This month’s author: Laura Philbin, Head of Operations at Assured Thought
A transformative shift is underway in our industry. Financial services giants and stalwarts are already moving away from traditional QA in favour of QE’s more integrated and proactive approach.
In this month’s blog, Laura Philbin highlights some of the challenges, requirements and advantages of progressing from Quality Assurance to Quality Engineering.
Many financial services sector companies are transitioning from traditional Quality Assurance (QA) practices to the more progressive approach offered by Quality Engineering (QE). It’s a trend born of evolution: a strategic realignment towards greater integration and proactivity, enabling quality to be woven into the fabric of software development. The charge is being led by the giants of the financial industry, firms already aware of the need to adapt their processes to stay competitive and meet ever-increasing demands for innovation and security.
Embracing QE in financial services
While Quality Assurance focuses on identifying defects after the fact, Quality Engineering has a far more proactive stance. QE integrates quality checks throughout the software development lifecycle, emphasising automation, continuous integration (CI) and continuous deployment (CD). Firms like JPMorgan Chase, Goldman Sachs and Bank of America have become Quality pioneers, showcasing how QE practices can lead to more secure, reliable and user-centric financial services solutions.
These companies understand the ability to quickly release new features – without compromising on quality or security – is of paramount importance in today’s financial services market. Quality Engineering is allowing them to achieve these objectives, setting new industry standards for software development practices.
Key challenges and considerations
Building a quality-centric culture
One of the most significant hurdles companies face in shifting towards QE is cultivating a culture in which quality is a collective responsibility. This cultural transformation is crucial in the financial services sector, where the stakes are incredibly high. Integrating teams and fostering collaboration between developers, operations and testing personnel are essential steps in creating this culture.
Upgrading skills and processes
The move to QE necessitates an upgrade in skills, particularly in automation and programming, as quality checks become integral to the CI/CD pipeline. Many financial services firms are already investing in training and tools to facilitate this transition, recognising the importance of adapting processes to support a more proactive approach to quality.
Rethinking collaboration and metrics
Enhanced collaboration across different departments becomes vital in a QE environment. Moreover, financial institutions are redefining their quality metrics, moving away from traditional defect counts to more comprehensive measures that better reflect customer satisfaction and software performance.
Managing change in a regulated environment
Change management is particularly challenging in the highly regulated financial services industry. Firms must navigate the complexities of introducing new practices while ensuring compliance with regulatory standards. Effective communication and training are key to overcoming resistance and facilitating a smooth transition to QE practices.
Strategic advantages in financial services
The shift towards Quality Engineering is proving to be a strategic advantage for financial services companies. QE doesn't just lead to higher-quality products - it also aligns development efforts more closely with business objectives and customer needs. By embedding quality considerations from the outset, firms can achieve faster release cycles, reduce the cost of addressing defects and enhance product reliability - critical factors in the competitive financial services market.
With big companies leading the way, QE practices are set to redefine software development in the financial sector. While the transition may be fraught with challenges, QE offers substantial benefits in terms of product quality, regulatory compliance and customer satisfaction.
The financial services industry’s progression from Quality Assurance to Quality Engineering represents a critical shift. Embracing this shift will allow financial services firms to position themselves at the forefront of technological innovation, ensuring they not only meet but exceed the evolving expectations of their ever-more-digital customers. The journey from QA to QE is not just a change in process: it’s a significant leap forward in how quality is conceptualised and implemented in the creation of financial software solutions.
For more expert advice from Assured Thought, the QE and testing provider of the financial services industry, click here: https://assuredthought.com/contact-us/
