Accelerating the Banking Transformation with Digital Assurance

The banking business is fast evolving, and individual banks that serve retail, commercial, small-to-medium-sized businesses (SMEs), or wealth management firms must make rapid changes to become “digital-first” enterprises.

However, making such a transformation entails enormous risks. Banks that get digital transformation wrong risk damaging client relationships and losing market share to digital-only competitors who are more agile and technologically capable.

To enable new business models and remain relevant to clients, banks require a solid digital foundation. High levels of process digitization, application programming interfaces (APIs) to enable connected banking experiences, and omni-channel possibilities are all part of this foundation.

Customer analytics, robots, artificial intelligence, and digital marketing are just a few of the complex competencies that digital transformation necessitates.

Banks were already seeking to make more of their services and products accessible through their online and mobile banking platforms before the COVID-19 pandemic began, to better suit the market’s shifting expectations and demands.

The pandemic’s impact is now hastening digital transformation plans, as banks rush to enhance their online and mobile banking capabilities.

The retail banking business is fast changing as efforts for digital transformation intensify to better fulfill the demands of clients. Banks will need to continue to improve their online and mobile banking capabilities to provide a smooth and outstanding customer experience.

In the midst of the push to digitize every potential activity, CIOs are increasingly focused on IT initiatives that improve the digital customer experience. Digital wallets are poised to take the market, given the rapid growth of transactional banking and widespread usage of smartphones.

According to a research by the Federal Reserve Board, 28% of smartphone users make mobile payments, while 94% of smartphone banking users check account transaction enquiries. Statistics show that technology is increasingly encroaching on the banking industry.

Furthermore, with a plethora of banking channels such as the internet, mobile banking, ATMs, IVR, and a variety of payment gateways, banks want a consistent experience across all touch points. As a result, digital quality assurance is critical in the BFSI industry.

Financial applications are complicated and require an extra layer of security because they include one factor that has the power to spin the entire globe – money.

Banks are also incorporating cloud services and IoT into their environment because of the increased use of technology. These applications for the twenty-first century must continually provide a superior client experience, deliver above-par quality, and simplify the banking process.

The cloud and data centers are used to disseminate digital corporate assets. Organizations are vulnerable to breaches because of traditional, fragmented security approaches that focus on enterprise perimeters.

A cybersecurity mesh architecture creates a scalable and interoperable service by providing a modular approach to security based on identity. To enable a security approach that spans beyond the foundation of IT services, the shared integrated framework safeguards all assets, independent of location.

To succeed, banks will need to implement digital assurance to ensure that their online and mobile banking services provide a faultless and unparalleled consumer experience.

Any digital product’s success hinges on its ability to provide digital assurance. They provide a safety net for banks, protecting them from the implications of having digital bugs or anomalies on their online and mobile banking platforms.

If you want to know more, register for an insightful webinar, titled “Accelerating the Banking Transformation with Digital Assurance”, being hosted by Cigniti on July 7th, 2022.

Why Should You Attend the Webinar?

Banking is getting disrupted by next-gen omnichannel, smart, modular, and open banking experiences. Additionally, there is an increased digital transformation effort across the domain post-COVID.

Banks are opting for hybrid and co-located delivery to accelerate business through customer-centric apps. The industry is constantly on the lookout for ways to accelerate its efforts to build modern, robust, intuitive, secure, and future-ready software.

Hear from thought leaders – Thanuja Karunamoorthy, Vice President, Digital Banking, Technology at EQ Bank; Raghuram Krovvidy, President & Global Delivery Head at Cigniti; and Sairam Vedam, Chief Marketing Officer at Cigniti, as they discuss the customer’s evolving demands from digital banking experiences and how senior IT leaders are turning to Digital Assurance to accelerate digital transformation and go digital-first.

Your key takeaways from this webinar:

• Learn how thought leaders are approaching the new imperatives of digital experience in banking and financial Services
• Gain actionable insights from real-life success stories (and some not-so-successful ones)
• Best practices for assuring a superior digital experience.

Who should attend?

IT, QA, and Digital leaders from banking, financial services or other industries who are looking to stay ahead by providing superior digital experiences.

Conclusion

The shift to digital-first has resulted in enterprises reimagining their business models and customer strategies. A robust digital transformation strategy requires a complete makeover of the traditional QA processes and infrastructure.

Cigniti’s digital assurance and testing solutions address the multi-faceted needs of digital transformation while keeping agility and customer centricity at the core of our services. We conduct comprehensive testing across your digital value chain, encompassing digital marketing, web portals, web content, digital assets, and web analytics, as well as the entire digital ecosystem, including cloud, mobility, big data, and connected devices.

Cigniti’s comprehensive Digital Transformation program for banks assures a superior UX for its clients’ customers while optimizing the service delivery cost. It spans end-to-end functional validation, mobile app validations, 3rd party API integrations, cyber security assurance, biometric validations, and more.

Schedule a discussion with our Digital Assurance experts and BFSI Consulting & Testing experts to learn more about accelerating the banking transformation with digital assurance.