“From online banking to mobile payments, the financial services industry is ahead of many other industries when it comes to technology. Today traders and customers are using state-of-the-art technology to easily and quickly access more information than ever before.
From online banking to mobile payments, the financial services industry is ahead of many other industries when it comes to technology. Today traders and customers are using state-of-the-art technology to easily and quickly access more information than ever before.
But as the pandemic has spread, the financial services industry has not been immune to the challenges posed by the pandemic. In the post-epidemic era, we need to think about how the industry will adjust and the challenges it will face in the future.
Financial industry system upgrade
The complexity of the financial services industry speaks for itself. The industry has a number of different regulators that oversee corporate behavior and issue new regulations, and the industry as a whole has to enforce it quickly.
Such complex regulatory compliance requirements have posed extremely high challenges to the work of industry technicians, and the outbreak of the epidemic has made it even worse. Most organizations are still using outdated legacy systems that are neither suitable nor able to meet the current demands of the financial services industry for remote work. But changing these systems is extremely difficult: in order for clients to transact in real-time, while avoiding any disruption to service, technicians need to ensure that their operations continue to run while clients update their infrastructure. For technicians, that means making small upgrades to the system at a time, not a complete overhaul.
Digital transformation has become a priority
With the rapid development of technology and the promotion of remote work by the epidemic, people have become more and more aware of the importance of digital transformation, which is crucial to the survival of any industry until a solution to the epidemic is found.
Fortunately, the financial services industry is off to a good start, most users are already familiar with mobile and online banking, and organizations are already deeply engaged with digital data and archiving. For the financial services industry, the new challenge is not how to start digital transformation, but how to accelerate the transformation and focus on coping with the pressure of rapid development. According to a recent Mendix survey of the financial services industry, technology executives in the industry have prioritized 3 areas:
1. Accelerated remote work solutions (70%)
2. Strengthening online and mobile banking (60%)
3. Increase the use of automation (60%)
Based on past experience, to implement these three key areas requires a huge technical R&D team and spends several months on a project. During the pandemic, we have deeply felt that this way of working is unsustainable; instead, technical teams need to be able to adjust between projects and advance with priorities that need to be adjusted. As a result, businesses need to take a different approach to operations.
That’s where the value of low-code comes in. If businesses choose to build applications using low-code development platforms, even the most traditional financial institutions can match the nimble pace of fintech innovation, and now is the time to act: According to Mendix research, 90% of financial services Industry IT executives believe their companies will need to invest in digital initiatives over the next two years in order to survive and move forward in a rapidly changing marketplace.
The era of low-code development
Today’s enterprise IT teams need to go above and beyond and collaborate with different departments to create revenue-generating services that truly meet customer needs. This requires providing a tool that allows developers and non-technical people to work together.
The Mendix Low-Code Rapid Development Platform is one way that this collaboration is facilitated: by enabling enterprises to create two integrated development environments that enable non-technical people to work with IT teams and participate in business application development. Since no specialized coding knowledge is required, employees from non-technical backgrounds can also join in software development or business application creation.
Low-code enables technical and non-technical teams to co-develop applications using the same language, and those who understand the business problem and those who understand the IT environment, core systems, and services collaborate with each other to contribute to the envisioned product, avoiding the need for technical teams and others Repeated communication between departments and risks caused by poor communication in all aspects of the project. IT departments can maintain control with built-in governance and safeguards to ensure compliance with various necessary standards.
As the financial services industry begins to enter the next phase of its digital journey, 82% of industry IT leaders believe cloud-based collaboration tools are a must-have for all established financial institutions, and more than half of respondents plan to invest in the low-code space in 2021 , and prioritizing low-code ahead of AI, automation, and video conferencing tools.
Subject to the global impact of the epidemic, software has become the new lifeline of our daily life and the global economy. But traditional software development takes too long and often fails to meet business needs and provide users with a high-quality experience. Even before the outbreak, the number of people with professional software development capabilities could not keep up with the global demand for software. The global epidemic has made the software and business crisis even worse. In the era of low-code software development, Mendix provides a powerful enterprise-level visual development method through low-code, so that ordinary and professional developers only need to use an intuitive graphical user interface and drag-and-drop components and model logic. Accelerates the implementation of cloud-native applications on the web and mobile devices by more than 10 times.