Frictionless banking is the new buzz word in the Financial industry. It has taken over as the most important topic in the recent times.
However, the real meaning of it is to remove the friction of banking experience to the customer by various means, trying to make every transaction from the customer in a more simpler and faster way with the latest technologies. There is no need for the customers to upgrade themselves in any manner to fit into this and the use of their existing Smart phones, tablets and other social media are the tools for this.
A quick example of a frictionless banking is, in the recent past, one had to go to the bank, fill in the a/c opening form, give all the supporting documents and also an introducer to open the a/c. In the new age, one just needs to login to the banks online app, select a/c opening, and in the identification details, select Aadhar and then provide his biometric as the only identification and the a/c is opened online even without visiting the branch.
Having said that, it has become increasingly important and difficult for the banks to keep themselves up-to date and be rest assured that the security, data integrity and regulatory guidelines are taken care of, amidst the race to adapt newer technologies to attract customers.
What banks need today is a solution that’s designed to offer extreme agility to keep pace with consumer expectations, and technology advancements so that the experience feels frictionless.
Oaksys has been into testing the various Core Banking systems for over 19 yrs, along with the subsidiary interfaces and is well versed with the ecosystem and the latest technologies with the right approach and testing framework for testing these latest enhancements/technologies, security features, seamless integration of channels, etc with a huge repository of readily available test cases and domain expertise.