Glitches in a bank's software system can pose significant challenges, disrupting the daily lives of customers. In the banking sector, the real-time testing of complex software is crucial but challenging, given the rapidly changing requirements that must align with customer expectations. Despite allocating substantial resources to enhance security against external threats, there is often an underestimation of the importance of thoroughly assessing the quality of the code itself. In 2023, software malfunctions garnered considerable attention, repeatedly putting banks in the headlines. Below are some notable software failures from the year:

There is a saying that goes, 'You can't manage what you can't measure.' In software development, the true measure of effectiveness doesn't lie solely in the lines of code written or the frequency of commits; it's found in the rate at which you deliver tangible value to your users. The ability to consistently provide value to users, promptly respond to their needs, and transform these into functional features is the ultimate gauge of success. In essence, it's not about how frequently you change the code; it's about how often you can positively impact and delight your users with meaningful updates and enhancements.

Have you ever been left worrying if your payment will go through without any issues?

The banking industry has seen significant growth in the demand for test automation in 2022, driven by the need to support digital transformation. Going into 2023, banks continue to seek new ways to improve their efficiency and resilience. In this context, automating software testing will become increasingly important to achieving these goals.

Software glitches in a bank’s software system can be one of the most troublesome issues that turn customers’ everyday life into a challenge. In banking, testing complex software in real-time is vital yet tricky as requirements change too rapidly to meet customer expectations. While organizations do spend a lot of resources to accelerate security from external threats, checking the actual quality of the code is being underestimated. Software malfunctions put banks in the headlines many times during 2022. Here are some of this year’s software failures:

Can you imagine being able to mine every bit of value possible from your datasets? If not, it’s because the privacy fears and data leaks risks put decision makers in financial sector in a fake dilemma: Protecting the privacy of your customers and keeping their sensitive data secure or getting agile through privacy innovation? Is there a way to get the best of both sides without sacrificing on privacy and security?

On May 2019, Deutsche Bank found out that its software, which is meant to Detect Money Laundering activity, had a bug that prevents a program from retroactively scanning and analyzing corporate payments to flag potentially suspicious transactions and identify patterns that can be notified to regulators. The AML software program “was configured erroneously with two out of 121 parameters defined incorrectly,” the financial institution said in a statement. This was not the first time Deutsche Bank has been repeatedly fined for failing to fight money laundering as well as to comply with sanctions against foreign countries and entities.

Agile testing is a software testing practice that follows the principles of agile software development. Agile testing involves all members of a cross-functional agile team, with special expertise contributed by testers, to ensure delivering the business value desired by the customer at frequent intervals, working at a sustainable pace. With Agile, testing becomes an integral part of the core software development and actively participates though out the software coding process. Agile testing involves testing from the customer perspective as early as possible, testing early and often as code becomes available and stable enough from module/unit level testing.

Heading into 2017, banks are facing significant changes including increased regulations, the need to modernise their legacy systems and growing cyber threats. Digital is no longer ‘another channel’  - it’s essential to success and to secure the next generation of banking customers.