Mendix for Financial Services: An Ecosystem for Transformative Growth
Mendix for Financial Services: An Ecosystem for Transformative Growth by Richard Eastley
When Mendix was founded in 2005, there was a pressing need to improve the communication and innovation gap between IT and business. We created a low-code and no-code platform with the tools that allow for collaboration around the rapid development of applications so organizations could quickly translate their ideas into real business value. It was a transformative step to take, addressing this gap, and one that has proven vital to growing organizations across the globe in just about every industry you can imagine.
As time has gone on and technology has made incredible advances, we’ve begun realizing that building new applications using low-code and no-code tools is but one part of a larger, growing picture. While the need to bridge the gap between business and IT is still a pressing matter, there’s another important connection to be made – this time between the makers and the consumers.
As CEO Derek Roos noted in his keynote address at this year’s Mendix World:
“The line between consumption and creation is blurring. Every day, Makers in every industry are creating something new and they’re inspiring others to build on and extend their innovations. We’ll need to broker more collaboration between those making things, and those consuming things. And when we do that, we’ll have a chance to unlock new business opportunities and enable the commercialization of these new digital capabilities, and the data and insights that flow through them.”
He would go on later to talk about how Mendix has begun shifting the way we think about our platform. Rather than approaching it and treating it as a singular entity, we are shifting to better highlight it as it naturally exists – as the focal point of an entire ecosystem – one that doesn’t just solve problems for organizations but one that also affords them previously untapped avenues of growth.
How does Mendix help Financial Services companies innovate?
In short, Mendix for Financial Services is where banking and insurance businesses come to tap into a variety of elements around the Mendix Platform to drive the technology transformations they need. Here you’ll find:
- Starter templates
- App Services
The Community, comprised of:
- Expert partners
- Global integrators
- 250,000 makers
How will Financial Services organizations benefit?
Not only will you be stepping into a world where accumulated knowledge and best practices have led to the creation of game-changing components, you’ll be able to reach out directly to the makers with experience in creating them on the Mendix Platform. Institutions looking for a way to rapidly accelerate their roadmap while under the constraints of staffing shortages and an IT department already inundated with requests, can explore Mendix for Financial Services and find what they need to create fluid, seamless experiences while opening up new avenues of growth.
When working with the Mendix Platform, Zurich Insurance discovered first-hand:
“The time saved on building the TDC application with Mendix has opened opportunities to create new apps, improve on other Zurich systems, and solve business problems faster. Using Mendix’s Agile-supporting tools, Zurich’s DevOps team created customer-facing systems where they could gather feedback from domain experts and make changes much faster than before.”
And BDC (Business Development Bank of Canada) had this to say about working with Mendix:
“The numbers bear out the resounding success of BDC-Mendix efforts—
- Application development time was slashed from an anticipated 30 months to just eight months
- The size of the development needed to launch the CLS app was a third of that required for the previous efforts
- Consolidating systems used for legal documentation and approvals have dropped processing time from 25 minutes to 5 minutes across tens of thousands of loans per year
- Loans can now be processed in only 20 – 30 minutes, and in some cases, funds can now be disbursed during the same day a consultant speaks to a business owner”
How to get started with Mendix for Financial Services
There are two easy ways to begin exploring. The first is to visit the Mendix for Financial Services homepage where you’ll find an overview of this network along with featured marketplace solutions, customer stories, partners, resources, makers, and more. Secondly, visit the Mendix Marketplace for a closer look at the solutions, templates, app services, and connectors available for financial services, like:
- Digital Insurance Suite Solution – Address the needs of insurance brokers and underwriters in areas such as new business onboarding, billing and payments, adjustments, claims and renewals. Provide flexible connectivity to existing core systems to add a modern digital portal that serves the evolving needs of digital insurance.
- Loan Origination Template – This responsive web app can be used to provide great customer service by helping to guide customers through the process of applying for a loan.
- Intelligent Document App Service – Enables end-users to view and extract specific text from structured documents (where information is formatted and static – e.g. questionnaires, forms, etc.) or semi-structured documents (where the information does not follow a strict format – e.g. invoices, purchase orders, etc.)
- Database Connector – Allows you to seamlessly connect to external databases without limiting you in your choice of database or SQL dialect, enabling you to incorporate your external data directly in your Mendix application.
Ready to take the next step? Start exploring today.