How OutSystems Low-Code is Redefining Financial Services in the Digital Age

In today’s dynamic financial landscape, staying ahead of the curve is essential for success. The finance industry is undergoing a significant transformation, driven by the need for greater efficiency, enhanced customer experiences, and compliance with stringent regulations. This is where OutSystems steps in as a game-changer. With its powerful low-code platform, OutSystems is revolutionizing the finance sector by enabling institutions to swiftly develop and deploy leading-edge solutions. Here, we’ll explore how OutSystems is shaping the future of finance, empowering organizations to navigate the complexities of modern finance with agility and innovation.

The Digital Banking Revolution: By the Numbers

With 65% of Americans now resorting to digital banking, traditional banking mechanisms are gradually fading. This adoption isn’t just about convenience. It’s about an immersive, efficient, and hassle-free customer experience. A positive customer experience (CX) doesn’t merely enhance satisfaction; it translates to tangible financial gains.

Institutions have found that an enhanced CX can lead to a 10-20% spike in customer satisfaction, and more interestingly, can cut down up to 50% of overall acquisition costs.

But there’s a catch.

Slow, cumbersome onboarding application processes can deter potential customers, leading to a staggering 40% abandonment rate in mobile app onboarding. Given the predictions about digital wallets – with global consumers likely to spend an estimated $4.4 billion by 2023, representing 52% of ecommerce payments globally, it’s evident that financial institutions must be adept at offering swift, seamless digital solutions.

Challenges in the Financial Sector

Banks and financial entities face a confluence of challenges:

• Evolving Consumer Expectations: Gone are the days when a simple transactional relationship sufficed. Today’s consumer demands immersive digital experiences.
• Client Retention: In an industry awash with choices, attracting and retaining clients is akin to walking a tightrope.
• Compliance Conundrum: With regulations in a state of flux, banks constantly grapple with ensuring they’re on the right side of the law.
• Urgent Digital Makeover: Staying competitive is no longer just about offering superior services. It’s about how you offer them. Digital transformation is no longer a luxury; it’s a necessity.
• Talent Crunch: While the demand for digital solutions soars, there’s a palpable shortage of talent, especially in areas far removed from tech hubs.
• Unconventional Competition: Beyond traditional competitors, there’s a surge in alternative financial solutions, often outside the purview of conventional banking systems.

Opportunities for Midmarket Players

Mid-market organization often seen as the ‘middle child’ of the financial world, hold immense potential in this digital age. While they might lack the vast resources of larger institutions, they have the agility to pivot rapidly. By harnessing solutions like OutSystems, they can offer bespoke services, build personalized customer relationships, and craft nimble strategies that can outperform larger, more cumbersome entities.

The Silver Bullet: OutSystems Low-Code

Enter OutSystems. To truly stand out in today’s competitive financial landscape, banks must not only offer digital solutions but must also differentiate through innovative, omnichannel experiences. OutSystems’ high-performance low-code (HPLC) platform becomes the cornerstone in this digital transition.

The Strategic Benefits of Adopting Low-Code in Financial Services

• Low-code platforms, especially ones as robust as OutSystems, are not merely tools for crafting software. They’re strategic assets. Here’s why:
• Rapid Innovation: With quicker development cycles, financial institutions can frequently iterate and deploy services, staying in tune with market demands.
• Operational Efficiency: Streamlining processes reduces operational overheads, translating to cost savings and better resource allocation.
• Customization at Scale: Address unique customer needs without the challenges traditionally associated with custom-built solutions.
• Future-Proofing: With the ability to integrate emerging technologies, banks can ensure their offerings remain relevant and state-of-the-art.

Delving Deeper: Why OutSystems is the Game-Changer

With OutSystems, even those new to app development can craft advanced apps with minimal training. For seasoned developers, the productivity gains are unprecedented.

But what truly sets OutSystems apart for financial service firms?

• Unleashing Innovation: Rapid, intuitive next-gen app development.
• Competitive Edge: Out-think, out-collaborate, and out-service competitors.
• Holistic Solutions: Improving customer relationships, onboarding, transactions, and control.
• Digital Transformation: Redefining the digital landscape for rapid evolution.
• Seamless Experience: Designing intuitive, user-centric interfaces.
• Tech Disruption: Revolutionizing industries through agile, disruptive tech.

OutSystems: More Than Just a Platform

The true mettle of OutSystems lies in its rich feature set:

• Connection to any system via Open APIs, making integration with emerging tech a breeze.
• Accelerating omnichannel strategies with the resources already in place.
• A centralized hub for app development, irrespective of scale.
• Tailor-made customer onboarding experiences.
• And with a 5x faster development speed, intuitive visual programming, and enterprise-grade security, it’s clear why OutSystems has become the favored choice of the financial sector.

Success Stories: Witnessing the OutSystems Impact

Aaseya transformed investor onboarding for a leading financial information service provider.

A leading financial information services provider collaborated with Aaseya to revolutionize their Investor Onboarding and Subscription Management process. The existing platform lacked flexibility, demanding off-platform steps for daily operations.

Aaseya’s OutSystems team introduced a multi-tenant, cloud-hosted web portal for Investor Onboarding. It digitized the collection of subscription, KYC, and tax documents, streamlining onboarding while providing a customized client experience. This empowered funds and administrators to manage onboarding, validate KYC data, and incorporate investor KYC data securely.

The impact was transformative: Investor data management efficiency improved, centralizing control over data sources and enhancing data quality. The solution addressed multiple compliance requirements from a single platform, including AML/KYC, Tax, CRS, and FATCA, resulting in an enriched onboarding experience, reduced costs, and streamlined documentation handling.

Aaseya revolutionized Document Digitization for financial information service provider

The client encountered the challenge of extracting data from a wide range of documents. To tackle this issue, we introduced an innovative solution that offered a centralized, cloud-based approach applicable across all products, eliminating the need for customized solutions in individual products.

Key features of this solution included complete digitization, enabling data extraction from both structured and unstructured documents, multi-tenancy with customizable branding, integration with single sign-on authentication and an OCR engine, as well as secure document storage through Amazon S3. Additionally, a dedicated portal streamlined back-office tasks.

This initiative resulted in a centralized and efficient process, an enhanced user experience, simplified model setup, and improved handling of unstructured data. It allowed for the specification of document types and fields in API responses, enabling advanced document searches. As a result of implementing this centralized, cloud-based document digitization solution, the client achieved operational optimization and enriched user interactions.

Conclusion

In an age where digital is the default, financial institutions cannot afford to lag. OutSystems offers the agility, innovation, and efficiency crucial for modern financial entities. With undeniable successes, it’s evident that transitioning from legacy systems to leading-edge solutions isn’t just an option; it’s imperative.

If you’re a financial services company aiming for the pinnacle of digital transformation, Aaseya can champion your journey with our OutSystems expertise. Dive deep into the future of finance with our unparalleled low-code services. Don’t just adapt; lead the change.

Contact us to start your transformation journey today!