In recent years, financial services firms have put significant emphasis on digital transformation, focusing on new technologies that drive innovation, improve operational efficiencies, increase compliance and boost customer satisfaction.
Unfortunately, many organizations continue to struggle under the burden of their complex legacy processing environment. Applications and processes that have been in place for decades are expensive to maintain and difficult to integrate with more modern technology.
In their latest report, "The Cost of Poor Quality Software in the US 2022” the Consortium for Information & Software Quality (CISQ) states “The growing impact of Technical Debt (TD) has become the biggest obstacle to making any changes to existing code bases.”
While every organization is different and must chart their own digital transformation journey, investing in automation is helping many companies optimize operational efficiency, increase system availability, and improve product quality, as well as enhance the customer experience.
“Automation is helping realize new use cases for [financial institutions] in the form of expedited customer onboarding, self-service options, AI-enabled virtual assistants, and more. These developments not only directly enhance the customer experience, but also help cut down the back-end processing time, freeing up resources and ultimately delivering a better experience for customers.” - TechnoVision 2023 - Right the Technology, Write the Future.
This is particularly true when it comes to payment testing, with automated testing tools allowing organizations to do “more with less”. This doesn’t mean automation is a way to replace people, automation is a tool to support and augment the work that teams must do, making them faster, more effective, and more successful.
With that in mind, here are five important ways payment organizations can use automated testing tools, such as Paragon’s Web FASTest, to optimize their payment testing operations and to facilitate their Digital Transformation journey.
1 - Enhanced Speed and Efficiency
In the fast-paced world of payments, time is money. Automation helps minimize the need for manual testing, speeding up projects and delivery cycles significantly.
2 - Improved Accuracy and Reliability
Automation significantly reduces the chances of human error during testing. Automation ensures that each test is performed consistently and accurately. Testing more transactions with fewer errors = doing "more with less".
3 - Expanded Testing Coverage
Testing all of the possible use cases in your payment system manually is literally impossible. Aggressive use of automation will enable you to continually expand your test coverage and run more tests with less effort.
4 - Better Return on Investment
While there is an initial investment required to support test automation, the long-term benefits far outweigh these costs - with ROI increasing over time as more and more test cases are automated. Automation will further help your bottom line by improving overall product quality, increasing customer loyalty and protecting shareholder value.
5 - More Time for Your Teams to Focus on Strategic Initiatives
Automation will significantly reduce the amount of repetitive and redundant testing for your teams - enabling them to refocus their efforts on higher value tasks, such as developing new revenue generating products and fighting fraud.
Investing in automation will help your organization take advantage of these benefits and enable your teams to consistently deliver a superior payment experience on every transaction.
Want to improve how you automate your payment testing environment? Request a free consultation with Paragon today, and learn how our portfolio of payment testing solutions can help you achieve your business goals.