Application testing for the banking, financial services | KPMG | IN
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Application testing for the banking, financial services and Insurance industry

Application testing for the banking, financial services

KPMG in India offers a range of quality assurance and software testing services for banking, financial services and insurance industry.

KPMG in India offers a range of quality assurance and software testing services...

Banking, financial services and insurance (BFSI) applications have come a long way since the first adoption of technology by the industry to simplify the computational processes for the industry users. Blockchain, distributed ledger technology, robotic process automation, artificial intelligence (AI) and cognitive opportunities, etc. are the technologies of the future with the power to revolutionise the BFSI industry. Apart from the adoption of technology to improve the serviceability and customer experience, technology adoption is also mandated due to regulatory and compliance requirements demanded by the industry bodies and regulators. MiFID – II norms, BASEL III norms, FATCA withholding norms are good examples where the BFSI industry had to adopt technology to comply with the stringent regulatory requirement.

Some of the major challenges faced by the BFSI industry are:

  • Implementing applications with the right functionality: With a plethora of software solutions in the market, selecting and customising a solution that perfectly meets the needs of the business and the end customers is a big challenge
  • Being digital ready: Technology is transforming rapidly and there is huge pressure on organisations of the BFSI industry to go digital.
  • Application performance aberrations: One of the biggest concerns for banks and financial institutions is to provide a smooth, seamless and consistent service experience to their customers.
  • Technology disruptions through the latest application solutions: The FinTech industry is rapidly evolving and changing the way business is done. To stay ahead of peers and not play catch-up, financial institutes are exploring new technologies proactively.
  • Compliance to regulatory mandates: Industry regulators from time to time make regulatory changes to the way business is conducted. This required a strict time-bound plan to transform the existing software application suite to meet the rules and regulations

KPMG India’s offerings for testing BFSI applications

KPMG in India offers a range of quality assurance and software testing services for the banking and financial services industry to help overcome the challenges and constraints faced by the industry. Our range of services for the BFSI industry is as follows:

KPMG India’s service offerings for BFSI domain:

KPMG India’s service offerings for BFSI domain

Our past success stories are good examples of our value-added offerings. They also showcases our experience and knowledge generated over time.

Our Domains

BFSI organisations can utilise functional, non-functional testing to address challenges such as the right technology adoption, information security, regulatory compliance, application performance consistency, etc. Some of the potential benefits of application testing is as follows:

Potential benefits of application testing

KPMG in India’s value proposition

  • BFSI product knowledge: KPMG in India has strong experience working in various COTS products available in market including Multifonds, Finacle UBS, Temenos T24, Mile Soft Moneyware suite, Oracle Financial/Insurance Suite
  • BFSI regulatory knowledge: Our consultants have good knowledge of BFSI regulations while helping our clients comply with them. Some of the regulatory knowledge areas include U.S. FATCA laws, BASEL accord, IFRS standards, MiFID norms and Vickers reforms
  • Proficient non-functional testing team comprises of members who are adept in automation testing and performance testing
  • Skilled specialist consultants with domain expertise equipped with an in-depth understanding of requirements to support thorough testing. Test consultants are certified in the BFSI domain as well as hold testing certifications.

For more details on application testing for banking, financial services and insurance industry. 
Contact us: in-fmtestingservices@kpmg.com

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