By Ray Parker
While consumer information is very critical, banking apps are designed to provide security from cyber threats. Throughout the software development lifecycle, testers and developers work in harmony to make quality the most important aspect of their products. besides being good at performance, scalable and reliable, these apps have to meet security standards to keep all information safe and secure. Banking apps have also made their presence in the financial industry and the growing customer demands make software testing more essential. As a result of these recent rising trends, software quality is necessary for ensuring high performance apps delivering optimum customer experience. Recently, there was a bug detected in Deutsche Bank’s software that was designed to detect money laundering activities. This anti-money laundering (AML) Program aims at analyzing corporate payments to flag app possible suspicious transactions and notify them to the regulators. An error in the program caused two out of 121 parameters defined incorrectly.
Poor Software Quality Leads to Data Breach
Banks and financial institutions are not the only enterprises that face critical issues due to software quality. Other industries are also affected by the quality and so it makes hiring a banking software testing company in the BSFI industry. Hackers remain in search of vulnerable software applications, that are easy to crack and are prone to cyber-attacks. JPMorgan Chase faced a massive cyber-attack against their servers, which caused data breach and substantial losses that proved banks were no longer safe. Similarly, 625 customers were incorrectly denied a loan modification due to a software glitch. Reports reveal that cyber attacks are increasing at a fast pace and the situation needs to be in control.
It is also reported that 97 out of 100 banks worldwide are vulnerable to cyber attacks, leaving more room for hackers to infiltrate. 92% of mobile banking apps were vulnerable to security when they were tested. Surprisingly, all organizations had security problems related to various subdomains.
Software outages are common when users try to access their accounts via mobile banking apps, as they are more dependent on digital transactions. The number of debit card transactions has been greatly affected due to online banking facilities. For instance, customers holding accounts with Llyods Bank were facing trouble logging on their online bank accounts. And more than 400,000 transactions were delayed due to this software glitch. Likewise, Barclays, NatWest, and Royal Bank of Scotland (RBS) customers also faced problems accessing their accounts via apps. This caused inconvenience and created chaos amongst the account holders during Bank Holiday weekend.
In light of the growing cyber-attacks on banking apps, financial institutions need to revise their testing approaches to application security. Thus, it becomes all the more important to invest in improving the banking apps’ quality while ensuring it is secure. Competitive, safe and reliable banking apps have a bright future, as the ratio of debit cardholders in decreasing. Mobile users utilize banking apps for all their financial management.
Ray Parker is a senior marketing consultant with a knack for writing about the latest news in tech, quality assurance, software development and travel. With a decade of experience working in the tech industry, Ray now dabbles out of his New York office.