Financial institutions are increasingly integrating artificial intelligence (AI) into their software testing processes to boost operational efficiency, ensure regulatory compliance, and enhance software reliability.
This strategic shift addresses the growing complexities of digital transformation, including cloud migration, the Internet of Things (IoT), and generative AI, all of which demand more sophisticated testing strategies, according to new data from professional services giant Deloitte.
The software testing industry is experiencing significant growth, with projections estimating it will reach £45.6 billion by 2028, driven by a compound annual growth rate of 18.5% in test automation.
This surge reflects the sector’s commitment to adopting advanced technologies to meet evolving quality assurance requirements.
The recent Deloitte report highlights that banks are embracing new software engineering approaches, including refreshing talent strategies, refining third-party relationships, and investing heavily in AI capabilities to harness the full potential of AI-powered banking.
According to Deloitte, these changes are essential as “banks have been early adopters of technology, yet their software engineering practices are often suboptimal, leading to inefficiencies and delays in outcomes.”
The findings further emphasize that successful AI integration requires a cultural shift, as the report stated: “Banks need to significantly revamp their engineering culture and practices to capitalise on the transformative potential of AI.”
The authors stressed this includes adopting agile methodologies, continuous integration and continuous deployment, and automated testing.
“AI could propel global banking industry profits to a staggering $2 trillion by 2028.”
– Deloitte report
The integration of AI in software testing allows financial institutions to automate repetitive tasks, reduce human error, and accelerate release cycles without compromising quality.
Deloitte’s research also indicated substantial financial benefits, suggesting that “AI could propel global banking industry profits to a staggering US$2 trillion by 2028, a 9% increase over the next five years.”
This modernisation enables financial firms to maintain robust compliance and risk management frameworks while delivering faster and more reliable services to clients.
Moreover, as customer expectations continue to rise, leveraging AI-driven testing ensures institutions can proactively identify and resolve software issues, significantly enhancing customer satisfaction and loyalty.
As financial institutions continue to innovate, the role of AI-driven automation in software testing is expected to expand further, promising enhanced efficiency, stronger security protocols, and improved client experiences in an increasingly competitive digital landscape, the report summarised.
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Looking for more news on regulations and compliance requirements driving developments in software quality engineering at financial firms? Visit our dedicated Regulation & Compliance page here.
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