OutSystems for
Retail Banking
Create a Frictionless Digital Banking Experience With the Power of Low-Code
With FinTech and big tech actively stealing market share in the high-growth and high-margin parts of retail banking, where is your digital strategy headed?
The decisions your bank makes today could have major implications on how you stay competitive—for years to come. Developing one app or digitizing a process might appear to suffice, but that is just the tip of the iceberg. It’s time to align your bank’s digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. The result? Your bank improves customer satisfaction, increases customer retention rates, and drives overall customer profitability.
OutSystems enables a genuine end-to-end digital transformation. With our versatile and flexible low-code platform, you can leave behind an organization based on product lines and build experiences that focus on the customer and give you a competitive edge.
Download our report to find out how to move your bank from a product organization to a customer-centric one
Customer-Centric Digital Experiences
With OutSystems, you can attract, win, and retain customers, while increasing their lifetime value by building solutions that address the five phases in the customer lifecycle.
Phase 1: Discover
If your target customer can’t search for your bank or if they have a substandard experience on their first visit to your website, what happens next is irrelevant. With pre-built integration that enables you to connect your digital experiences to marketing automation and CRM solutions, you can filter lead flow from your website to enrich, score, and assign those leads to the most appropriate action based on your lead metrics.
Phase 2: Experience
For the buy phase, OutSystems enables your bank to build a customer experience that is seamless no matter the platform so you can move from a branch-only based onboarding experience to a fully digital one. Because OutSystems provides the capability to integrate apps into any third-party system and pre-built integration with Know Your Customer (KYC) solutions, your bank can offer web and mobile user authentication via message, photo ID, automated ID verification, and more.
Phase 3: Engage
With the customer self-service portals and mobile apps your bank can build using OutSystems, your customers can view and amend personal details, view transactions, initiate payments, and set up and manage alerts on their account activity.
Phase 4: Support
And support? Your bank can buck negative trends by offering the online guidance that 78 percent of retail bank customers told J.D. Powers they want, but that only 12 percent say they receive. Using the OutSystems single codebase and open APIs, you can build a 24/7 customer support application that works for chat, voice, chatbot, mobile app, and web, and integrates with your CRM to maximize customer response rates.
Phase 5: Retention
AI offers your bank new avenues for significantly increasing customer retention and driving customer loyalty. With the OutSystems open API layer, connecting to any AI solution you prefer, such as IBM Watson, Google, or AWS, is seamless, as is integrating their AI capabilities into any application you are building.
"We reduced our development hours by 75 percent and got to market 3x faster using OutSystems. We have been very pleased with the development platform."
David Lightfoot,
VP of Product Management, FICO
Would you like more information about how OutSystems can help with your specific banking needs?
Schedule a call with one of our banking digital transformation specialists to learn more.
Infuse Efficiency and Productivity Into Your Operations
In a recent survey by Forrester Research, 35 percent of banks indicated that they focus their transformation initiatives on the customer-facing front end and only 8 percent on back-end operational capabilities. Yet, back-end and operations are critical to providing the accuracy customers crave and the data your bank needs to innovate and be competitive. Why does this happen? Because back-end and operations processes can be difficult to develop and are perceived as lengthy processes with low yield.
When visually developing with OutSystems, development times increase by as much as 10 times, and that enables your bank to develop the digital operations and back-end solutions to keep pace with changing customer needs and regulatory pressures. In addition, your IT teams will become more agile and geared for speed. Faster feedback cycles loop into faster, iterative updates, which means shorter delivery times.
Use Low-Code to Reimagine Your Core Banking System
Walking away from core legacy back-office banking systems just isn’t in the cards for many retail banks. And for those who want to move from a legacy core banking system to a digital one, some key decisions need to be made about their development approach that will greatly impact the business. With OutSystems, for the first time, you have the flexibility to choose between either unlocking the value of your core banking system or re-platforming for a new and modern flexible architecture.
How can OutSystems help you?
State of App Dev Report for Retail Banking
OutSystems for Digital Banking
Digital Transformation in retail banking doesn’t happen overnight.
A recognized leader in low-code development by Gartner and Forrester, OutSystems has helped many banks reduce their application backlogs significantly, slash development costs, and streamline operational processes and workflows—and we would like to help you.