In the digital transformation of the financial services industry, low-code deserves attention
“Author: Richard Eastley Although low-code is currently surging in the market, and although a number of domestic manufacturers have promoted the concept of low-code on a large scale since 2019, in actual development cases, many companies are still taking the “old way”, There is no shortage of companies in the industry that spend years and millions of dollars and finally complete only one product solution. Many financial institutions rely on old systems and traditional development methods for many years, which leads to a series of problems, such as dependence on technology outsourcing companies, gaps between business teams and IT teams, project delays, and so on.
Author: Richard Eastley
Although low-code is currently surging in the market, and although many domestic manufacturers have promoted the concept of low-code on a large scale since 2019, in actual development cases, many companies are still taking the “old way”, and many companies in the industry spend a few An enterprise that finally completes only one product solution after spending millions of dollars a year. Many financial institutions rely on old systems and traditional development methods for many years, which leads to a series of problems, such as dependence on technology outsourcing companies, gaps between business teams and IT teams, project delays, and so on.
The emergence of low-code development platforms has allowed financial institutions to develop applications, websites, user interfaces and other digital experiences 8-10 times faster.
Siemens Low Code is a high-productivity application development platform that turns development into a highly abstracted and automated visual process that helps companies rapidly build and continuously optimize mobile and web applications at scale. The Siemens low-code platform is designed to accelerate enterprise-class application delivery throughout the application development lifecycle from ideation to deployment and operation.
Create differentiation for your business
Standardized software is often used to solve a specific common problem, so there is a good chance that competitors in the industry are using similar solutions. In contrast, Siemens Low-Code is not designed to solve a specific problem, it is a unique low-code rapid application platform for development and delivery, enabling the entire application from ideation and development to deployment and operation Lifecycle provides a complete set of integrated tools. In an increasingly converging market environment, financial institutions can differentiate themselves by providing customers with low-code Siemens services.
Everyone can participate in application development
In the banking industry, especially smaller regional banks, are looking to maximize digital transformation on a limited budget. Since many banking institutions do not have IT DNA, but their development teams still need to face high-demand tasks such as automation, updating various applications, developing new applications, and replacing legacy systems, project rework and delays are even more common.
Siemens Low Code is unique in providing both no-code (visual modeling) and low-code (highly scalable, integrated tools to support collaborative work across functional teams) on a single platform. Through the platform’s collaborative and visual development capabilities, Siemens Low Code enables people across all functions to participate in the creation of applications that deliver sustainable business value. In other words, business and IT teams can collaborate on a single platform and focus on achieving the same goals, building applications together that solve real business problems.
Low-code lowers the threshold for development
In order to make it easy for enterprises to start their low-code development work, Siemens Low-Code continues to release new solution templates. These templates embody Siemens’ low-code experience in the financial industry for many years and help enterprises quickly get started with low-code development. These include:
• Customer Guidance: Turn the crucial initial user relationship building process into a relaxed and pleasant experience;
• Native banking APP: uses biometric technology to achieve smarter user authentication, and provides chatbot function to provide users with 24/7 support;
• Loan origination: Provide users with a convenient and fast loan application process, adding certain key parameters to automatically approve or reject the loan.
The above functions can be connected with the core system of the enterprise, and can be modified according to the actual workflow and brand tone to make it more personalized. With the support of these templates, enterprises can launch new functions in just a few weeks, respond quickly to new needs of users, and greatly improve customer experience. For more details, please click to watch the video.
Experience for a digital future
Undoubtedly, it is the pursuit of financial institutions to bring a better user and communication experience to users. However, if the traditional development method is used, limited by third-party technology and development costs, it may not be able to bring the ideal and beautiful experience to users; on the other hand, if the customized platform can quickly meet some of the needs of customers, it cannot Offer a more personalized service to differentiate.
If companies are still taking a wait-and-see attitude towards low-code development. Siemens Low-Code suggests that businesses can choose a small project as a touchstone to test low-code’s ability to quickly create solutions. This project doesn’t need to be perfect, it just needs to play a key role and demonstrate its key value in the development phase. Plus, IT teams can grab every link that can be filled and tested with low-code.
Mendix hopes that more and more financial institutions can accelerate the layout of the digital development blueprint through Siemens low-code, and stand at the forefront of digital transformation.
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