Critical success factors for QET in capital markets
Fundamental to success in today’s capital markets environment is the performance and reliability of the new applications and services which must provide accurate data and frictionless experience. The strategy to launch new products leveraging emerging technologies will only succeed if firms have battle-tested and robust IT applications and infrastructure.
To achieve this, capital market firms should focus on the below aspects in quality engineering and testing:
Model: Scalable and Agile-friendly operating model, communication model, etc.
Method: Industry-best practices to perform various testing activities. For example – BDD, ATDD, etc.
Machinery: Rationalized new age tool stack leveraging AI and ML
Mindset: Culture of innovation and learning. e.g. SDET academy
The road ahead
The roadmap to success for capital market firms calls for high velocity models for testing new age solutions before deployment/integration. The focus should be on:
DevSecOps: Firms should adopt DevSecOps incorporating security into DevOps to ensure defects are monitored and corrected earlier.
New ways of working: Traditional roles and job descriptions have to be refreshed with shift towards new ways of working. This requires re-skilling within the organization and recruiting the right talent from the market.
Cognitive automation: Agility is improving software testing with the implementation of cognitive automation techniques for use cases such as smart defect allocation, automation failure analysis, application log profiling, automatic data synthesis, early performance checks, etc.
‘X’aaS: The focus is shifting from separate tool or license or resource. At present, everything is packaged as a service to deliver the best experience.
Below are two of the numerous examples where capital market firms have achieved success through adoption of measures discussed in this article:
- A leading US brokerage firm reduced about 66% manual efforts and generated more than 200K USD savings by adopting a software-testing tool. This automated end-to-end testing for software applications and enabled quality engineering through continuous testing.
- A large UK retail bank improved automation stability from 23% to 90% and shrunk testing from four weeks to four days by working with a cloud-based testing and automation tool. The DevOps teams achieved continuous testing and accelerated delivery of web, mobile, and IoT apps.