Banking Domain Knowledge for Testers
When anyone thinks of financial stability he thinks of banks, an individual relies on their bank accounts in order to save their money. Big businesses open their account for depositing daily cash earned from financial gains by selling their goods or services. Banks in return give these businesses loan (a line of credit) to grow their business venture, at good interest rates. Banking is a source of financial transactions such as cash and credit.
Retail Banking
Retail banks provide liquidity, an amount of money for spending and investment in form of treasury bills(currency). In addition to save and invest individual and their families finances, offer credit (loans) to purchase homes, cars, and other expenses. They also offer credit cards based on their repayment history. debit card so that people can withdraw cash from ATM machines, or shop groceries, clothing or things of need at point of sales using debit or credit cards and cash management such as demand draft, ECS, RTGS/NEFT, cheques payment,
Corporate Banking
Banks earn from the loan amount credited to large businesses based on acceptance of certificates such as debentures, share investments, property, or asset ownership documents as security. Based on the business’s market potential and ability to pay off short term debt with the money company can generate from selling its assets. services offered by corporate banks include Trade finance for letters of credit and finance related to Export and Import of Products, Forex, derivatives.
Investment Banking
Services offered by investment banks include Corporate Finance, trading of various securities, Asset management, help corporate in mergers and acquisitions, recapitalization of finances. few well-known banks are ICICI Securities, Edelweiss Financial Services, Axis Bank whereas international investment banks in India are ABN-AMRO Bank, Citi Bank, HSBC, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Deutsche Bank, BNP Paribas.
Internet Banking / Mobile Banking
Digital Banking – customers who have their accounts in banks can access various financial services offered by retail banks any time using the internet. Viewing account statement, fund transfer, online shopping by payments and confirming OTP (one-time-password) in order to verify the transaction is authenticated by the account holder, apply for loan, credit cards, investments like mutual funds, cumulative investments etc. various other services like chequebook request, online password changes, credit card payments, viewing transactions statements.
Making internet banking secured and Zero Tolerance to Fraud
Internet banking also known as e-banking or net banking display all the services banks can offer to their customers. Customer can avail net banking facility using secured bank portals using internet connection and by logging their account number or customer identity number and password. Bank websites are designed with security as their main objective, Access to the account details is kept secret by providing OTP (one-time-password) to customer’s registered email or mobile number, whenever user attempts financial transactions, the account statements are also sent to customer’s registered email address, Logged in web pages of a website gets logged out if unattended for an extremely short period, in order to prevent any unauthorized person check-in to the account and try to change or proceed with an online transaction. There is an activity log of transactions made on registered email as well as SMS (message) on mobile, in order to alert and keep customer informed in case unauthentic access or transaction takes place. User can revert back or deny that particular transaction if not done by him/her by reporting fraud to the customer support helpline, immediately and prevent any monetary loss from his/her accounts. In addition to finances, personal information of customers is also secured while executing banking portals.
Testers verifying banking portals should be provided with a business understanding of the features offered and how this functionality takes place, by giving a walkthrough of flow of information and transaction from user interface forms to database tables and finally should reflect to their account statement in real-time. with intimation to email as well as messages over registered mobile numbers. Software testers testing banking applications should be well versed with domain understanding on financial and banking rules and regulations. He should be expert apart from functional testing, non functional tests like performance, security, network, protocol testing, ETL testing and database testing. All positive tests and mainly negative tests scenarios should be tested for zero tolerance to fault and fraud. The applications should be protected from vulnerability from ethical hackers who would try to get into the customer’s account and siphon their hard-earned finances.
Various financial fraud prevention software and applications should be integrated in order to secure the customer’s sensitive information and financials. Few well-known fraud prevention software developed by companies like VISA, MASTERCARD, FISERV, Oracle Risk Management Cloud, SAP SE, and IBM.
Conclusion
In order to test Banking and financial services applications, testers should be detailed oriented, able to think of use cases or scenarios that negative tests that can lead to erroneous transactions or fraud. The tester should be well versed with domain understanding on financial and banking rules and regulations, RBI guidelines on how the financial industry is regulated.
He should be an expert apart from functional testing, non-functional tests like performance, security, network, protocol testing, ETL testing, and database testing. In order to prevent fraud, few well-known fraud prevention software developed by companies like VISA, MASTERCARD, FISERV, Oracle Risk Management Cloud, SAP SE, and IBM should be integrated and thoroughly tested after integration for their features.
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