Modern banking and financial enterprises have come to realize that embracing digitization is vital for them to fulfill customer needs and stay ahead of the competition. Among the key aspects of digitization, app development is one, which can be a transformation endeavor for financial institutions.
While other sectors use several technologies for app development, banking and financial organizations yet lack the technology adoption that stimulates digital transformation. Some of the reasons behind the sluggish pace of tech adoption are the lack of a robust technological infrastructure, talent, and tools in the sector. Therefore, to accelerate tech adoption and application development, financial institutions can use low-code app development platforms. OutSystems is one such platform that allows financial service providers to develop solutions that eliminate numerous market challenges.
Key Challenges Encountered by Financial Institutions
1. Evolving Regulations – The government repetitively enforces new regulatory compliance and guidelines for financial institutions to ensure that there is no mishandling or manipulation of user data. However, developing and upgrading solutions that comply with ever-changing regulation guidelines remains a leading administrative challenge for financial enterprises.
2. Traditional Legacy Systems – Today, many banking and financial companies use legacy systems and tools for handling both internal and external operations. This approach fails organizations to cater to modern customers’ requirements and mindsets. Without personalization in services, it’s hard for financial enterprises to enhance customer loyalty and reduce churn rate.
3. Security Concerns – Financial enterprises, which collect, manage, and store large amounts of business data or customer information using legacy systems struggle a lot. It’s because legacy systems are highly vulnerable to security risks and can get financial institutions into cybersecurity trouble quickly.
To overcome these challenges, banking and financial enterprises can adopt the low-code app development approach by using the OutSystems LCAP platform. Without significant investment in time and talent, the OutSystems platform allows financial service players to implement enterprise-level solutions and embrace faster digital transformation. Financial organizations can also associate with the recognized OutSystems consulting partner to implement advanced solutions that require complex integrations.
Role of OutSystems LCAP in Finance
OutSystems offers financial service players access to a low-code platform, which rapidly speeds up the application development process, allowing workflows to be created using pre-designed chunks of programs called Automation Blocks. Outsystems LCAP platform removes most of the complications, which hinder the growth of digital banking services. As per recent reports, around 35% of banking enterprises mentioned that using the OutSystems LCAP platform allows them to build more cost-effective banking applications than traditional methods.
OutSystems LCAP makes it fast and easy for financial institutions to create solutions without the involvement of IT teams. Besides, non-technical users in financial organizations can make their own rapid customizations, instead of having to call in IT professionals to perform modifications. This allows businesses to focus on delivering the best solutions that are focused on enterprise and customer requirements.
Benefits of Using OutSystems LCAP for Finance
Enhance Customer Experience
Banking and financial enterprises with a lack of process automation can implement the OutSystems LCAP platform as it offers a great way to streamline a lot of processes rapidly. This can radically lessen the amount of time that consumers devote waiting for particular processes to be complete. For instance, the AML/ KYC regulatory evaluations that financial firms must perform can be modernized during the client onboarding process.
Low-code applications developed using OutSystems in this phase can create a substantial difference in both customer fulfillment and operational efficiency by automating the way that data and credentials are collected from customers. Moreover, financial organizations can easily share a large amount of data among systems and teams when the low-code application is appropriately integrated. The resultant applications offer customers an enhanced digital experience that considerably reduces the time spent on account opening and onboarding processes.
Cross-Platform Development
Finance organizations that build custom applications often end up with a desktop or web version, due to a lack of resources and budget for mobile app development. However, desktop and web solutions developed using OutSystems LCAP are device and platform-independent. This denotes that solutions can be easily adapted into Android, Windows, or iOS-based mobile applications. The cross-platform functionality along with the rapid development methodology of OutSystems LCAP can help financial organizations significantly reduce costs for their enterprise app project. Businesses can also hire OutSystems consultants to develop cross-platform financial solutions from the start or improve the existing ones.
Security and Governance Tools
Advanced safety, security, and data accuracy are essential for financial applications, as it deals with customers money and information. With financial enterprises looking to build applications to automate operations across the business, this certainly creates more possibilities for cybersecurity attacks. Therefore, financial companies should use a low-code platform that provides tools to protect applications from illegal or malicious activities.
OutSystems LCAP is one such platform that comes with integrated security and governance tools, like role-based authorization for accessing various aspects of an application, user authentication, and comprehensive logging. These tools aid financial enterprises to maintain a structured way of policies, protocols, and procedures that regulate an organization.
Wrapping Up
Low-code app development is increasingly gaining attention across the banking & finance sector, as it offers unparalleled opportunities for organizations to improve their digital maturity and gain a competitive edge. By leveraging the capabilities of OutSystems LCAP, financial enterprises can instantly develop different backend or front-end enterprise applications with better ROI.
