Low Code Innovator OutSystems Inks Partnership with Yorkshire Building Society

U.K.-based Yorkshire Building Society has selected OutSystems and its integrated development environment for customer-facing e-commerce and mobile applications, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).

The project will involve what OutSystems is calling a “significant update” to Yorkshire Building Society’s back office systems.

According to the vendor, a newly installed digital platform will provide a more immersive customer experience, and “vastly” increase security. It estimates that the building society will save £600,000 a year as a result.

“We were looking to address a range of specific requirements when we started working with OutSystems, chiefly how we could better service our customers with additional functionality through our e-commerce platform, which was approaching end-of-life,” said Ant Warrington, director of digital and innovation at Yorkshire Building Society.

“We also wanted to streamline our employees’ internal workflows and processes to improve overall efficiency throughout the business.”

Garry Larner, regional director, financial services and insurance at OutSystems, added: “Extending the self-serve capabilities of Yorkshire Building Society’s technology to alleviate the load on its branches and call centres was a key KPI for the organization.”

“We’re happy to help the society take that digital step forward, helping them to remain a leader in an extremely competitive market.”

Yorkshire Building Society is the third-largest building society in the UK with three million members and 143 branches across the country. It holds assets of £43.3 billion.

OutSystems participated in our developers conference, FinDEVr New York 2017, discussing the digital transformation of a European retail bank in its presentation: “Low-Code, The Next Evolution in App Dev Platforms (Oh, and 5X Faster).” Founded in 2001, the company announced earlier this month that it has forged a partnership with Workato and fellow Finovate alum Persistent Systems to help businesses take more advantage of automated business processing solutions including app connectors.

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OutSystems Inks Deal with Nationwide

Low-code platform OutSystems has formed a deal with Nationwide to develop a new digital business savings service, reports Ruby Hinchliffe of FinTech Futures (Finovate’s sister publication).

By “dumbing down the back-end” so it becomes “a system of record only,” OutSystems will take on all the business logic and process for Nationwide, giving it a more agile front-end with less reliance on its legacy back-end.

OutSystem’s regional financial services and insurance director, Garry Larner, told FinTech Futures: “There’s a lot of legacy technology out there. It’s difficult and expensive to find talented developers, especially when it comes to native mobile. It’s becoming too costly to innovate, so that’s where we come in.”

He added: “In an ideal world you’d want to rip everything out and start from the beginning. But from a practical view, that’s not possible unless you’re prepared to spend hundreds of millions.”

The software platform can offer a traditional bank like Nationwide access to accelerators, such as templates, patterns and multi-factor authentication plugins which all speed up the UX development process.

It’s newest partnership with Nationwide is all about “creating the digital channel for business saving customers. Banking at the drop of a fingertip.”

Speaking more broadly on low-code, Larner recognized the “enormous” market opportunity, excited the industry is “finally catching up with the concept challenging the status quo – that traditional development is not the only option.”

OutSystems has had a 54% yearly growth rate globally and enjoyed a $360 million investment from Goldman Sachs and KKR last year.

Larner said: “There’s going to be a series of very large enterprise customers which we’ll be announcing over the next three or four months, because it’s almost caught up with the mainstream.”

Currently OutSystems works with British councils to digitize taxes, insurance companies to build broker portals, and, most recently, it is working on a new credit comparison market with a fintech to be announced soon.

Founded in 2001, OutSystems presented “Low-Code: The Next Evolution in App Dev Platforms” at our developers conference, FinDEVr New York 2017. The company is headquartered in Atlanta, Georgia, and has raised more than $422 million in total funding from investors including Kohlberg Kravis Roberts, Goldman Sachs, and North Bridge Venture Partners & Growth Equity.

OutSystems Brings Benefits of Low-Code Dev to U.K.’s Biggest Manufacturers

On the heels of being named one of the most valuable tech companies in Europe by Silicon Republic, low-code development platform OutSystems has announced that it is partnering with the Manufacturing Technology Centre (MTC). The two companies will work together to bring the benefits of low-code app development to some of the largest manufacturers in the U.K.

Pointing to “pent up demand” among manufacturers looking to leverage new technologies and channels, OutSystems VP for the U.K. and Ireland Nick Pike blamed “slow processes and legacy systems” for holding the sector back.

“As a result, development teams are seeking ways to innovate faster, and drive digital transformation projects forward quickly, without being encumbered by traditional environments and ways of working,” Pike explained.

Working with OutSystems, he said, would enable these developers to build enterprise-grade solutions for the web, mobile, and Internet of Things (IoT), as well as for manufacturing execution systems (MES) and even to accelerate legacy modernization.

“Bringing OutSystems’ low-code platform to organizations within the MTC provides this sector with a great opportunity to develop applications in a faster and more cost-effective way,” Pike said.

Founded in 2010, the Manufacturing Technology Centre is an independent research and technology organization (RTO) with more than 700 employees. The innovation hub provides integrated manufacturing system solutions to enterprises throughout the industry, ranging from automotive and aerospace firms to electronics and defense.

As part of the Centre, OutSystems will be able to commission its own fully-funded projects. The company will also innovate as part of the MTC’s Core Research Program, an annual collaborative research effort worth more than £2m+. Membership in the MTC will also position OutSystems to pursue major R&D opportunities in the U.K. manufacturing sector and beyond.

“It’s fantastic to have OutSystems join the MTC,” the organization’s Chief Digital Engineer Craig Stevens said. “As a global leader in low-code rapid application development, its knowledge and experience will only benefit out wider partner network. We look forward to further strengthening this relationship in the future.”

OutSystems demonstrated its low-code development platform at our developers conference, FinDEVr New York, in 2017. At the event, Nuno Silveira and Joao Miranda of European retail bank BPI showed how they leveraged OutSystems’ technology to complete a digital transformation that included overhauls of the bank’s mobile, internet, and contact center solutions.

Earlier this year, OutSystems was recognized by TrustRadius for its achievements as a low-code development platform, the third year in a row the company has been so honored. OutSystems was featured by Gartner Peer Insights late last year, earning Customers’ Choice recognition in both Mobile Application Development and Enterprise High-Productivity Application Platform as a Service categories.

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