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Upgrading financial services with an effective SDLC

By Nafees Ahmed, CIO, and Indiabulls

Upgrading financial services with an effective SDLC

Nafees Ahmed, CIO, Indiabulls

In  today’s cut throat competitive  world, technology is the  only differentiator, which  can keep you ahead of your   competition. Every Organization  is working on digital transformation roadmap, which is  a huge opportunity for IT vendors  to provide solutions in back office  automations, enhanced customer experience, converting traditional  branches into digital virtual branches, productivity improvement, seamless integration with external  agencies and automated  risk and fraud deduction control systems.

“One of the biggest  issues with moving any of your organization infrastructures to the cloud is the increased”

 For many years  stock exchanges were physical locations  where buyers and sellers met and negotiated.  Exchange trading would  typically happen on the floor  of an exchange, where traders  would shout and gesticulate at one another. With the improvement in communications technology in the  late 20th century, the need  for a physical location  became less important and  traders started to transact  from remote locations  in what became known   as electronic trading.  Electronic trading made   transactions easier to complete, monitor, clear,  and settle which helped   spur on its development. The Electronic Trading  Processes has increased the market efficiency by  reducing the transaction  costs, providing greater  liquidity in the system,  tighter spreads and  increased transparency  in the system. While electronic trading hasn't  necessarily lowered the cost of entry to the financial services  industry, it has removed barriers  within the industry and causes a  globalization-style competition effect.

 IT played a vital role in  taking trading to the masses by introducing Online Trading system  through which the stock market   reached globally where earlier the floor trading could not. For  retail investors, financial services    on the web and mobile offer great  benefits. The primary benefit is the  reduced cost of transactions for all concerned as well as the ease and the  convenience. Web-driven financial  transactions bypass traditional  hurdles such as logistics.

 Still there are certain ongoing  challenges that brokerage services companies are experiencing on  continuous basis     

• Shrinking registered shareholder  base and low participation of Retail investor

• Rising demand for consolidated  account data and investment services

• Ever rising need for  Speed and convenience

• Intensified competition

• Regulatory Changes  Technology is being  used as a Key driver to tackle some of these challenges

• Increased Digital visibility  Companies are using various  modes & sources to increase visibility  for the end client through Digital  Media

• Expertise & Research  Research  team are being further equipped  with technical tools to provide a   more elaborated and strong analysis  of the markets & stocks

• Investment products under one  roof through a single platform For better customer services and  business growth, brokerage houses  are working towards bringing in other investments products like  Mutual Fund, OFS, IPO etc.

 • Stepping up Investor Awareness  Programs

Today’s digital workplace comprises of multigenerational  workforce who are always ‘on the go’ in both personal and professional   life”. User requirements consist of  both functional and nonfunctional   requirements and they usually  share immediate requirements and  do not foresee all impacted areas.  So whatsoever SDLC model is      adopted for development, handling of changes in requirements  becomes most critical aspect of   software development. Every SDLC model has its advantage  and dis advantages, but there are  few parameters, which should  be kept in mind during software development to ensure a quality and timely delivery like scalability, configurability, maintainability, reusability of components and  portability etc.

 Testing has a significant part in  SDLC as quality of the software development completely depends upon how the testing is performed   throughout the SDLC. It is better to start testing phase and preparation of test documents from start of  the requirement phase, which help in bridging gap in requirement  analysis and provide more clear  business case.

 Since now the Cloud-based  testing tools have taken  the software development industry by storm, offering advantages such  as mobility, scalability, flexibility and availability of distributed testing environment reduces the  execution time of large applications  and lead to cost effective solutions,  but choosing the right tool is  foremost important.

 Though the cloud offers up many benefits, it's not without its  risks and challenges. One of the  biggest issues with moving any of   your organization infrastructures  to the cloud is the increased need  for security. You will also have to  be aware of any interoperability   that the application under test will  require and whether or not that  might expose additional security   vulnerabilities. Using Testing  as a Service on cloud might be  an approach to be used for a specialized type of test, such as  performance, mobility or security  testing.

  Finally, it's very important  when choosing a cloud testing  provider to understand the service level agreement (SLA). Whether   or not you have the option to  customize your SLA, it's important  to understand the pricing model  agreed upon between need for security vendor and  client so that your organization can be best optimizing your return  on investment.