What makes Banking applications so complex? What approach should be followed to test the complex workflows involved in banking applications? In this article, we will be highlighting different stages and techniques involved in testing Banking applications. The above listed ten points are the most important characteristics of a Banking application. For Example , a Banking application may have:.
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Banking may include core banking, retail, private, corporate, investment, cards and the like. Financial Services may include stock-broking, payment gateways, mutual funds etc. Insurance covers both life and non-life. Technology is allowing the BFSI industry to reach out to new markets and offer novel products and services through efficient delivery channels.
On the other hand, data security and availability of information updates is critical to the banking and insurance business, mandating high network uptime, rapid fault detection and quick problem resolution. The banking and financial industry is also challenged by the large number of existing legacy systems in its infrastructure.
The vertical thus has a unique set of requirements and challenges and this section discusses them in detail. This section provides an overview of BFSI domain and is designed to help learners understand key concepts, terminology, issues, and challenges associated with the BFSI Industry, and strategies employed to meet some of those challenges.
It will identify the main sectors of the BFSI industry and its business drivers, and review the key aspects of the industry business model, its competitive environment, and the current trends in the industry.
Banks play a key role in the entire financial system by mobilizing deposits from households spread across the nation and making these funds available for investment, either by lending or buying securities.
This section provides an overview of the Insurance Industry. It touches upon the brief history of Insurance and its development as an Industry. This section also tells the learner how Insurance works and what are some of the key elements in insurance sector.
This article explains the various types of Insurance Policies available in the market today. Importance of each type of insurance policy is explained along-with its usage. The list might not be exhaustive , but covers all major insurance covers that are available and gives learner a fair understanding of industry products.
This article describes current insurance industry sectors and their associated activities, products, and services. This will help you understand the major products offered by the insurance industry and how they are classified. Understand the four key sectors for Insurance Coverage. Insurers in this industry directly underwrite insurance policies relating to life, health, accident and medical risks.
Life and annuity insurance covers not only life and annuities, but also health and disability. Read more about the health and life insurance industry. General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and casualty insurance in the U. Read More! Businesses in this industry focus on assuming all or part of the risk associated with existing insurance policies originally underwritten by direct insurance carriers.
In other words, the primary activity of this industry is insuring insurance companies. Understand the dynamics of this sector. The insurance industry business model can be further categorized into two types of main activities, service domain and support domain.
Service domain activities make up the company's value chain and support domain provides the infrastructure and support to sustain the value chain. Support activities may include corporate services, finance, human resources, or information systems and technology.
This article helps the student to understand the legal principles and provisions of the insurance law. Starting with the fundamentals from which law is derived, this article help the student to understand the salient aspects of any insurance contract, the rights and obligations of parties to the contract and the legal environment within which insurance practice is carried out.
Explore the seven most important principles of insurance. Learn about financial assets and the role the banking industry plays in financial assets market.
Learn about various types of financial assets and their importance in terms of banking industry. Learn what we mean by financial institutions and financial intermediaries. Learn the two main classifications of financial institutions and understand the significant distinction between depository and non-depository financial institutions.
Learn how the financial system works and understand the concept of financial markets. Depository intermediaries receive deposits from customers and use the money to run their businesses. These institutions may have other sources of income, but the bread and butter of their business is handling deposits, paying interest on them, and lending money based on those deposits.
Learn about various types of depository intermediaries. As the name suggests, non-depository intermediaries don't take deposits. Instead, they perform other financial services and collect fees for them as their primary means of business.
Learn more about various types of non-depository financial intermediaries and how they work. Learn what we mean by financial markets and why we at all need them? Understand the major benefits provided by these markets and see some examples on various types of financial markets. Understand the difference between primary and secondary markets. In this article, we will consider the key services provided by the banks, insurance companies, mutual funds, stockbrokers, and the other financial services firms that make up the financial system.
The firms in this sector, which makes different financial assets and financial liabilities more or less attractive to individual investors and borrowers, offer different services. Banking today is an exciting, fast-moving, around-the-clock, global activity. Changes in regulation, changes in technology, and changes in competition have pushed banking, to become dynamic organizations that must respond rapidly to changing business circumstances.
