Why Performance Testing is Mandatory for New Banking Technologies?

Mobile_Banking_payments_fullAs per the recent reports by some of the leading agencies of Global banking, there is an urgency of reinvention and transformation in the banking sector. Technology has been a key factor in banking and finance industry over the years. With digital technologies influencing everyday life, bill payments, online banking, and other related transactions have become a part of life.

Moreover, digital technologies like mobile and wearable have transformed the overall consumer behavior.  With this, security and consume behavior remains the key aspects in the sector. With the increasing security concerns, there is a need for the evaluation of such technologies. At the same time, performance needs to be checked for better consumer satisfaction and experience.

Coming directly to digital banking, it involves a range of services, including financial management, bill payments, marketing, analytics, and more. However, with empowerment technology has brought various challenges for the banking industry. This can be tackled with the right approach towards the emerging technology.

Some of the key technologies that have an effect on the performance are discussed below.

Biometrics

Security is the main concern in every financial transaction. With the new technologies coming up, like contactless card and fingerprint sensor, the concerns seem to be growing. However, banks are coming up with voice and touch features to tackle any breaches.

In-car applications

There are banks that offer voice based transactions. That means, if you are driving, you can access the banking application using your voice. This feature was first adopted by Spain’s CaixBank.

Wearable

Smart watches have helped in growing the wearable technologies. The new wave involving smart watches, fitness band, wearable, etc. is bound to influence the banking technology.

Facial Recognition

Many banking applications use authentication and there are many ways in which they can be done to ensure security. It proves to be the safest way to ensure authentication.

Smart Glasses

Google’s smart glasses prove to be brilliant while tracking banks, nearest branch, emergency phone numbers, and more.

Video Banking

Video banking is confined to a few banks, like Barclays. However, there are various banks in the US that are working on providing virtual entry into the branches.

Virtual banking could be the next big thing that can transform banking sector and provide an enhanced customer experience. Nevertheless, it is immensely important to ensure performance while implementing these features.

Performance testing helps in determining the efficiency of a given application. There are various tests that need to be performed, especially while adopting new technologies. Performance testing can help in answering some key questions related to:

 

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