One month after introducing its next generation development application platform, OutSystems has announced that it is entering a strategic partnership with fellow Finovate alum ieDigital. The alliance will enable ieDigital’s financial services company partners – ranging from bank to mortgage lenders – to access a suite of pre-built, low-code applications that support a variety of operations including originations, self-servicing, retention, and collections.
The goal of the new relationship is to give financial service providers new resources that will help accelerate growth, become more cost-efficient, and better manage risk. The partnership also allows for additional functionalities to be added as part of broader, future digital transformation efforts. One example of this would be enabling companies to analyze data collected during the completion of online applications for a new financial product or service.
“By pioneering the low-code market and having a vision to transform how enterprise software is delivered,” ieDigital Commercial Director Garry Larner said, “the OutSystems platform perfectly complements our existing product-offering. We look forward to working alongside them to continue delivering market-leading financial technology that makes a real impact to all that use it.”
ieDigital noted that the partnership will leverage and further build upon the Interact Application Suite, an approach ieDigital used in a previous collaboration with Cambridge & Counties Bank to help the firm combat financial crime. The result was a more streamlined customer onboarding process, enhanced automation for both middle and back office workers, and better capacity and knowledge to support the development of applications going forward – including an option for Cambridge & Counties Bank to build its own in-house development capability.
Founded in 1984 and headquartered in London, U.K., ieDigital demonstrated its Money Fitness solution at FinovateFall 2018. The technology helps credit unions effectively compete with the wave of competition from “digital-first” providers with a forward-looking personalized service that credit union members can use to better manage their day-to-day finances, make better financial decisions, and improve their overall financial health.
More recently, ieDigital launched its customer retention solution Interact Switch, which is designed to help mortgage lenders retain customers at product offer maturity. The technology enables mortgage lenders to function more efficiently by cutting down on paper-based, mortgage representative, and third-party costs. Also this fall, ieDigital announced a partnership with Darlington Building Society and a collaboration with DF Capital to help the savings and commercial lending bank to launch a new digital interactive channel for its savings customers.
An alum of our developers conference, FinDEVr NewYork 2017, Boston, Massachusetts OutSystems specializes in cloud-native, low-code app development. More than 14 million people currently use OutSystems’s platform to build solutions such as mobile apps and consumer websites, as well as extensions of core systems from Microsoft and Salesforce. The latest platform edition from the company, code named Project Neo, marries the productivity benefits of visual, model-based development with state-of-the-art container- and Kubernetes-based cloud architecture. The technology is hosted on Amazon Web Services to make it easy for any company to build customized, cloud-based apps that scale globally and can be continuously updated.
“Developers should be the artisans of innovation in their organization, but they are mired in complexity that stifles their ability to innovative and differentiate,” OutSystems CEO Paulo Rosado said. “Instead of using their talents to fix, change, and maintain code and aging systems, you can give them industry-leading tools that unleash their creativity on your business, and achieve massive competitive advantage.”
