thinkmoney Powers Ambitious Digital Banking Transformation with Low-Code Leader OutSystems
LONDON and BOSTON - December 05, 2018
thinkmoney is using the OutSystems low-code platform to deliver its strategic program for digital transformation and growth, with the intention of bringing application development fully in-house and achieving a six-fold productivity increase compared to traditional coding.
thinkmoney is the innovative current account that offers customers budgeting and money management coaching and OutSystems provides the number one platform for low-code rapid application development. Adopting the OutSystems platform as its digital factory to support the transformation initiative, will enable the business to deliver new applications and product features up to six times faster than a traditional coding route.
thinkmoney operates in a highly competitive, evolving financial market segment whose customers value help with budgeting and depend on fast, mobile access to banking services. thinkmoney customers rely on its current account as a hub to manage all their finances, allowing them total visibility of bills and payments to know exactly what they have available to spend. This means that customer experience must be seamless, with guaranteed access and intuitive self-service interfaces that help customers manage their money properly so they can improve their credit score and enhance their financial well being.
thinkmoney is embarking on a major digital-first program of transformation that will increase competitiveness and relevance to its customers. This program will enable thinkmoney to become a market leader in the digital banking sector, by offering a seamless customer experience, round-the-clock access, and more features to help customers keep their finances in good shape.
The OutSystems low-code platform will play a central role in delivering this by taking away the burden of technical considerations and giving thinkmoney full control over the application development process, in what they call their “Low-Code Digital Factory.” The approach will allow them to innovate faster, bring new features to market with speed, and create exceptional digital experiences journeys across all mobile devices.
thinkmoney will leverage the OutSystems platform to:
- Build in advanced security services such as biometric authentication
- Streamline the account application process so customers can open a current account in minutes
- Develop an exceptional mobile experience that helps customers easily manage their money through their preferred device
- Ensure that new technologies can be easily integrated with existing systems
- Integrate with open banking and the wider financial ecosystem to broaden the menu of services offered
Michael Aldred, managing director of thinkmoney, explains their decision to move to an in-house low-code platform: “We are committed to becoming a fully digital-first organization that offers our customers relevant services to help them manage money better and give them peace of mind. To achieve this, we needed to significantly increase our pace of innovation, so we were looking for a partner who could help us drive transformation. OutSystems allows us to take full control of our application development and deliver new products and features much faster than we could previously and without a huge army of developers. We see OutSystems as a strategic partner that will be essential to our ambitious growth plans and success over the next five to ten years.”
Working with OutSystems will enable thinkmoney to streamline its development process, reduce costs, and deliver products in a shorter time frame. Nick Pike, Regional Vice President, UKI at OutSystems said, “thinkmoney needs to bring IT and business units closer together so that they can innovate at the pace this dynamic market demands. Waiting six months for a feature update and then finding it doesn’t hit the mark is not acceptable in the digital age. Using OutSystems, thinkmoney anticipates it will deliver applications up to six times faster than through traditional coding. thinkmoney is futureproofing its technology strategy by opting for low-code and we are looking forward to growing and developing with them during the exciting times ahead.”
thinkmoney provides hassle-free digital banking to anyone who needs or wants an alternative to the high street banks. Since 2001 it has been helping customers stay on top of their finances with the thinkmoney Current Account – a current account which combines the convenience of online and app based banking with a unique budgeting service.
The account automatically splits customers’ money into two separate pots – one for bills and one for spending money - empowering them to pay all their bills on time and keep their finances in good shape. Every year for the past eight years, the thinkmoney Current Account has been awarded a four star Fairbanking Mark to recognise that it is good for customers’ financial wellbeing.
Designed to take the stress out of budgeting, the thinkmoney Current Account gives customers round-the-clock banking, easy-to-use online services, and the peace of mind that their bills are taken care of every month.
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