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Why banking on crowdtesting is key for shaping secure, personalized experiences

As the banking and finance landscape continues to evolve, the adoption of crowdtesting stands out as a strategic move for institutions aiming to stay ahead in a competitive and digitally-driven market.

Back

Why banking on crowdtesting is key for shaping secure, personalized experiences

As the banking and finance landscape continues to evolve, the adoption of crowdtesting stands out as a strategic move for institutions aiming to stay ahead in a competitive and digitally-driven market.

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Darren Choong
| Linkedin
| Content Manager

Today’s banking, financial services, and insurance (BFSI) landscape is more connected, digital, and open. For customers, this has many benefits, such as convenient access to services and personalized solutions.

However, for the industry, this increased connectivity and digital transformation brings many challenges, ranging from ensuring the security of sensitive financial data, to developing hyper-personalized digital solutions, to navigating the complexities of multiple platforms and compliance requirements, and more.

In this dynamic environment, the role of quality assurance (QA) and user experience (UX) testing is critical to ensure the security, reliability, and usability of BFSI products and services. Traditional testing methods often fall short in addressing the nuances of the BFSI sector, where the stakes are higher, and the margin for error is minimal.

Here, crowdtesting is a transformative solution that enables continuous growth and improvement. And most importantly, to help maintain and build customer trust as BFSI institutions grapple with how to address the challenges of open banking, the need for robust payment systems, and the need to seamlessly connect with customers at a truly unprecedented level.

Crowdtesting is uniquely positioned to provide solutions by simulating real-world scenarios, developing comprehensive assessments, and creating personalized connections through a global pool of testers.

Let’s first consider the role of QA and UX in the industry.

How QA and UX testing can pay off in financial services

As we’ve observed across multiple industries, including BFSI, both QA and UX are inherently complementary and form the backbone of product and service excellence. QA ensures that products and services work as intended, guaranteeing their reliability, while UX ensures that users can interact with these offerings effectively and securely, optimizing their overall experience.

As Maria Paz Adaro, Project Manager at Testbirds, aptly pointed out, “In an industry where a lot of personal and sensitive data is being shared, any bug or issue that might arise diminishes the trust of the customer in the product/website.

Testing and double testing everything to make sure there are little to no errors present is very important.”

By combining QA and UX, BFSI companies can achieve several benefits, including:

  • Secure and easy-to-use solutions that provide customers with a safe and enjoyable experience.
  • Reduced costs by identifying and addressing issues early in the development process.
  • Increased innovation, which leads to the development of products that meet user needs while maintaining the highest quality standards.

These points were further elaborated by Anastasiya Khrypach, Project Manager at Testbirds, “In the BFSI industry, security and reliability play a crucial role, and testing is one of the main keys to the quality of products.

By analyzing test results, gathering feedback, and implementing improvements, QA promotes constant growth and improvement, enhancing products’ quality and making them even more innovative.

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QA is also set to be a major player when it comes to the proposed Open Banking Standard because, as Tobias Petruschke, Project Manager at Testbirds noted, “It is essential to test, in advance, which banks will support the Open Banking Standard and what the programming barriers are. Payment Testing is useful for this.”

This also includes, Tobias continued, the issues that different banks face when it comes to the Payment Initiation Service, or PIS – a form of Open Banking, “even large banking organizations  may have different standards for all their branches, which stand in the way of successful service.”

 

Tobias Petruschke Project Manager, Testbirds

“Fortunately, Testbirds can cover a large number of banks, including smaller ones, for various markets and countries. This can be realized particularly well with crowdtesting because it can cover a wider audience.”

By using crowdtesting to identify and remediate bugs early and gaining real user insights into customer behavior, banking and financial institutions can create hyper-personalized experiences.

Why crowdtesting is needed in Open Banking

Getting ready for Open Banking is one big challenge, but there are many more. These include dealing with regulatory compliance, data security, and managing multiple product offerings across interconnected systems. As Anastasiya asserts,

Anastasiya Khrypach Project Manager, Testbirds

“There are lots of diverse systems and platforms, and ensuring a seamless, user-friendly interface across various devices and platforms is always challenging, especially given the complexity of financial products and services.”

This can be further compounded, as Paz noted, by an inability to effectively test their solutions outside of main city areas. “Finding users with regional banks in very specific towns can be tricky, but thanks to our amazing Crowd Management team, we can reach most of those areas and those banks or payment methods.”

Crowdtesting is also particularly suitable for such banks during testing and retesting because, as Tobias mentioned, it gives people a quick way to know that “everything will work as planned. Without a test, companies run the risk of their Open Banking service user having an incompatible bank and then having problems with customer contact.”

This brings up the necessity to ensure a good, if not great, user experience across various devices at every step of the increasingly hyper-personalized customer journey.

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As with regional banking, this includes ensuring that products and services are accessible to customers in different countries and regions. Fortunately, crowdtesting can help companies localize products and services for different languages and cultures and ensure that they are accessible to all users – ensuring an optimal experience.

For open banking, in particular, this is where a mix of usability, UX, and user crowdtesting can make a huge difference. As Paz says, “By testing real scenarios with real testers, they face issues which might not show up in your internal testing. Every scenario is tested by a tester who might not know much about Open Banking, so it’s ‘easier’ for them to find ways to ‘break’ the product.”

Maria Paz Adaro Project Manager, Testbirds

“By testing in different countries, with regional or small banks, we give our clients access to demographics which are very difficult to test internally.”

This is a cost-effective way to ensure that solutions are not only nice to use but are usable and as bug-free as possible. The ideal way to ensure conversion rates don’t drop!

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A case in point

Finding critical bugs and establishing a collaborative process with developers is an essential part of Testbirds’ solutions. This was highlighted by Paz when discussing our recent work with a BFSI client:

“Not long ago, we tested with a company that needed to conduct tests with both private and business accounts. The test was quite notable since when we started, we expected it to be a regular test that would provide nice results for our client, but nothing out of the ordinary.

Once the test started, we noticed it was anything but. Several critical bugs were found, which caused the test to be paused, so that the developers could fix these critical issues.

There were lots of back and forth between everyone involved, and as bugs started to get fixed, testers could move forward in the process of testing the different steps.

It was a really valuable test for the client, since it flagged really concerning issues in their platform, and it took quite some time, but our testers were ready for it!”

For more real-world examples, click here.

By leveraging a global pool of real-world testers, crowdtesting provides BFSI companies with several key advantages:

  • Unveiling critical bugs and issues that may go undetected in traditional testing methods.
  • Gaining valuable insights into user behavior and preferences, driving continuous improvement and innovation.
  • Ensuring seamless compatibility with various devices, platforms, and payment methods, enhancing customer satisfaction.
  • Maintaining regulatory compliance and safeguarding sensitive data, instilling trust among customers.

Looking ahead

Today’s consumers are clearly prioritizing digital solutions and changing the criteria for selecting a financial services provider and insurer. This shift underscores the critical role of the customer experience as a key differentiator for financial services providers.

As the industry embraces digital transformation, a focus on customer experience not only improves service quality, but also contributes to cost efficiency. Moreover, the advent of open banking will intensify competitive pressures, challenging BFSI institutions to innovate and excel in meeting evolving customer expectations.

This makes crowdtesting an indispensable tool for navigating the complexities of the digital era. By providing comprehensive testing, personalized feedback, and global reach, crowdtesting empowers BFSI organizations to deliver exceptional products and services, foster customer loyalty, and achieve sustainable growth in an increasingly competitive market.

Are you ready to harness the power of crowdtesting and transform your banking or financial services? Discover how our team of experts can help you transform your testing in Open Banking here.



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