The fintech sector is rapidly transforming, with the financial domain being one of the largest consumers of Quality Engineering (QE) tools and services—accounting for 20-30% according to OpenAI. This segment is also at the forefront of digital transformation, adapting swiftly to emerging changes. As members of the QE community, are we fully aware of the shifts on the horizon? Are we positioned to align our products and services with the evolving needs of the industry, or are we still pitching generic QE solutions?
Our Purpose at Money2020
Our leadership team consistently seeks ways to collaborate with business leaders, understanding the challenges they face in serving their customers. By staying ahead of trends in both domain and technology, we aim to align our product offerings effectively. Our participation in Money2020 is driven by the desire to gain insights into the future of fintech and how QE solutions can better support banks, fintech firms, and service providers in navigating this dynamic landscape.
Current Business Trends
There is a marked emphasis on payment processing and identity management within the financial sector. After significant strides in digital transformation for core banking, the focus has shifted to enhancing customer engagement through digital transactions.
Key Areas of Focus:
• Payment Processing: How can we streamline digital payment processing and improve cross-border transactions for customers?
• Identity Management: Ensuring robust customer verification through KYC and KYB processes is crucial for secure transactions.
Integrating Technology into QE Solutions
To remain competitive, the testing industry must adapt to the intricacies of business processes, data setups, and environmental configurations. Understanding these components will allow us to validate scenarios effectively.
For instance, identity management software now incorporates advanced biometrics and behavior patterns to detect fraud. The testing industry should explore how to capture these scenarios and create corresponding data. Additionally, as transactional data increasingly integrates with identity management, we must consider how to weave these elements into our testing processes.
Infrastructure Considerations:
• How can cloud infrastructure providers accommodate features that support automated testing?
• How can we structure reporting to demonstrate seamless identity management across transaction flows?
The emergence of new scenarios presents both challenges and opportunities. If we do not prepare for these changes, we risk slowing down release processes and allowing bugs to slip through. Balancing speed and safety requires proactive planning.
Embracing Emerging Technologies
Conferences like Money2020 offer valuable insights into emerging technologies and their applications in testing. The data landscape is shifting, with organizations striving to harness data to enhance business operations.
In the testing domain, we must deepen our understanding of how to build data pipelines, implement data analytics, and leverage AI in our processes. Business stakeholders value testing based on data that reflects functionality readiness, rather than merely the number of automated test cases.
By effectively gathering, aggregating, and normalizing data, we can create actionable insights for business leaders, making testing more relevant and impactful.
Conclusion
The fintech industry stands on the brink of significant technical and business changes. As QE professionals, we must grasp these shifts and prepare to assist the industry in adopting new technologies—ensuring that customers are not left to navigate the challenges of beta testing.
At Digy4, we prioritize listening to industry needs, customer feedback, and partner insights to drive transformative change in QE operations. To learn more about how Digy4’s product – DigyAI , DigyCloud , DigyDashboard , Digy360 and Integration Hub are reshaping QE for global organizations and delivering tangible business value, reach out to us at [email protected].