Vikas Deshmukh, Senior VP – Technology at Fino Payments Bank, elaborates on tools and methodologies for software testing:
Cybersecurity breaches are a growing concern for banks due to the increasing sophistication of cyber threats. Such breaches can result in unauthorized access to sensitive customer information, financial fraud, and damage to the bank’s reputation. Payment processing system glitches can cause delays in fund transfers, erroneous transactions, or failed payments, which can impact customer satisfaction and trust in banking services.
Vikas reveals recent trends: “As mobile banking usage continues to rise, issues related to mobile app functionality, performance, and security have become more prevalent. These may include crashes, login/authentication problems, or vulnerabilities that could be exploited by attackers.”
He adds: “Non-compliance with regulatory requirements remains a significant risk for banks. Software errors or deficiencies in compliance monitoring systems can result in regulatory violations, fines, and legal consequences. With the increase in online transactions from various channels, it has become imperative to put in place limits and controls at each level.”
New Threats
Many banks are struggling with outdated and difficult-to-maintain legacy systems. These issues often include poor scalability, lack of integration, and limited support for modern technologies, which can hinder operational efficiency and innovation.
Manual reconciliation processes and siloed systems often lead to errors in transaction processing and account reconciliation. These issues can cause discrepancies between internal records and external statements, leading to financial losses or audit findings.
Vikas details new banking threats: “Fraudulent activities such as account takeover, card skimming, and phishing attacks are common concerns for banks. These threats exploit vulnerabilities in banking systems and target unsuspecting customers, resulting in financial losses and reputational damage.”
Common Software Challenges
System outages and downtime are frequent occurrences that disrupt banking operations and inconvenience customers. These issues are often attributed to infrastructure failures, software bugs, or inadequate disaster recovery measures.
“Banks face challenges in keeping up with evolving regulatory requirements, particularly in areas such as anti-money laundering (AML), customer due diligence (CDD), and data privacy. Compliance gaps or deficiencies in compliance management systems can result in regulatory penalties and enforcement actions,” says Vikas.
Software Testing Tools
Fino Payment Bank currently employs between 25 and 30 testers and test leads. While most testing is carried out manually, the bank has recently begun using cross-browser and Selenium for automation testing. For load testing and API testing, the bank makes use of tools such as JMeter and Postman. Additionally, it is also using bots for testing.
Vikas mentions that in-house testing covers functionality and performance load testing. Automated testing includes cross-browser and Selenium. Specialized tests like those for POS devices, HSM, and automation are outsourced.
Testing & Human Involvement
Major banking services dependent on OTP biometric authentication with UIDIA which is limits automation. This bottleneck can be solved with a simulator.
Compliance testing involves ensuring that banking operations comply with various regulatory requirements such as Anti-Money Laundering (AML), Know Your Customer (KYC), and data protection regulations like GDPR (General Data Protection Regulation). While automated systems can flag potential issues, human analysts are often needed to interpret complex regulatory guidelines and assess the nuances of specific cases.
According to Vikas, while automated tools can detect certain vulnerabilities, human penetration testers are essential for conducting comprehensive security assessments. They can think creatively to identify potential attack vectors, perform in-depth analysis of security controls, and simulate sophisticated cyber-attacks that automated tools may overlook. Human testers can also assess the business impact of security vulnerabilities and prioritize them based on potential risks.
Vikas concludes: “Banking systems often involve complex workflows and interactions between multiple systems. Human testers are needed to design and execute test scenarios that accurately reflect real-world usage patterns and business processes. They can identify dependencies between different components, evaluate the impact of system failures, and assess the resilience of backup and recovery processes.”
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