With user experience as the central purpose of the transformation, the BFS industry is gearing up and accelerating the digitization of their core operational activities. Here, digitization not only means migrating the services from a brick-and-mortar bank branch to a smart phone application. Rather, it goes deeper and wider – in terms of an evolving perspective on how the sector should offer its services and communicate with its customers, in terms of rationalizing the processes and capabilities to bring in more efficiency, and in terms of establishing a continuous dialog between the users and the financial services providers.
As per a McKinsey report, 75 to 80 percent of transactional operations (e.g., general accounting operations, payments processing) and up to 40 percent of more strategic activities (e.g., financial controlling and reporting, financial planning and analysis, treasury) can be automated. The BFS digital transformation is being propelled by the introduction of next-generation technologies including Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Big data & Analytics, and Smart contracts. Although the COVID-19 pandemic has forced the sector to take immediate measures for ensuring that everything is running smoothly, the transformation is still a high priority and is expected to be addressed as soon as the situation normalizes.
The Everest Group, in their recent article about the impact of COVID-19 outbreak on the BFS sector, suggested, “As an immediate response to the current situation, designing and executing customer assistance programs should be the top priority for BFS firms. In the medium term, the firms’ focus should gradually shift to modernization of legacy systems that slowed down banks’ agility and ability to respond to this crisis. Post COVID-19, BFS firms will need to reimagine their products, pricing, and channel strategies to fulfill evolved customers’ expectations.”
The next-gen technologies coupled with DevTestOps and Quality Engineering practices enable the industry to deliver quality services at speed. Let us talk about the integration of banking and financial services sector with these advanced technologies for leading them on the road of innovation, productivity, and user-centricity.
AI-enabled chatbots allow the BFS industry to offer 24/7 service availability. When coupled with machine learning algorithms and Natural language processing systems, these AI chatbots become capable of delivering a hyper-personalized experience to the users. However, they need ample data gathered from a network of IoT devices. Therefore, it should be kept in mind that for creating a complete futuristic banking and financing experiences for the users, there is not one technology that has all the answers. In fact, it is the right amalgamation and the right balance between AI, IoT, big data analytics, and smart contracts that result in a safe, secure, simple, agile, flexible, and resilient next-gen BFS ecosystem.
Implementing DevOps technologies and testing practices helps CxOs bring about a cultural shift that leads to greater collaboration across teams, improves the quality of code, increases the response rate of business changes, inculcates shift-left practices, & creates an environment of growth for Software Development Engineers in Test (SDETs) – all of which are necessary to provide DevOps solutions.
Implement the best DevOps automation practices and methodologies that leads to the quality benefits of:
- Automated & continuous quality monitoring
- Automated provisioning of virtualized test environments
- Standardized DevOps adoption processes, solutions, approach, & strategy
- Integration build, deployment, end-to-end DevOps test automation, & reporting