Banking, insurance, and financial applications are apart of the largest sector for consumer IT services and carry very confidential information pertaining to their day to day user base. Banking software must be free of error not only to ensure the best possible customer service, but because hackers can exploit potential bugs in the application and access private financial data, which may compromise the assets of many individuals using said banking, insurance or financial services.
Thus, it becomes essential that every iteration of banking applications are tested profusely before rolling out to the live servers. When used with test data, banking applications can simulate live consumer interactions with minimal risk to all parties involved. Test data can be used throughout each phase of the testing process including but not limited to database testing, integration testing, and security testing. For example, test data can be used for security verification and validation processes to ensure only those with the correct permissions can access their data.