Five Factors That Will Have a Huge Impact on Digital Banking and E-Wallets in 2017

special-projects-e-wallet-628x355We have seen a lot of changes and challenges in the digital banking system in the last year. However, with people shifting more towards digital payments, there are a few key elements that can have a significant impact on digital banks and E-Wallets.

Security

Security is the prime concern of the majority of the digital banking users. A completely safe and secured banking system will make the users to try new features. However, hackers and security threats can prove to be a disaster in digital transactions. A recent report by Gartner says that by 2018, around 50% of the consumers will use smartphones or wearables for mobile payments. With digital innovation, security testing can guarantee that applications are fit to be launched. In addition, it can ensure organization’s reputation, data confidentiality, and customer trust.

User Experience 

User experience is a key factor and leaves a huge impact on the user. A complex user interface or any distraction in the form of advertisement can put off customers permanently. Any transaction related interface requires simplicity and ease. A recent report by Gartner says that the global market for mobile payments will triple by 2017. For a hassle-free transaction, it is required to have seamless integration to net-banking sites and e-payment gateways. Software testing can ensure integration and seamless transaction in a secured way.

Functionality

Functionality plays a major role in deciding the overall quality of an application, especially in the case of banking related applications. Functional testing includes testing of functionality, i.e. validating a function or entire component of your product. Software testing ensures that the defect rates are reduced, right from requirement-gathering stage to end-to-end test coverage. This helps in detecting critical defects in the existing system.

Performance

With the increasing demand of cashless transactions, most customers depend on their bank cards or software applications to carry out the transaction. However, there could be millions of users performing a transaction at a given point of time. In such cases, you user might experience application crashes, slow responsiveness, and other obstructions. Performance testing is crucial in ensuring everything happens as intended, right from monitoring the response time to performing load and stress test. Performance testing can be further extended to evaluate user experience under different load and traffic.

 Data Integrity

Banking services require a lot of trust. Banks are responsible for maintaining the transparency of the customer’s information and ensure safety. Software testing ensures data integrity and smooth functioning of internal applications under threat of potential hack.

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