25 July 2023
In today’s world, everything is about accessibility. With it comes the responsibility of making the activities secure and seamless. In comes Mr. Praveen Kumar who is making sure our money moves smoothly – and safely. Mr Kumar, a tech expert, is changing the game in digital banking, making it easier for us to use our phones as wallets safely.
Catching the regulations
Mr. Kumar has written a paper that’s like a guidebook for banks titled “Effective Test Strategy for AML Software: Addressing Regulatory Compliance and Risk Mitigation.” In this paper, Kumar explains better ways to catch people who are trying to use banks for illegal activities, like fraud, finance terrorism, etc.
Mr Kumar and his team try to make banks safe, by enabling bank computers to catch deviant activities.
Making Banking Apps User-Friendly
He’s also making sure that when you open your banking app, it doesn’t feel like you’re trying to crack a safe. In another study, “User Experience Testing for Mobile Apps in Digital Transformation,” Kumar talks about making banking apps so easy to use that anybody can use them.
But he is not only making it easier to use, he also mastering the art of balancing strict regulatory requirements with user experience in fintech innovations, particularly in digital payments.
To further ensure a good customer experience, he has managed the Quality Assurance team which is responsible for testing the organization’s mobile application, which is likely to be used by thousands of customers.
Banking isn’t rocket science and his team makes doing finance-related tasks on the apps feel natural. At the same time, they are also making sure that all the strict banking rules are being followed.
Crossing borders
Kumar’s work is touching lives across the globe. He’s been the quality control expert for a banking app used in over 30 countries.
During the Payment ISO 20022 Swift modernisation, he is also ensuring rigorous testing and compliance with evolving international standards. It’s like ensuring that the banks across regions understand each other perfectly.
He is not only making transactions smoother across boundaries, but he is also making banks safe by implementing complex test strategies for BASEL II and CCAR regulatory compliance, which ensures that banks survive a financial storm. Further, he is developing comprehensive test protocols for sophisticated AML (Anti-Money Laundering) and KYC (Know Your Customer) systems, that are all about combating finance fraud.
Regarding the field, he lets us know that mobile banking will continue to be a primary focus for fintech innovation, with increasing emphasis on personalization and AI-driven features. Regulatory technology (RegTech) will play a crucial role in streamlining compliance processes, particularly for global financial institutions. Real-time fraud detection and prevention systems will become increasingly sophisticated, leveraging machine learning and big data analytics. Open banking APIs (digital connections) will drive further innovation in financial services, requiring robust testing strategies to ensure security and interoperability. Stress testing will continue to evolve to include climate-related risks and cyber threats.
As we increasingly rely on our phones for everything from buying coffee to managing our retirement savings, experts like this are working behind the scenes to ensure that our financial transactions are secure, efficient, and ready for whatever challenges lie ahead.