This makes crowdtesting an indispensable tool for navigating the complexities of
the digital era. By providing comprehensive testing, personalized feedback, and
global reach, crowdtesting empowers BFSI organizations to deliver exceptional
products and services, foster customer loyalty, and achieve sustainable growth
in an increasingly competitive market.

Are you ready to harness the power of crowdtesting and transform your banking or
financial services? Discover how our team of experts can help you transform your
testing in Open Banking here.

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THE NETHERLANDS
(INTERNATIONAL HEAD OFFICE)

Testbirds B.V.
+31 20 891 23 75
info@testbirds.com





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