Wealth management applications which combine traditional banking offerings (deposits, savings), investment products (securities, mutual funds, bonds) and insurance have their own set of testing challenges. These include:
- Designing test scenarios by mapping complex products, sophisticated derivative contracts and instruments based on customer risk and arriving at various portfolio combinations. This requires in-depth domain knowledge
- Developing variations of business process flows with parameterization at user levels, including options for rebalancing, product switch over. This requires thorough knowledge of how wealth management products work
- Test data selection and conditioning. This is difficult due to changes in FX rates during testing cycles, various combinations of product attributes (coupons, switch, strike rates, buy back options), interest rates and client profiles
- Complying with various regulatory requirements on transparency and disclosure. This necessitates the need for a robust testing methodology within stringent timelines
Thinksoft’s subject matter experts understand complex financial products and devise comprehensive business scenarios as well as simulated product and customer profiles. Our in-house repository of investment calculators for quickly validating investment returns, product compositions and product fitmentsreduce overall test efforts significantly.
Thinksoft’s Wealth Management testing covers the following functional areas:
- Customer Relationship Management (CRM)
- Strategic and tactical asset allocation choices
- Portfolio management
- Traditional products
- Funds transfer, time deposits, standing orders, lending, credits, equities, mutual funds, currencies, bonds, futures, options, debentures and insurance
- Special Products
- Leverage currency account, bonds/currency linked investments, equity accumulators and asset based notes
- Traditional products
- Trade execution
- Post-trade compliance
- Performance measurement
- Regulatory reporting