How to Leverage Mendix to Speed up the Development time of BFSI Apps
Technology and its growth have made web and mobile apps crucial for customers in the financial space. As an IT leader, you would often have requirements to launch new apps and upgrade existing ones shortly. Fortunately, Mendix, a low-code application development platform leader, makes it easy to develop these apps. The platform also offers improved mobile customer experiences.
But, how exactly does Mendix do that? What are the key elements that make it different from other low-code platforms? Let’s figure that out in this article, where we also list other advantages of opting for Mendix. Ultimately, these will help you develop intelligent banking solutions.
What makes Mendix unique for financial apps?
Mendix is an innovation-driven platform to build and improve mobile and web apps at scale. You get a holistic set of tools that support the development across the entire app lifecycle. So, whether you have a rough idea or need help with development and testing, Mendix is your answer. And that’s not all. Another striking aspect of Mendix is that the platform supports both low-code and no-code development in one place. It enables cross-functional teams to collaborate better.
If we look at the development process of the Mendix platform, it comprehensively meets the rigorous demands that come with enterprise apps. Such apps require supreme performance, high availability, and advanced scalability options. Mendix also helps developers meet the app complexities, including advanced integrations.
How does Mendix support various stages in the lifecycle of financial apps?
Here’s an overview of how Mendix supports the different steps in the app lifecycle and digitize financial services.
- App ideation and requirements management
Ideation is the first and the vital step in app development, where Mendix offers a unique problem-solving approach. You can also figure out your requirements during various stages of the project. Tools like User Story Management and Sprint enable comprehensive feedback management.
End-users can offer their suggestions. It helps developers work on those suggestions quickly and improve the user experience. Mendix also supports requirements management for various project stages.
- App development and testing
You can bring the app ideas to life on the Mendix platform at the second stage. The platform uses a range of visual modelling languages that support various app aspects. Users with a non-technical background can also leverage Mendix to build apps.
Besides technical developers, here is a list of users who can use the platform.
- Business analysts and business development professionals
- Scrum masters and product owners
These users can build, review, and modify apps collaboratively across the enterprise. They can also get feedback from end-users and implement the changes swiftly with the help of the feedback widget.
As Mendix offers a visually rich platform, it leads to a better engagement with end-users. The app development requirements also remain aligned. The platform also aids model-driven development by supporting customised features and optimizations necessary for improved user experience.
The Application Quality Monitor (AQM) is a vital tool that supports test automation and quality assurance. Development teams can ensure the app meets all the quality parameters.
Besides monitoring the quality of the application during production, the tool also provides a dashboard for detailed insights into the development process. You can modify and upgrade the apps based on granular insights available on the dashboard.
- App deployment
Mendix offers advanced compatibility with various cloud platforms and technologies. You can seamlessly run and deploy your app on the Mendix Cloud as the platform comes with a PaaS-based setup. Mendix apps operate in Cloud Foundry containers with regular support for vertical and horizontal scaling.
The platform also supports auto-healing without any downtime. Developers can deploy the app to the cloud or on-premises infrastructure with a single click. The integrated cloud experience of the Mendix platform gives developers the freedom to create, maintain, and support apps in compliance with the enterprise norms.
What are the advantages of using Mendix for financial services app development?
Here is a list of various benefits of using Mendix for financial apps:
- Promotes innovative ideas
- Reduces time to market
- Reduces the failure risks
- Enables advanced control over the development process
- Provides a flexible development architecture
- Enables improved agility to offer better digital customer experiences
- Offers integration with core systems
- Reduces development costs
- Improves customer satisfaction levels
Mendix’s offerings for financial services apps
Here are the various tools that enable the creation of feature-rich mobile and web apps for financial services.
- Loan origination
Users get responsive guides that help them apply for a personal loan without any hassles. They can also calculate the repayment amount through indicative calculators.
It helps improve efficiencies and promote better engagement among service providers and their customers. Clients also get their documentation, portfolio, and wealth management details at one place.
- Native banking
Features like biometrics, chatbots, money transfer, and transaction notifications enable a holistic user experience.
- Portfolio manager
Customers get suggestions to create new investment portfolios, which they can choose based on the risk involved.