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How Managed Quality and Testing Services Can Help Banks Overcome Security and Compliance Bottlenecks

April 17, 2024


Offer resilient banking apps and high-end security with managed QA and testing services for banks, payment providers, credit unions, and other FIs.

The Industrial and Commercial Bank of China (ICBC), the world’s largest bank, was attacked by ransomware in November 2023. The attack disrupted trading activity in the US treasuries market. This is not an isolated incident. JPMorgan Chase reported in January 2024 that it faces a whopping 45 billion hacking attempts daily. Given the scale of the threat landscape and advances in AI technologies, attacks will only become more sophisticated over time. No wonder the banking cyber security market is forecasted to expand at a CAGR of 15.2% between 2023 and 2032 to reach a valuation of $77.1 billion by the end of the period.

While the biggest banks do not shy away from accepting the need to bolster security measures to navigate the ever-expanding threat landscape, small- and medium-sized banks too need to reinforce their security and quality testing measures. While doing this in-house can be resource- and cost-intensive, managed services can help elevate the overall security across the entire network and customer touchpoints. Here’s how.

Top-Notch Quality and Security Lay the Foundation of Customer Trust

Rapidly increasing digitalization, mobility, and personalized services, and the race to offer competitive products and services before anyone else has escalated the need to offer reliable, and secure financial applications to consumers.

Banking software must go through rigorous quality checks, since financial watchdogs are tightening their regulations and oversight to protect consumer interests. Investing in robust compliance measures for data collection, storage, use, and sharing in the open banking landscape is critical to attaining license renewals and averting the diverse risks. Ensuring continued compliance with regular audits is a must as the regulatory space evolves.

Banks, credit unions, payment enablers, and other FIs store large amounts of sensitive data. Any data breach at these organizations threatens customer privacy, funds, and the bank’s reputation. Moreover, unauthorized modification of the data may irreparably impact data integrity. Poor data quality translates into inadequate customer insights, setting the bank behind in the data-first personalization market.

A data breach at American Flagstart Bank exposed the Social Security Numbers of 1.5 million customers in April 2022.

Reputation damage and unreliable data may be hard to recover from. These, combined with penalties and cut-throat competition, form the perfect cocktail to hamper a bank’s market share. The only way to protect data, customer privacy, funds, and brand reputation, and to avoid legal consequences is to employ best-in-class quality and security testing measures.

Managed Quality Assurance and Testing Services Gaining Popularity

According to the Consortium for Information and Software Quality report (CISQ), poor software quality costs the US economy a whopping $2.41 trillion annually.

Ensuring quality through rigorous testing is critical to making information systems resilient. It enables FIs to deliver secure and compliant services while facilitating business expansion. Plus, the deepening penetration of open banking and the emergence of CBDCs open diverse digital touchpoints, necessitating robust quality assurance and security testing.

FIs recognize the significance of employing stringent quality and testing frameworks. Tight timelines, requirement gaps, lack of attention to detail, incomplete testing coverage, delayed regulatory insight, and insufficient experience may render quality assurance initiatives futile. However, most FIs do not have the expertise and resources to systematically design and implement strategic quality engineering and develop comprehensive security solutions. This is where managed services come to the rescue.

Why Opt for Managed Services

With deep experience in the QA testing domain, technologists and consultants at managed services providers facilitate 360-degree coverage of business functions and end-to-end assessment of all processes. They are adept at ensuring top-notch quality across digital and core banking operations, domestic and cross-border money movement, physical and virtual cards, third-party touchpoints, and much more. Here’s how.

JPMorgan Chase has a team of 62,000 technology specialists to combat cyberthreats.


Deep Knowledge

With expertise across security and compliance, and deep insights into the evolving threat landscape, managed services providers remain at the top of regulatory updates and emerging forms of cyberthreats. Their hands-on expertise ensures that your system remains secure 24×7.

Use of Industry Best Practices

They are adept at utilizing and tailoring proven testing tools and methodologies to expose bottlenecks and resolve them. Experts in the domain employ mature practices through automation and manual approaches, leveraging ready frameworks for user interfaces, APIs, and switch testing. 

Streamlined Testing Approach

Their streamlined testing approaches improve automation coverage, reduce risk exposure, facilitate omnichannel assessment, and enable parallel execution of test cases. These are especially critical for the migration of legacy to modern technologies, such as the cloud.

Advantages of Managed Quality Assurance and Testing Services

Leverage Opus’ Expertise

The financial services domain is evolving rapidly. It demands proficient development and agile implementation of QA testing. Opus Technologies’ 26 years of experience in the digital payment domain, combined with testing expertise, helps banks launch the highest-quality products and services at the earliest. We support our clients in reducing risks and improving testing quality by fostering greater collaboration between compliance, security, development, and strategic teams. Our mature testing frameworks include automated, manual, certification, performance, security, chaos, accessibility, and functional testing. Our services encompass the entire payment landscape.

Speak to our experts today to learn how Opus Technologies facilitates customer satisfaction and security across core and retail banking, payments, data management, and all other verticals.

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