Load & Performance Tests for the Finance, Banking, and Insurance Industry

by | May 12, 2020 | Crowdtesting, Finance and Insurance | 0 comments

We’ve already learned how bugs kill trust – especially in a sensitive industry like the financial industry.

However, bugs aren’t the only thing that can affect your business negatively. When developing digital products in the finance, banking, and insurance branch, you should also have a close look at page load times and site performance
Let me show you why. 

How Load Times Affect your Business

“Speed equals revenue” – that’s not something I’m mentioning because it supports my argumentation – it’s actually a quote from Forbes. And they should know, right? 😉 
Still not convinced? Let me give you an example.

Let’s imagine you want to open a new bank accountonline, of course. We’re in the year 2020, right? So, you’re looking at different banks and want to compare their offers. Will you even consider a bank whose website loads really slowly? Will you wait and wait until you see the full content? Or will you more likely abandon the site after a few seconds

If you don’t then I really respect your patience, but let me tell you: most customers won’t wait longer than a few seconds for a website to load. A Google study found that if page load times go up from 1 to 6 seconds, the probability that a mobile visitor leaves without looking further at the content (bounce rate) increases by 106%

“Loading time delays not only result in poor user experience but also mean lost revenue for brands and companies.” Again, that’s not me saying this, but Mark Wächter, Chairman, Mobile Marketing Association Germany, on medium.com
The truth is, page load speed will impact your entire business as customers increasingly form their opinions based on loading speed. This can turn out to be a problem, but it’s also an opportunity

The average website in Germany loads in 2.625 seconds (data from April 2019) – how long does your website take

Too few companies make speed a priority, so this is your chance! Be faster than your competitor and your visitors’ first impressions will be positive. Good for your brand and your revenue, without even considering your product itself. 

So, as we saw, page load times and performance really matter. The good thing is, you can make that your advantage: stay ahead of your competition with fast loading times and great performance

How to Use Load & Performance Tests for Banks, Insurances and the Financial Industry

Before you can improve your performance and page speed, you need to know what your starting point is. There are some technical tools out there like the Page Speed Insights from Google, which can give a first insight. But testing is still necessary – especially in the finance, banking and insurance sector.

Your users are entrusting you with very personal data. So, the performance of your digital product should be error-free and secure – be it a banking app, online banking, or an application route. Your product is expected to be available 24/7, 365 days a year
If I want to transfer money in the middle of the night, my plans shouldn’t be hindered just because there’s a software update running.
I should also be able to check my financial status during peak business hours or at the beginning of a month when everybody has to pay a lot of bills. 

Or, in another scenario, imagine you spent a lot of marketing budget to advertise your newest feature or a new product and then you find out that your website can’t handle the load. That would be a mess, wouldn’t it? 

That’s why you should do one thing: test, test, test, and then test again – in all likely scenarios. Find out how your banking experience will be displayed on different web browsers, different operating systems, and different internet speeds.
Load testing helps you estimate how much traffic your digital product is able to handle and if that’s enough for your plans. It is always better to find performance errors before your users do. 

Crowdtesting can definitely help you with testing load and performance. The testers in our Crowd have more than 900,000 different devices and can create an enormous traffic load. When creating this load, we use load testing tools like JMeter, which means that you will get results that are very close to reality.

If you have questions or are ready to start a test, feel free to contact us. We’re happy to help and find the right testing solution for you and your digital product

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About the author

Kenneth Ma

Kenneth Ma

Sales Manager

Kenneth is our expert for the finance, banking, and insurance industry. 

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