The OpenFinance team presented a new Open Session in which Multiplica Lite experts talked about Low-Code and RPA’s; showing them as friendly and efficient technologies for the financial industry.
In the most recent talk presented by OpenFinance, Joel Alvarado, CTO CTO at Multiplica Lite and David Moreno, Solutions Architect at the same company, talked about the advantages of using friendly technologies such as Low-Code and customized Robots in the financial industry, presenting different use cases to demonstrate their efficiency to the audience.
Mario Hernández, CEO of OpenFinance and host of the talk, commented that it is expected that this year, both Low-Code tools and process automation will be of great help to increase the flexibility and scalability of the platforms on which the Fintech ecosystem is currently growing.
Low Code and RPA will ensure business success in 2022
According to Gartner figures, it is estimated that by 2024, 65% of all platforms will be developed under Low-Code and according to Expert Market Research analysts, it will be an industry worth more than 64 thousand MDD.
This type of platform will accelerate the digital transformation processes in companies, reducing the backlog processes of IT teams to obtain a more immediate response.
“It’s about taking advantage of the intersection between the new technologies that exist and the moment the financial industry is living; since it has an advanced digital maturity that has already gone through a deep digitalization process and is moving in a very accelerated way” Joel Alvarado, CTO at Multiplica Lite.
Among the predictions for 2025 in which these types of technologies will be of great use are:
- Increase in the number of Touchless transactions
- Increased focus of finance companies on value-added and customer service, as the majority of operations will be automated.
- Real Time Finance where closing cycles will be on-demand.
- Self-service will be the norm, and the user will be the one who will be able to choose and manage the products he/she contracts in the bank
- Proliferation of API’s, Low-Code and Microservices
- Digital employees and robot fleets
The financial industry is in a technological golden age
Joel commented that today is a golden age in terms of technology; thus, the financial industry must step up the pace so that users can take advantage of all the benefits that this provides.
Speaking specifically regarding Low-Code tools, he mentioned that these must necessarily have a user-friendly interface, allowing the development and creation of software in a very visual way. This generates greater speed in the development of business applications with great benefits for both the institution and the users.
During the presentation, a demo was given on how companies can create simple and user-friendly solutions that do not require a lot of development, and that can be implemented and communicated quickly to obtain value in a very short time.
RPA’s: Efficiently performing tasks to get more done in less time
David Moreno explained this term focused on RPA (Robotic Process Automation), which goes beyond the robots we are used to imagining, it is software that performs tasks that were previously done by a human, in order to make tasks more efficient and do more in less time.
RPA generates greater autonomy that allows for faster development of business applications and greater efficiency. This does not mean that it intends to replace the functions of people, instead it allows to give people the time to focus their efforts on more creative tasks, where robots are not as good.
Some profiles that can be used as “Digital Employees” are: virtual assistants, virtual support managers and even virtual financial advisors, each with their own interface to create advanced conversations that can be linked to more interesting value propositions.
The experts concluded that the greatest benefit generated by Low code tools is the acceleration of digital transformation in companies, since it democratizes technology and facilitates the way of creating software, favoring a faster adoption.
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