Regression Testing in BFSI

The Significance of Regression Testing in BFSI

Last updated on January 15th, 2024 at 01:48 pm

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The evolution of technology has made servicing processes very convenient and easy. The markets have transformed drastically. This has led to a paradigm shift in the way businesses function. Providing the perfect software quality and catering to the increasing requirements of the customers digitally has become very significant to adapt to the new normal and stay well-informed regarding the latest developments.

BFSI stands for Banking, Financial Services, and Insurance. It is one of the sectors that have seen a noteworthy transformation as it moved from offline to online banking.

As per the latest research, the spending allocated on enterprise software is 483 billion U.S. dollars worldwide. The growth rate is 7.4% in comparison to the previous year. The diverse consumer demands and developing digital range have encouraged companies to invest more in software and then upgrade with modern functions. These functions may interfere with present functions that impact the performance of the brand and the product. To overlook such scenarios, developers adopt the best quality assurance methodologies. Regression testing is one of them.  

Implementation of regression testing

In a market disrupted by COVID-19, financial institutions such as banks are expected to deliver exciting new features for their services, be it through their apps or websites, without compromising their IT functionality and reliability. Regression testing can help these service providers to achieve goals that are outlined to deliver a great customer experience. Technically, regression testing verifies the new code in an existing system and ensures a seamless operation of the software so that changes do not affect the core software functionality.

What Are The Main Objectives of Regression Testing? 

  • Detection of tech bugs and defects
  • Eradicating them in a routine way
  • Guaranteeing that eliminated defect does not occur again
  • Maintaining your software development lifecycle

The software method endorses the idea of regression testing. This is because; it just depends on the continuous and concurrent repetition of development and testing in the development lifecycle. This allows quick delivery and a flawless user experience. During the software development process testers create a regression test suite to authenticate that the latest code does not bump into the traditional code and the present codes are functioning as per the expectations. It also guarantees that there are no technical malfunctions after the updates in the software are implemented. This complete software update procedure makes it significant in the banking, finance, and insurance sector.

 What Are The Advantages of Regression Testing In BFSI?

  • Supporting the authentication of complete functionalities to create a stable app or software. This leads to enhanced brand value and fewer customer complaints
  • Assists in examining the technical malfunctions and rectifying functionality errors and relevant code defects in the software development life cycle. This process is also called UAT functional testing.
  • Automating the testing procedure issues manual bandwidth. It assists the testers in other imperative testing activities.
  • Analysis of recurrent iterations sends top-quality software with excellent user experience. 

Financial organizations competing in this digital era have an objective to provide the best quality software in the quickest possible way. The aim is to fulfill the increasing customer requirements. Regression testing in this agile environment assists such businesses to plan next-gen software. This is done while maintaining the product stability in the complete development stage.

  Three Best practices of Regression testing

Development of a regression FrameworkThe first step is to create a regression testing strategy. This includes organizing the test cases, reviewing the areas of development, assessing the time to be allotted for execution, and separating them based on test cases that can be automated. These can also be manually implemented.

  • Time Saving Via Sanity and Smoke Test

While a testing framework is one of the techniques to proceed further, it is also significant to do regular checks that assist in saving time and efforts of the tester. Therefore, smoke and sanity tests are used under UAT functional testing.

  • Continuous Testing Is A Practical Method To Test

DevOps encourage the idea of continuous integration and persistent delivery to start software delivery. This shift-led technique allows the testers to test and fail quickly and enhance quicker, with faster feedback guaranteeing quality software development decreasing risks and costs.

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