OutSystems is a low-code development platform that allows businesses to create and deploy customer-facing apps, internal business processes, and core platforms, quickly and efficiently. OutSystems can be used in a variety of ways in the financial services and other sectors, to build and deploy digital services that streamline operations, improve customer experience, and increase revenue.
Many enterprise clients struggle to manage and maintain a ‘traditional/high-code’ development environment and are turning to ‘low-code’ DevOps and DevSecOps-ready development platforms to attain benefits such as lower maintenance costs, lowering dependence on third parties for development and maintenance, and increasing the speed of delivering functionality to business. Another phenomenon that we are observing is that of ‘hollowing of the core’, where clients are stripping customisation from existing core applications and moving them to ‘high performance low code’ platforms, for the purpose of reducing degree of complexity inbuilt into core applications.
OutSystems is a highly rated low-code platform1 and is being used by various organisations for the delivery of digital innovation for the financial services sector. The ‘full-stack’ platform enables rapid builds and deployments across UI, workflow logic, data model management, and infrastructure connectors for real-time, end-to-end digital financial services delivery.
KPMG in India has built a centre of excellence focused on building capabilities on OutSystems. Our emphasis is on delivering some of the best-in-class solutions in the most efficient manner using OutSystems, and the platform provides an ideal environment to build a technology landscape on these guiding principles. We have worked on several scenarios where the time to deploy applications has been drastically reduced by leveraging high performance low code platforms such as OutSystems.
Below is a process flow of a low-code journey that KPMG in India provides to clients using OutSystems.
Step 1: Identification of business case - Together with our customer, we explore and identify key business areas where OutSystems can deliver maximum impact. We build Proof of Concepts (PoC) to articulate the digital maturity of the organisation which help build the vision.
Step 2: Defining a vision – We assist our customers define a vision that incorporates the most effective use of OutSystems, in line with their digital business strategy, sector developments and other technologies to help in their journey of digital transformation.
Step 3: Initialise development - Based on the digital roadmap journey decided, applications are prioritised, and our resources begin building them in the OutSystems environment.
Step 4: Execution and delivery - We help our customer throughout their digital transformation journey and work alongside their business and technology teams to build applications in line with the vision of the organisation, contributing to their digital experience. We enable rapid deployment of applications by leveraging enhanced CI/CD features of OutSystems, hence eliminating the need for complex deployment solutions, which usually have a longer turnaround time.
Step 5: Scaling and stabilising - Once the organisation starts to mature in their digital transformation journey using OutSystems, we help our customers analyse their architecture to build a more robust, interactive, and secure ecosystem that enables them to scale rapidly.
A few use cases in financial services where OutSystems as a platform could be leveraged are:
Digital banking, credit, and lending platforms: OutSystems can be used to create financial services platforms that allow end-users to interact with financial systems through their mobile devices or web browsers. This includes features such as account management, money transfers and bill payments.
Customer engagement, mobile finance, and e-wallets: As a versatile low-code tool, OutSystems can be leveraged to create personalised and interactive customer engagement interfaces that improve the customer experience. These platforms can be used to provide customised financial advice, offer personalised promotions, and allow customers to manage their accounts in a user-friendly way.
Regulatory compliance, KYC, due diligence, and compliance controls: OutSystems can be utilised for developing systems that help financial institutions comply with ever changing regulatory requirements quickly. This includes the ability to build solutions to track and report on transactions, manage customer data, and determine whether all financial service providers comply with relevant laws and regulations.
If you already have an OutSystems development environment or want to explore low-code no-code capabilities, KPMG in India can help you achieve it. By leveraging our five-step journey, we help enterprise clients, from ideation to deployment – realising value from their tech investments in accelerated timeframes. We empower clients to adopt dynamic solutions that are sustainable, agile and value-adding to their customers.
1 Gartner® Magic Quadrant™ for Enterprise Low-Code Application Platforms, December 2022