One of the recent OutSystems success stories I’m excited about is the new digital banking application from thinkmoney. It’s a company that’s been around since 2001, offering a unique service that combines a checking account with helpful budgeting advice.
As you may know, digital transformation has had a huge impact on the financial services industry with new market entrants and demanding customers making it more competitive and tech-driven than ever before.
To keep up, you need to be at the top of your game. Which is why thinkmoney decided to use our low-code technology to “power” their customer-centric digital transformation program.
The thinkmoney Transformation Story
Before I go into detail, I think you’ll want to hear what thinkmoney have to say about their low-code-powered digital transformation journey. They’ve kindly shared their experience in the following video.
Introducing the thinkmoney App
The thinkmoney mobile banking app—built on the OutSystems platform— now takes center stage in thinkmoney’s advertising. Whilst your here, have a peek at what they’ve delivered.
I think this new application and the low-code platform it’s built on will be a really big deal for thinkmoney for a lot of reasons—but here are three that stand out to me.
Speed and Cost
First, thinkmoney wanted to get its app to its customers as quickly as possible. But with a traditional coding approach, a project like this would take up to six months—and that’s if the required talent were available.
With low-code, thinkmoney was able to work faster by bringing application development in-house and easily adding important features like biometric security with out-of-the-box accelerators.
Amazingly, the whole process—from coming up with the design to having it go live—took only 14 weeks. And the next time thinkmoney needs to add new features, it knows it can do so quickly.
The design of the app itself can’t be overlooked either.
Modern customers demand simple, intuitive apps that work the way they expect them to. Good user experience is table stakes in most industries, and financial services is no exception. In fact, from 2012 to 2017, consumer use of banking apps increased by 356%.
I know that thinkmoney would be the first to say its old mobile app had fallen behind the times. And its customers would probably be second.
However, the new application has a clean and simple feel, boasts more than double the features of its predecessor and, quite simply, does exactly what it’s supposed to do. It just works. And when it comes to something as important as finances, just working is exactly what people want.
With this new application, thinkmoney has positioned itself perfectly to keep up with customer demand, win new business, and take its operations to the next level.
Just a couple of weeks after launch, it’s too early to quantify the effect this application has had on the business, but I personally can’t wait to see the long-term impact it has on thinkmoney’s future.
But Wait, There’s More… Success
Interested in more low-code stories from the finance and insurance industry? Check out our eBook about building amazing user experiences in financial services.