Transforms the banking systems legacy solutions, Fintech scalable

The financial services industry is side by side with competitors. Ranging from traditional players in the market to technology companies and grocery stores that extend their reach horizontal. With many of the same services, rates and deals on all the areas, the banks are facing a crisis of commodification, and those who can't show innovation and product differentiation will be combined in the mind of potential customers.

The new and successful upstarts in health and insurtech as OpenClaims and ClaimSecure provide examples of where the banking organizations must grow and adapt.

Keep reading for more information on the best methods for transforming the banking applications, legacy financial systems to legacy solutions, fintech winners.

Digital transformation presents a number of challenges for companies, including:

• Integration of incomplete from the legacy system
• Bottlenecks in the efficiency of the process
• Risk of paper documentation

These challenges often overshadow the opportunity to innovate with the technologies of traditional development. The technology is revolutionizing everywhere. The incorporation of new development low-code between industries can help financial institutions to find progress in the solutions fintech. The platform all-in-one Mendix can help you get there.

Care companies, as ClaimSecure have created applications in Mendix to digitize processes that reflect the same challenges that banks face on a daily basis. Insurance companies such as Zurich Insurance know how important it is to the accelerated development of applications for customer service, modern. Have a platform for development of applications of code under the hood of tools IT means to be available and ready to bring innovation to their customer base.

Forrester: Mendix Low-Code facilitates your roadmap dynamic

Atms, mobile banking and credit cards: the financial services industry has a track record of bringing new products to market. However, the principal analyst of Forrester, Peter Wannemacher, argues that these innovations are mainly extensions, or representations of the same sets of products, angles of marketing and business models that the financial institutions have been providing since the mid-TWENTIETH century. It's time for a change.

Wannemacher says that banks need to adopt the dynamism to thrive during the era of the digital transformation, financial technology and the disruption between industries. The platform Mendix represents the dynamic approach to banking that is helping to fuel the business of financial services into the future.

More than one out of every three bank customers of EE. UU. it is already agreed with the statement, ‘all banks are equal’, which is effectively the definition of a commodity

Peter Wannemacher, principal analyst, Forrester

“According to Forrester research, more than one out of every three customers of u.s. banks are already agreed with the statement ‘all banks are equal’, which is effectively the definition of a basic product,” said Wannemacher . “The ongoing relevance of your bank depends on its ability to differentiate itself in a market increasingly saturated and that, in turn, depends on how fast and effective they can be in their changes, improvements and innovation.”

The dynamism is the speed and the degree of change that can be achieved by a bank. The question is not if your bank is already iterating and changing, but if you are implementing the systems, processes, culture, and platforms that will allow their team to adjust when necessary and in perpetuity . Wannemacher and Forrester to see the development of applications of code under it as representative of a dynamic approach to digital planning.

“Leading banks such as ABN AMRO, Bendigo Bank in Australia, Rabobank, Wells Fargo and others, who use platforms under the code that enable them to build things faster than ever, and faster than their competitors,” said Wannemacher. . “Then they can explore, iterate, and measure the success of those capabilities.”

The innovation comes in many forms. It is essential to adopt a multi-faceted approach of the innovation so that your computer does not bind or rely on incremental changes when they should be responding to a digital disruption that is different from or the release of product features. Sometimes, being able to incorporate the innovation of the industry adjacent is the answer to your needs of applications B2C.

“As part of this, a thing that will change is the type of roadmap. It is not a sheet of static route that you decide on a base year, but a roadmap that constantly changes, a roadmap that is as dynamic as your business, such as its culture.”

The manual Mendix-Built

ClaimSecure is a canadian company claims management of health care processes more than 10 million transactions dental benefits and health, with a value of $ 1.3 billion a year.

Before creating a new application of case manager in the platform Mendix, ClaimSecure depended on paper documentation and the manual filing system, the decentralized communications with clients and the basics of Excel or Access data. It is a story that the canadian provider of claims management in health care shares with many financial services companies, where the processes are outdated are causing bottlenecks and security issues as the business grows.

“Once upon a time, the employees of ClaimSecure were tied to fax machines, paper, and large file cabinets,” said Linda Lin, director of consulting, strategies and innovations of drugs, ClaimSecure. “This was the way it all worked in my department, my company and my industry benefits. This is the way we all worked until TimeSeries and Mendix changed all of that.”

With Mendix, the technology partner TimeSeries and ClaimSecure created a custom product that they could present their internal teams and that improved its ability to provide a better service to the customers of ClaimSecure. Applications TimeSeries and ClaimSecure created on the platform Mendix streamline the billing and other requirements of work-based processes and increase access to useful data, from customer service to the call center agents and social workers.

The customer care agents of the financial services and health care share a similar problem: none of the two can do their job the best they can without access to the right data at the right time. Both companies in both industries, you know how hard they have to work to scale up or out. Have decentralised sources of truth, paper records, and processes of manual filing increases the margin of error and slows down the progress, and these problems only get worse as he grows.

“We were able to work with TimeSeries to import all of our legacy data to the new application of Mendix,” said Lin. “Then, when we produce reports, we don't have to go to two different places and two different databases”.

The creation of modern applications in the platform Mendix with the help of a technology partner of trust can help banks to create solutions for the integration, access, migration, and other key initiatives of digitization.

To replace the legacy to get £700,000 in savings

Financial services firms need to develop technology for replacement of the obsolete technology that solves the current problem, and create an opportunity for the morning. The same thing happens with the insurance organizations. Many reasons impelled the dismantling of Lotus Notes in the company Zurich Insurance based in the United Kingdom , among them:

• Cost: accommodation and maintenance facilities were increasing costs
• Usability: UI/UX outdated without multi-channel support
• Technical debt: functionality out-of-date, obstacles of integration for new features and products
• Governance: Too many IT solutions in the shade to work with Lotus Notes

Zurich Insurance considered many factors before you choose a replacement solution, including the complexity of the workflow, the integration capabilities and scalability for both vertical and horizontal.

The security is also critical for companies with sensitive customer information, such as insurance companies, banks and other financial services companies. The cloud Mendix can be deployed in any place, securely, with just a click of a button. For Zurich, it was an advantage to host sensitive data in the facility while deployed in applications with less problems of security in the public cloud.

“Mendix has been shown to be quicker and easier to develop in comparison with the traditional tools of software development. It is easy to take advantage of the reusable components and allows us to reiterate all the product, working closely with the business”.

Zurich Insurance used the approach Mendix App Factory for the development. The company has created several useful applications based on processes with reusable components which ranged from the brand and the templates page until the security integration of Okta and the audit modules and custom reports.

The result was a faster development and better processes that owners of domestic products called "a breath of fresh air", "[a] efficient implementation suitable for the TWENTY-first century" and "easy to navigate and use." Replace the Lotus Notes using the application development platform Mendix Low-Code was faster and required less resources in comparison with the methodologies of traditional development, and saved to Zurich Insurance the incredible amount of £ 700,000.

Mendix is a dynamic solution to a challenge in evolution

The suites of business process management solutions and automation of robotic processes can help your financial services firm to generate efficiency of resources and accelerate time-to-market of their products and services. But for how long? The platform Mendix centralizes data and converts paper-based processes in efficiencies and ultra-fast.

With Mendix, your data is safe and accessible to the computers that have a genuine impact on the client. But best of all is that the platform Low-code all-in-one Mendix allows your technology stack to evolve with innovations and disruptions and will help your company stand out in a crowded marketplace in the years to come.

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