The software development field has been steadily growing over the recent years. This is attributed to the popularity and adoption of modern technologies in various industries and sectors. The growth of the field has offered more opportunities for people looking to get into this lucrative career.

The banking sector has fully adopted software for all its tasks. This has led to the upcoming of software developers who have specialized in the banking sector. The banking sector embraces the use of software to perform tasks such as:

  • Loan disbursement

  • Account deposits

  • Credit score report generation

  • Account management

Software developers require unique skill sets to perform their duties as needed. Some of the skills required can be industry-specific, while others are general. Similar to skills, some roles are performed by software developers in the banking sector. These roles are not inclusive of the common role of all software developers, which is to design and develop software.

In this article, we shall look at some of the unique roles of software developers who work in the banking sector.

  1. Software Testing

In a vital industry such as the baking sector, ensuring that the software performs all functions as intended is paramount. This means that the testing phase in the software development life cycle for banking software is done carefully and with keen attention to detail.

The software developers undertake two types of software testing. These are:

  • Unit testing - Developers go through lines of code. They do this to check for any logical or semantic errors that can cause bugs in the program or incorrect processing.

  • Integration testing - Developers test how different code sections work together when joined. Industrial grade software usually consists of various units, each performing its independent functions. The ability of these units to merge and work together seamlessly is tested in integration testing.

Software testing can be done using manual methods or automated methods. Manual software testing requires the software developer to run the software through the various intended use cases. If the developer finds a bug, they go back to the coding phase to make necessary changes. Manual software testing also entails the developer using sample data to check whether the software delivers the correct output.

Automated software testing requires the developer to use an automation testing platform to design various automated tests. Automation testing is designed to test the use cases of the software automatically. Sample data is also used in automated software testing.

  1. Software Adherence to Government Regulations

Across the globe, the banking sector is governed by national governments. The government, in coalition with a country’s central bank, comes up with certain laws that banking institutions should adhere to. 

The laws can include interest rates, banking security policies, money transfer charges, etc. When the government and central bank make any regulation changes, the software developer must make necessary changes to the software.

If, for instance, the interest rate regulations have changed, the software developer should update the banking software to reflect the new rates. 

The bank can also make in-house alterations to its policies. These in-house changes will also be the duty of the software developer to implement in the software used by the bank. Implementation of necessary changes into the banking software falls under the maintenance phase of the SDLC.

  1. Adoption of New Technologies

Technological evolutions are rapidly happening in this modern-day age. Newer, better, more efficient, and optimized technologies are cropping up frequently. The software developer in a banking institution must keep up with current and new technology.

If the software developer notes a new technology that will be beneficial to the institution, they should pitch the idea to the management. If management approves, the software developer is tasked with implementing the new technology into the bank’s existing software. 

Adoption of new technologies helps to improve the processing time of various functions at the bank. New technologies can also help to improve data security at the banking institution.

  1. Development of Data Security Protocols

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In the banking industry, data security and confidentiality are paramount factors. The software developer is tasked with designing, developing, implementing, and maintaining software for the banking institution. 

When developing software, developers put security measures in place to ensure that data confidentiality or privacy is not compromised. However, implementing security features in the banking software is only one side of the coin. The users also have a part to play in terms of data security.

The software developers design security protocols that users should observe and adhere to. The protocols entail safe computing practices that users should observe. The security protocols can also entail more technical protocols.

The security protocols are designed by software developers and handed over to the management to enforce. However, the software developers are available to teach the users how to adhere to any technical protocols that they do not understand.

In some organizations, the software developers hold organizational meetings to teach safe computing practices. Teaching workers about safe computing practices fall under the use of defensive computing to improve data security. 

  1. User Specification Analysis

All software degrades or ages with time. Software aging causes issues like slow response time, slow processing, etc. It is the task of software developers to routinely analyze the user requirements for the software in use.

Through the analysis of user requirements, software developers can note when software is degrading or becoming a nuisance to the user. When the software developer compares the user requirements and current capabilities of the software in use, they can know when new software is needed. 

The software developer will also be able to design good new software with knowledge of the features expected by the users. 

Conclusion

Banking institutions only choose the best software developers to employ as their in-house software developers. This is because the banking sector is delicate and tiny errors in the code can have dire consequences. One error in the code can be the difference between the business making profits or making losses till it goes bankrupt.

While working in the banking sector, this is one vital factor that you should always keep in mind. 

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