Relying on manual spreadsheets for reconciliation, despite the prevalence of automated tools in the industry, seems to be an unconventional decision. This choice may be attributed to factors such as not having taken the time to transition to a reconciliation platform, a belief that the current system is functional, a preference for the familiar spreadsheet interface, or simply adhering to established practices where reconciliation is not considered a top priority.

As financial institutions navigate the complexities of data privacy, stringent regulatory compliance, and the constant demand for high-quality data for testing and development, the emergence of synthetic data has proven to be a game-changer. Synthetic data’s innovative approach not only streamlines testing processes but also serves as a robust safeguard for sensitive information. For banks and financial organizations, the utilization of synthetic data represents an opportunity, providing efficient, compliant, and top-tier data solutions.

In the changing world of finance, it's crucial to keep updating and innovating to stay competitive and meet customer needs, increasing compliance costs and intensified competition are driving institutions to explore innovative solutions.

The quest for fast, dependable test data poses numerous hurdles for application development teams, ranging from the speed and quality of data movement to concerns about security and costs throughout the software development lifecycle (SDLC). Below, we outline the most prevalent challenges organizations encounter in managing test data.

In today's data-driven world, organizations are constantly seeking ways to harness the power of data to drive innovation, improve decision-making, and deliver exceptional customer experiences. Traditional monolithic data architectures, however, often prove to be cumbersome and limiting in the face of evolving business requirements.

Data onboarding is the challenging process of importing and migrating data from one application to another, which can can have significant consequences for businesses and customers.

Essentials for creating a high-quality test data automation strategy

In the midst of the growing digital demands of customers, organizations are feeling more pressure than ever to modernize their practices and automate their business processes in order to keep up with the competition.

Banks and Financial institutions need to deliver better quality software to the business faster and at less cost. No bank can afford the time, the cost or the risk of employing an army of manual testers. They need to be able to respond to changing requirements by provisioning fit for purpose test data to the right place at the right time to accelerate and improve test cycles.

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?

With the adoption and spread of digital technology, software testing helps different organizations stay competitive and shows exponential growth during the last four years. While not every institution will be impacted equally by fast-changing technology, IT undoubtedly plays a significant role in all industries. In this article we emphasize in the eight most important tech trends that banks and financial services organisations will continue to experience within 2020: