View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Hardware
July 3, 2020

Bank of England Taps New Tool to Track Returns on Software QA

Are you getting bang for your buck?

By claudia glover

The Bank of England (BoE) has signed up to use a new quality assurance software tool that measures the performance of software production against the market, in a bid to benchmark the cost, speed and return on investment (ROI) of software quality assurance (QA) processes.

The BoE will be using a unique new offering from QA Media Limited, which launched commercially this week.

Jordan Daniel, who heads up QA at the BoE, said: “Our participation in the project is partly aimed at benchmarking our own internal software development processes,” adding this week: “We also see a growing need for benchmarks for software quality and resilience that can be shared by banks and other financial firms.”

The subscription to the tool will last for three years, and will allow the bank to contribute data on their software development processes. This data can then be analysed to extrapolate the number of development faults that have to be addressed during software production and then the effort spent on both quality assurance and fixing its defects.

These can then be compared to those of others in the market, so that different financial institutions can compare the effectiveness and return on investment of their software quality assurance process.

QA Media director Justyn Trenner told Computer Business Review: “In a world where we rely on metrics and KPIs there has been a clear lack of a measure that relates quality to investment. We recently did a survey and found that fewer than a quarter of the people we spoke to believed that they could measure ROI” [on software QA].

He added: “Eighteen months or so ago I set about having a dialogue with the Bank of England and a number of other technology leaders in the financial industry to try and come up with clear macro metrics.

Content from our partners
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester
Infosecurity Europe 2024: Rethink the power of infosecurity

“We wanted those responsible for software quality to be able to go to their CTOs with a series of clear measures, that would allow them to report to business owners exactly what they were getting for their investment in quality. The problem we’re solving is a clear measure of quality that relates to the effort put into that quality.

“Essentially, are you getting bang for your buck?”

The project and product release come as major banking brands like Natwest, TSB, Bank of America and National Australia Bank have seen major outages owing to software issues, particularly concerning mobile banking.

Pressure has been mounting on financial institutions to build more robust IT  infrastructure and software QA processes with the Treasury Select Committee warning in October 2019 that “we believe the current level and frequency of disruption and consumer harm is unacceptable.”

See also:  The TSB IT Meltdown: 5 Key Takeaways from Slaughter and May’s Damning Report

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.