Banking for the Future is Banking on the Future

Testing of systems, processes, protocols and products

In today’s financial world forward looking banks are finding it crucial to differentiate competencies such as: risk management; multinational compliance; new approaches to managing customer relations in a more personalized way (relationship-based pricing and service); lean, high-speed business processes; and product strategy and design. 

Implementing this mandate is not as easy as it sounds. Increasing rates of change and complexity, rising transaction volumes, and demands for reduction in latency across operational, decision-making and development cycles are creating intolerable stress for traditional bank processes and systems, most of which, were designed and implemented more than a decade ago.  

Many banks are considering overhauling of their core banking systems, some by choice and some because they have no choice. Gartner predicts that 75% of banks will need to replace their core application infrastructure by 2014 due to increasing rates of change and complexity, rising transaction volumes, and demands for reduction in latency across operational, decision-making and development cycles. 

Apart from the conventional models (custom-built and off-the-shelf applications) among the options being considered, we have open systems, Service-Oriented Architecture, Software-as-a-Service and cloud computing models.  

As customers demand for ubiquitous, secure, and convenient banking keeps growing, so will the demand for Information Technology as the enabler and the  significance of testing banking systems, processes, protocols and products.