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Top Test Coverage Techniques for Measuring Your Banking Apps
For the banking sector, where software reliability is paramount, the stakes are even higher. Banking applications handle sensitive financial data and high volumes of transactions, making them prone to critical bugs and performance issues that can lead to significant financial and reputational losses.Manual testing alone is no longer sufficient to detect and mitigate these issues. As the demand for reliability and efficiency grows, banking app developers are turning to automation testing to enhance the quality and accelerate their testing processes. Yet, one critical question remains: how much of the application’s code needs to be tested? Is striving for 100% test coverage always feasible, or should financial institutions focus on testing the most critical areas likely to cause significant problems?The test coverage metrics measure how much of an application has been tested, providing a clear indicator of testing scope and thoroughness. In this article, we delve into essential test coverage techniques tailored for banking apps, helping businesses strike the right balance between comprehensive testing and efficiency. What is Test Coverage in Banking App? Test coverage refers to the measurement and evaluation of the extent to which the banking app's codebase, features, and functionalities are tested during the software development lifecycle (SDLC)....
Dedicated software development team: How to hire the right one?
According to Forbes, there is a severe shortage of around 40 million skilled developers globally. And the number is likely to increase to 85.2 million by 2030, which can cost corporations worldwide $8.4 trillion in revenue lost. Consequently, it’s getting harder and harder for you to put together a complete in-house development team. Hiring a dedicated software development team is a great alternative to circumvent this issue. The idea is that you collaborate with a tech vendor to establish a digital team that works for you. Thus, avoiding the tiresome hiring process. What Is a Dedicated Software Development Team? A dedicated software development team model A dedicated software development team is a model where an external team is entirely dedicated to your software project for an extended period. Unlike outsourcing or hiring freelancers, these teams work as an extension of your in-house staff, fully integrating into your project environment.At its core, a dedicated team is typically composed of developers, designers, project managers, and quality assurance specialists. Their full-time commitment ensures that they work only on your project, resulting in deeper immersion, stronger collaboration, and faster results. Why Banks Need the Right Team Structure There are many reasons a business needs a...
A Comprehensive Guide to Digital Lending in Australia
Digital lending is transforming the financial service sector. Innovations in this niche have allowed financial service providers (FSPs)—be it a digital-native fintech company or an incumbent bank—to provide effortless loan products that today’s market requires. Customers’ preferences today are dictated by the experience they have with mobile apps, fintech, and social media. Digital lending is a way for FSPs to satisfy those expectations.This article explores common definitions and concerns related to digital lending, and offers insights into the digital lending framework that FSPs can use to enter into this market. What is Digital Lending? Digital lending customer journey Digital lending refers to the form of lending that is applied for, disbursed, and monitored by digital channels such as mobile apps or desktop apps. In digital lending, the FSPs leverage digital data to inform credit decisions and deliver customer-centric experiences.In terms of output, digital lending is all about enhanced operational efficiency and faster turnaround time. Regarding the technicality behind the process, digital lending is the automation of one or some parts, or the entirety of the lending process—from acquisition and servicing to post-disbursement. Benefits of Digital Lending Benefits of Digital Lending More banks are considering the shift from the manual, paper-based...
7 Innovative Features for an Exceptional Mobile Banking App
Within the context of severe competition in the digital banking space, banks should consider two main strategies: a customer-centric approach and mobile app innovation. According to a report from Citi, 80% of mobile banking users with high-functioning apps are more likely to remain loyal to the service providers. Moreover, the study also indicates that companies that do not invest in mobile app capabilities may fall behind those who prioritize the enhancements and features that align with customer expectations from a mobile banking app.Therefore, mobile banking app design is now a competitive necessity for financial institutions to engage and retain users, accelerate financial inclusion and gain new global opportunities. Mobile Banking Market Mobile banking market This surge in mobile banking adoption is not only changing consumer behavior but also accelerating the digitization of financial institutions. In response to shifting demands, banks are reinventing their services, offering advanced digital tools that cater to tech-savvy customers. As a result, the global mobile banking market is poised for tremendous growth, forecasted to exceed USD 11.2 billion by 2033. The rise of mobile banking is linked to several technological and societal trends: Innovative Banking Solutions: Mobile banking apps today offer far more than simple balance checks...
Exploring the Impact of Peer-to-Peer Lending in Australia’s Digital Era
In recent years, traditional lending and investment models have seen major shifts with the rise of peer-to-peer (P2P) lending platforms. This process has transformed the financial landscape by connecting borrowers directly with individual investors, bypassing the conventional financial institutions that have long dominated the lending market.This emerging lending approach has not only democratized access to credit but also redefined the way people invest. In this exploration, we dive into the rise of P2P lending, its impact on the global financial landscape, and how it has reshaped borrowing and investing in the modern world. 1. What is Peer-to-Peer Lending? 1.1 Origins of P2P LendingP2P lending began in the early 2000s as a groundbreaking alternative to the limitations of traditional banking systems. The model sought to connect borrowers directly with individual lenders, bypassing the often cumbersome and restrictive protocols of banks. This decentralized approach quickly gained momentum, particularly after the 2008 financial crisis, as consumers sought more flexible and accessible financial solutions.The global peer-to-peer (P2P) lending market has witnessed remarkable growth in recent years. Valued at approximately USD 161.25 billion in 2023, it is projected to expand at a compound annual growth rate (CAGR) of 27.6% through 2029. The popularity of P2P...
Payment Gateway API Integration In Australia
In the highly competitive banking sector, offering customers seamless, secure, and efficient payment options can give your business a competitive edge. But what technology lies behind these smooth transactions?The answer is found in Payment Gateway API Integration - Technology enabling banks to process payment information, authorize transactions, and ensure funds are transferred safely. This article today will take you inside the world of Payment Gateway APIs, offering a comprehensive look at what they are, how they function within the financial sector, and the advantages they bring to both banks and their customers. 1. What is a Payment Gateway API Integration? A payment gateway API is a collection of protocols that enable developers to incorporate payment processing features into their applications. It serves as a bridge between business software and the financial institutions handling the transaction, facilitating the authorization and processing of payments.During an online transaction, the payment gateway API integration securely transfers payment details—like credit card numbers or digital wallet information—from the website or app. The API then assists in the authorization process by enabling the payment processor to validate the transaction, ensuring factors like sufficient funds and the authenticity of the card are verified. Payment Gateway API Integration 2....
How Much Does it Cost to Build a Mobile Banking App in Australia?
The cost of developing a mobile banking app is a spectrum, ranging from as little as a few thousand to millions of dollars. Naturally, the price will reflect certain influences on the app development process, such as its design complexity, the range and intricacy of its features, the platforms it will operate on, its refinement level, and the development team's location.As such, business owners and entrepreneurs interested in learning more about how much investment it takes to develop a banking app should first understand the factors at play. For example, a simpler, entry-level, proof-of-concept app versus a high-end, extensively featured app with scaled features and scope will require completely different mobile development processes.As specialist app developers for BFSI clients across Sydney and around Australia, our team at KMS Solutions will explore the factors that influence the cost of app development in Australia, as well as strategic approaches to budget management in app development. How Much to Build a Banking App: Questions to Ask When You Make a App in Australia What Type of Banking App Are You Building? The app's category, format, and operation significantly influence the overall app development cost in Australia.Understanding the implications of your banking app's category,...
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