More than 80% of banking executives think that the future of finance is financial services platforms, which customers can access via banking applications. And as many as 65% of banking executives now state that technologies will have the most influence on banks through 2025.
As we progress to the end of this year and most of the organization plan for the post-pandemic normal, one thing has become clear– digital is here to stay, and reign!
A large part of financial services consumers reported at the start of the lockdowns that they would go back to the early ways once the condition normalizes. But now they have now acquired a liking for the digital and online financial services platforms. With many of the lockdown limitations now getting relaxed, banking and financial institutions need to embrace themselves to improve their digital services abilities.
The primary purpose factoring into the financial services sector’s digitalization is the growing importance of customer experience and customer insights. About 90% of the financial services firms stated in a recent survey that customer experience is a significant competitive benefit. This means that to sustain and thrive in the insanely competitive financial ecosystem, which is being increasingly penetrated by innovation banks, FinTechs, customer experience will become the differentiating element. And with customers now demanding an omnichannel experience, digitalization has become necessary.
During the lockdowns, various physical branches were shut. As a result, customers turned to contact centers, mobile, and online channels for meeting their needs. These channels, being both super-convenient and secure in the time of a pandemic, observed a wave in their adoption by the consumers.
The financial institutions are operating through a landscape of uncertainty on various fronts of economic reconstruction, interest rate, and global trade. In such times, digital has come out to be one specific factor that will not only improve the financial firms take this tide of uncertainty but rise victorious on the other side. However, before beginning out on the digital sail, it is important that the industry proactively acknowledges and addresses the challenges it might encounter during the journey.
Competing with the innovators
Innovator banks, non-banks, and FinTechs have disturbed the financial services industry as we understand it. By bringing in novel ways of payment transactions, they introduced consumers to a whole new world of convenience that never existed previously. Their innovative method posed a major threat to the authorities, forcing the established institutions to embrace new ways.
The selection of DevOps practices will provide these financial services institutions to promote a collaborative culture that can help accelerated releases of innovative products to the end customers while having a check on the quality standards.
DevOps in financial services is significant to match the movement of the constantly evolving consumer market landscape and meet the demand for continuous quality in the services. By holding the new-age technologies and the right culture, financial institutions can face as well as join teams with the innovative FinTechs.
Having a DevOps-driven software development method for delivering superior digital products to the consumers allows the industry to get relieved of the old-school, chunky, and time-consuming architectural methods.
Continuous testing and automation
With customer experience and customer knowledge regarding the top-most priority for the financial services industry, there is no scope for the companies to falter in terms of quality. This makes continuous testing important for the success of both DevOps-driven SDLC and a financial institution as a whole.
DevOps and automation go hand-in-hand. While test automation allows speed, continuous testing driven by automation leads to quality-at-speed. When a continuous testing feedback loop is combined with the automated CI/CD loop, the end product scores high on quality, speed, and value to the end customers.
Driving financial enterprise transformation with DevOps and continuous testing
Promoting the cultural, technological, and testing transformation over an enterprise is easier said than done. Making this transformation from theory to practice could change to be a difficult task if a financial enterprise fails to discuss the challenges on the way.
Even encountering strong opposition, in the start, many companies took a risk of implementing DevOps and have benefited extensively. Today, many technologies such as big data analytics are growing rapidly and are implemented by many organizations around the world.
If you are in a dilemma with your digital or DevOps transformation journey, schedule a discussion with our experts at TestUnity who can lead you to success.