How to Leverage Mendix to Speed up the Development time of BFSI Apps

Developing Financial Apps with Mendix: A Smarter Approach

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. Fortunately, Mendix, a low-code application development platform leader, makes it easy to develop these apps and improve 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.

1. App Ideation and Requirements Management: Mendix provides a unique approach to problem-solving during the ideation stage. Tools like User Story Management and Sprint Planning help manage feedback and evolving requirements. End-user input is integrated in real-time, improving the overall user experience.

2. App Development and Testing: Using Mendix’s visual modeling languages, users from both technical and non-technical backgrounds can build apps collaboratively:

• Business analysts and business development professionals
• Scrum masters and product owners

The Feedback Widget facilitates continuous user involvement. The Application Quality Monitor (AQM) supports automated testing and quality assurance by providing detailed development insights via dashboards, ensuring compliance with enterprise-grade standards.

3. App Deployment: Mendix offers seamless deployment on various cloud platforms and on-premise environments. The platform operates in Cloud Foundry containers with support for auto-scaling and self-healing, and deployment can be completed with a single click. This ensures high availability and enterprise-grade compliance.

Benefits of Using Mendix for Financial Services App Development

• Promotes innovative ideas
• Reduces time to market
• Minimizes failure risks
• Enables advanced control over the development process
• Offers a flexible development architecture
• Improves agility and digital customer experiences
• Integrates easily with core systems
• Reduces development and maintenance costs
• Improves overall customer satisfaction

Mendix Offerings for Financial Services Apps

• Loan Origination: Users get intuitive tools and calculators for seamless personal loan applications and repayment planning.
• Onboarding: Enhances client engagement with streamlined access to documentation, portfolio data, and wealth management insights.
• Native Banking: Features include biometrics, chatbots, money transfers, and transaction notifications for a holistic user experience.
• Portfolio Manager: Offers personalized investment suggestions based on user risk profiles.