What is Cloud Banking, and why is it the future of banking?
Cloud Computing has had a dizzying growth between 2017 and this year. According to Gartner, market growth of 21.4% is projected until the end of the year, which implies a total of USD. 186.4 billion, above USD. 153.5 billion in 2017.
Therefore, it is only a matter of time for the financial industry to take a relevant role and develop strategies to use technologies and infrastructure in the Cloud. The digital cloud-based banking software solutions or Cloud Banking is leveraged from Cloud Computing to gain competitiveness and offer new financial products and services in the digital economy.
About 72% of financial services firms say that managing data growth is among the main challenges for the technology department.
Cloud Computing offers the financial industry a unique opportunity, at the same time as a paradigm shift, related to the modernization of technologies, under a scheme of efficiency, productivity, and cost savings.
Enterprise-grade tools and also for simple solutions
WaveMaker allows you to develop solutions at a business level, with security and performance, and accessible applications for those users who do not have so much skill at the time of development.
“The advantage of the low code platform is that it is much easier to learn, it creates integration with third-party systems much faster. and within the banking Low code and finance app development Industry of AI tools of best integration practices, such as with chatbots, of simple way”, explains the representative of WaveMaker in Latam.
According to Torres, this platform has three main messages: to build business applications in an accelerated way, correctly with security mechanisms, architecture development, and that they are suitable to run in the future. In addition, technologies can be adapted on the platform just by collecting the visual code. “This is an investment protection for the client to migrate from legacy to cutting-edge technology,” says the executive.
In this sense, the company allows the client to continue having their development codes to adjust them in the future, even if they no longer implement the tools den Wavemaker.
The company has 300 business associates worldwide, a community of 300 thousand collaborators, and 1400 clients worldwide. These are essential brands such as Toyota, Coca-Cola, and KPMG, manufacturing, financial, and telecommunications markets. , among others, with different types of solutions.
Three significant obstacles to operating at digital speed-
It is tough to work at a digital pace. It’s even more complicated when legacy systems keep you from moving forward. Do any of the following situations sound familiar to you?
- Application Development Cycles Too Long:Custom applications have become critical competitive differentiators for businesses. However, traditional code means long development cycles. All requirements should be known and locked in, as code is not a flexible discipline, and making changes at a later stage could lead to costly delays. It is also tricky to write large amounts of code with limited resources. So, you are constantly forced to run around to meet the demand for apps.
- Very rigid application architectures:Once completed, custom applications are difficult to modify due to their complexity. Even the slightest adjustment to the underlying code must be thoroughly tested before being put into production, limiting operational flexibility since application architectures are complicated to modify.
- Mobility treated as an afterthought: In many organizations, the restructuring of traditional IT methodologies for developing applications for different operating systems and mobile user interfaces was always treated as an afterthought until recently. This habit, therefore, embarrasses companies when they have to transform their operations to adapt them to smartphone, tablet, and mobile users.
The good news? Low code Isvs for banking and financial app development eliminates these barriers by simplifying the architecture of applications, creating solutions that run on traditional and mobile computing devices, and breaking down the barriers between business and IT.
Low-Code capabilities offer incomparable hyper-responsiveness. It also allows true leaders to stand out and stand out from the crowd.