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:

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:

Imagine people logging on their bank account and presented not with their own bank accounts but with those of completely different customers. Imagine people seeing their life savings suddenly missing from their account. This is what happened in April 2018, when a series of outages led to the meltdown of TSB’s online banking system, costing the bank £366 million in ‘post-migration charges’ and a big loss of customers. A bill of £153 million was sent to Sabis, the bank’s IT provider, for its role in the crisis. The overall cost of the software failure could increase further if fines are subsequently imposed by regulators.

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:

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.

The worst system crashes happen when –and where- you least expect them. The results vary from affecting a company’s brand to even putting in danger people’s lives. Below we are listing some of the top software failures during the first semester of 2018:

Sometimes systems crush. And when they crush, they become headline news. The results of a phenomenally simple software error can affect the life of millions of people in the most negative way.

During 2015 the big “attack of the bugs” took place on numerous organizations causing very serious problems on their functions and reputation (read HERE). The following year, 2016, seems to be –at least till today- more quiet.