At present, technology and digital innovation have become the biggest support and also a looming challenge for every industry simultaneously. Naturally, banks are no different. Financial technologies like FinTech have proven to be a disruptive innovation in banking.
To address these issues, Ranosys and OutSystems co-hosted a webinar on 17th June 2020. From discussing the disruptive technologies in BFSI and the use of low-code development to accelerate growth, our expert speakers discussed the prevalent pressing topics related to the banking industry.
It was a joint initiative by OutSystems and Ranosys to promote agility and customer-centric approach in the BFSI industry. At the end of the webinar, the audience had more insight into why low-code is the future and how one can implement it in the BFSI industry.
How OutSystems can help BFSI industry face new challenges with low-code development
The traditional banking industry faces new challenges every day as technology spruces up a new innovation in every few minutes. Keeping up with the emerging trends and changing customer demands require foregoing old techniques and embracing new technologies.
In such a situation, only rapid development and agility can help banks revamp themselves for the new world. Therefore, low-code development technology like OutSystems can pave the way for bringing digital transformation to the forefront in the banking sector.
How OutSystems can manage competition from Fintech and accelerate digital transformation
OutSystems is the #1 low-code development technology right now. It can help you accelerate your process of digital transformation and facilitate your movement from the legacy process to new alternatives.
This is the age of the internet and a fast and innovative bank mobile application is a must for every bank. However, the bane of slow development and backlogs can slow down your plans and dampen your growth trajectory.
As per reports, almost 73% of banks have application backlogs and there seems to be no solution for their improvement. These blockers increase the average time spent on application development and make deployment a lengthy process.
Low-code development technology like OutSystems can help in the rapid development of complex applications with the help of visual modelling. It decreases your time-to-market considerably and helps in meeting customer requirements with flexibility.
In recent times, FinTech has emerged as a major competitor to traditional banks. Startup companies leverage the latest technology and customer base to provide a quick, easy-to-use financial service which raises the customer experience.
As more and more customers have become tech-savvy, it has become a challenge for traditional banks to keep them interested and retain their loyalty. What traditional banking needs is a technology that can help them develop a competitive advantage.
OutSystems is the most viable and swift development technology that can support retail banking in transforming themselves into customer-centric service providers that can accommodate any scale and volume of business.
To make this claim clearer, here’s a list of ways in which OutSystems can help you bring digital transformation rapidly and tackle threats of disruption like the emergence of FinTech –
- Smooth front-end development: OutSystems is based on the drag-and-drop model where a developer can choose components and weave them into their application. This makes front-end development easier, effective and enhances the user experience.
- Quick back-end development: A recent study revealed that 35% of banks concentrate more on the front-end development than back-end functionality as it takes more time.
However, this practice has a huge impact on application’s efficiency as the core of a mobile application runs on the back-end operations.
With OutSystems visual method of development, the development time decreases 10 times and infuses a bank’s digital operations with agility and high speed. - Helps in Process Revamp: Most banks have a difficult time choosing to stay with their legacy system or moving entirely to a digital banking process. This decision depends largely upon the application development process.
With OutSystem’s functionality, a bank can freely choose between revamping their existing process or choosing a complete digital transformation as it allows quick development and rapid deployment.
- Boosts Agility in the teams: With OutSystems low-code approach to mobile development, your IT team could comprise novice developers with a good sense of user experience and application design.
You would not have to depend upon hard coding and could design, develop and deploy an application and its updates with lesser time and efforts.
- Faster feedback cycles: The success of a mobile application depends upon how quickly it adapts itself to customers’ feedback and demands.
With OutSystems, the feedback cycle has frequent iterative updates and moulds the application according to changing requirements. This functionality makes applications responsive, scalable and adaptable.
Wrapping up
In order to survive in today’s ever-changing environment driven completely by technology, innovation and digitization is of utmost value. A low-code platform like OutSystems ensures that a bank or financial institution remains proactive, flexible and customer-oriented.
OutSystems enables financial institutions to inculcate real-time analytics, personalized user experience and quicker turnaround time with its agile and functionality.
At Ranosys Technologies, the team is well-versed with the intricacies and nuances of OutSystems. We have successfully developed and deployed multiple applications using OutSystems and have helped organizations achieve digital transformation at a rapid speed.
Our team consists of developers with a mindset that promotes breakthrough innovation for better customer experience. Our live webinar on 17th June is a step towards sharing our insights and expertise on low-code with the industry.
So, if you manage a business and are looking for technologies that can accelerate your digital transformation process, we will e-meet you on 17th June and help you achieve your goals with OutSystems.
