Inability to adapt to outcomes in disasters, especially in Digital banking
The IT perspective of the world is changing, as is the approach to building applications in the financial services sector. Business owners are calling for stronger efficiencies, IT resources, and automation, cloud transformation, connectivity, and flexibility, just to name a few.
These words may sound like buzzwords, but the past two years have shown us the imperative of building apps from the traditional approach and rapidly changing. This is why global suppliers have revamped their offerings. Digital banking is the way to the new.
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Infinite demand for engineers
You must have already seen the graphs of the Gartner report, which are in demand for IT developers. And this is very serious, because there are some initiatives that aim to increase automation. For example, startup DeepMind has been able to build an AI capable of writing code. Digital banking is the way to the new
All of this indicates that a well-thought-out platform such as a low-code platform is the future of any application development, with the opportunity to build end-to-end business processes – or increasingly plug-in possibilities off-the-shelf. The game of components – there will be a significant competitive advantage. Digital banking is the way to the new
Digital bank
Nowadays, there are no banks without the presence of their IT departments and no plans for their future. They are very risky from a business and regulatory standpoint. Digital banking is the way to the new
However, given the high pressure on digitization, we can see that their approach to building strategic applications is slightly different. In this regard, they either use internal resources or purchase ready-made external solutions. But they all want to make the new technology available – a market-proven framework they can build on their own. Digital banking is the way to the new
From our experience, banks are always open to solutions tailored to specific areas, such as lending or factoring. Also, they are exceptional in their online and mobile banking services.
While in the last two services it is about information and best practices, it is believed that digital banking is the part that banks want to establish deeper collaboration with suppliers. They have always wanted to be able to develop parts independently at any given time, but still be open to useful value-added services (VAS) to enhance their operations. Digital banking is the way to the new
How they can achieve the future of global banking
Microservices architecture is the future of all banking applications providing comprehensive, independent and completely self-contained operations that take responsibility for individual business functions. Digital banking is the way to the new
Also, largely monolithic platforms cannot, which means these applications are slowly taking off, as they have been forced through modern architectures. Actually – software systems with monoliths have hardly any advantages compared to microservices.
Open banking is not an invention, it has become a global trend for many years now and then. It is also physically present in 5 continents around the world; However, it is still in various stages of development and progress.
Therefore, it is expected that in the coming years, banks will find or find a way to build a wide open ecosystem characterized by complete flexibility in terms of products and services offered to customers, thanks to integration with Ready for the ease of-built third-party applications or cloud services. Such solutions have almost no limits, and the only limit is the imagination of their creators.
Banks are slowly becoming the role of software
But their business model has to adapt to the modern economy. For example, ING Bank lski in Poland, offers its customers about 2,000 robots that are capable of speeding up daily tasks.
It predates the traditional bank-customer relationship pattern that focused on lending, investing or cash management by miles.
Express delivery will be of paramount importance in the digital economy of the future. And if you don’t have many well-organized teams, you should build your applications on ready components to accomplish things quickly.
Platform equipped with only all the necessary components, processes and services to enable businesses to get up and running quickly, with technology teams focused on developing business logic at the application level, rather than dealing with end-to-end infrastructure concerns enables to do. Stay ahead of the competition.
To adapt to future expectations, banks will have to invest more in design and digital offerings. Speeding up the application creation process is one way to prepare for the future. Using a modern framework – which allows banks to rapidly create new applications or link them to off-the-shelf small business processes – helps these operations realize that a re-run is the only way to be successful. .
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