Read about some recent trends in banking industry. In our day-to-day life, we use words like business, commerce, occupation, trade, industry etc. These words have a definite meaning in 'Business Organization'. After studying this article you should be able to identify the broad categories of human activities and describe what we mean by business and what are the features and objectives of business.
We will also classify the business activities and will explain the nature of business organization. Read more to know what business is! Stock exchange or securities market is a place where trading in securities takes place. Read this article to learn the meaning, features and functions of stock exchanges and understand the importance of stock exchanges and methods of trading on stock exchanges.
After taking this lesson, learner will be able to explain the meaning and importance of stock exchange and state the economic functions of stock exchanges. Overview of Banking Industry: The Industry Basics Banks play a key role in the entire financial system by mobilizing deposits from households spread across the nation and making these funds available for investment, either by lending or buying securities. Types of Insurance This article explains the various types of Insurance Policies available in the market today.
Sectors of Insurance Industry This article describes current insurance industry sectors and their associated activities, products, and services. What is General Insurance Industry? What is Reinsurance Industry? The Business Model of Insurance Industry The insurance industry business model can be further categorized into two types of main activities, service domain and support domain.
Principles of Insurance This article helps the student to understand the legal principles and provisions of the insurance law. Financial Assets Learn about financial assets and the role the banking industry plays in financial assets market.
Financial Institutions Learn what we mean by financial institutions and financial intermediaries. Financial Intermediaries — Depository Depository intermediaries receive deposits from customers and use the money to run their businesses. Financial Intermediaries — Non-Depository As the name suggests, non-depository intermediaries don't take deposits.
Financial Markets Learn what we mean by financial markets and why we at all need them? Key Services of the Financial System In this article, we will consider the key services provided by the banks, insurance companies, mutual funds, stockbrokers, and the other financial services firms that make up the financial system.
Trends in Banking Industry Banking today is an exciting, fast-moving, around-the-clock, global activity. What is Business? The Key Features of Business In our day-to-day life, we use words like business, commerce, occupation, trade, industry etc. What is Stock Exchange? Meaning Definition and Features Stock exchange or securities market is a place where trading in securities takes place.
What is Domain? Considering a software Development case, domain knowledge is knowledge about the environment in which the target system operates. A bank is a business; banks sell financial services such as Vehicle loans, home mortgage loans, business loans, checking accounts, credit card services, certificates of deposit, and individual retirement accounts etc…. Some people go to banks in search of a safe place to keep their money. Others are seeking to borrow money to buy a house or a car, start a business, expand a farm, pay for college, or do other things that require borrowing money. Where do banks get the money to lend?
Essential Bank Domain Knowledge For IT Professionals
You know, one of the most common questions I get from my readers is this — how do I increase my banking domain knowledge? Many professionals I know — particularly those in IT and engineering — want to make a switch over to the banking industry, citing better pay and prospects. I switched from an IT background when I was a fresh graduate into a business analyst role, moved to working for banks, before settling on being a banking consultant. I guess for an IT professional, sitting down and writing code day in and day out can get repetitive. Many IT professionals I know like to get out there, interact with users, understand the business and maybe even move into a business related role.
Banking Domain Application Testing: Sample Test Cases
Banking Application Testing. In Baking we have several business operations that require different types of Software Applications,. Important Banking Software Applications are,. Important Functional Features:. ATM Automatic Teller Machine Banking System is connected to a network, that offers basic banking functions to users access to bank account balance, bank transfers and retrieval of money etc..
Banking Domain Knowledge for Testers
Banking, financial services and insurance BFSI is an industry term for companies that provide a range of such financial products or services. This includes universal banks that provide a range of financial services or companies that operate in one or more of these financial sectors. BFSI comprises commercial banks , insurance companies , non-banking financial companies , cooperatives, pensions funds, mutual funds and other smaller financial entities. The Banking part of BFSI may include core banking , retail, private, corporate, investment and cards.