During the last decade, the banking industry has faced emerging trends such as drastic regulation system and agreements framework, an increase of mergers and acquisitions and a boost of requirements for customized and improved products and services. The Financial Services World Quality Report indicated two trends that are common with most other industries – increasing use of Agile development and outsourcing in application development and testing. The report identified key priorities for financial services firms:
- Broaden the scope of outsourcing to acquire capabilities, support innovation and optimize costs.
- Evaluate how to use the cloud as a test environment or pay-per-use model and learn how to address real and perceived risks.
- Build skills to test mobile applications and leverage automation to keep up with technology innovations.
- Ensure end-to-end security testing extends across the full scope of your FS IT landscape: applications, infrastructure, networks and data.
- Quantify the value QA is bringing to your business with benchmark metrics such as competency, productivity and defect tracking.
Embedded software development and testing saves financial companies up to 75% over in-house costs, improves quality, and is a lower risk way to develop mature offshore outsourcing skills. Industry survey demonstrated that the cost of finding and fixing defects accounts for nearly 50% of the cost of all software development projects.
There is a constant need to build new functionality while increasing efficiency and get new products out faster. Embedded software companies offer end-to-end solution development services, involving design, development and testing of software for embedded components and systems that meet specific customer requirements. They use real-time operating systems, devices, platforms, embedded tools and technologies to help their customers:
Reduce the development time and increase speed-to-market. To stay ahead of the competition, financial device manufacturers need to develop their products faster. Embedded software companies provide financial device manufacturers with a wide pool of trained engineers and testers with particular expertise needed for specific projects.
Cut down development costs and ensure maximum quality. Choosing to outsource embedded software development projects, financial companies get the chance to work with senior specialists for their projects. Working with seniors is extremely important for businesses that can’t afford to miss deadlines, get faulty and buggy software, and decrease customer satisfaction.
Focus efforts solely on core competencies and increase competitive advantages. Rather than trying to create an entire in-house embedded development department, financial device manufacturers can leave this part of their business on the hands of an external partner. Thus they can concentrate their financial efforts on innovation rather than investing large amounts of money to specialize a team in areas that are not the main competitive advantage of the company.
To read more on how the right partner for your next embedded software development project can help you meet your business objectives, visit Enea website.