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Comparing Low-Code Platforms for a Leading Financial Services Provider

To achieve maximum customer benefit, a leading financial services provider decided to employ a low-code development platform to expand their existing portfolio with user-friendly applications. Objectivity provided an in-depth analysis of low-code platforms.

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About the Client

With over 1000 employees, the Client is a market leader in financial services in its region, renowned for providing excellent advisory services to both private and corporate clients. The company is committed to sustainability and the well-being of its community members.

Industry Financial Services
Technology Low-Code, IT Consulting

Key Achievements

  • A detailed analysis for well-informed decision-making
  • A clear overview of various low-code platforms and their pros and cons
  • Supporting long-term strategic planning for the development platform

The problems 

Business Needs

In today's technologically advanced world, financial service providers face the challenging task of meeting rising demands for efficiency, security, and innovation. It is crucial for them to keep their IT systems up-to-date with modern technology. Often, this requires a comprehensive modernisation of IT infrastructure. Modern IT systems in the financial services industry aim to improve efficiency, scalability, customer experience, security, regulatory compliance, innovation, and cost control. 

In this case, the Client placed particular emphasis on the user-friendliness of both internal and external interfaces and aimed to expand their existing portfolio with additional applications. As the client was familiar with low-code technology and its undeniable benefits, such as accelerated development, increased agility and flexibility, scalability, and user-friendliness, the company decided to dive deeper into low-code development. An in-depth analysis of various low-code platforms and their associated services was necessary. The goal was to thoroughly examine user-friendliness, cost control, support, and the risk of vendor lock-in. 

To meet their own standards and bring a fresh perspective on board, the company decided to find a technology expert to provide guidance. The Client came across Objectivity during their online research. The contact process was quick and seamless, with the initial meeting taking place within just a couple of days. The Objectivity team proposed conducting a one-day workshop whose objective was to capture all relevant information about the current situation. This would allow the Client to define which aspects of the various low-code platforms would need to be analysed. 

To diligently explore these areas, Objectivity conducted a two-hour online workshop to gain insight into the Client’s IT infrastructure, and the systems they use as well as to understand the future project. The next step was to establish what type of criteria and metrics the low-code platforms should meet. 

The solutions 

Project Details 

After thoroughly understanding the Client’s requirements and future goals, Objectivity's subject matter experts began expanding on them, incorporating their perspective and metrics. Once approved by the Client, the analysis phase began. 

The low-code team evaluated four platforms — Microsoft Power Platform, OutSystems, Mendix, and Pega — by conducting live tests, including hands-on tasks and micro-projects. Leveraging their expertise and low-code knowledge, they developed small systems to assess the agreed-upon metrics. Additionally, a comprehensive cost analysis was conducted, serving as a vital addition to the overall analysis. It encompassed various scenarios with varying numbers of external and internal users. 

The results 

Business Benefits 

Within two weeks, the Client received a comprehensive analysis thoroughly examining four different low-code platforms. This analysis now serves as a guide for future decisions regarding modernisation and low-code application development. The benefits for business success are as follows: 

Informed Decision-Making: The detailed analysis empowered the Client to make informed decisions. Understanding the strengths and weaknesses of the evaluated low-code platforms allows the financial services company to choose a platform that optimally aligns with their business requirements. 

Time Savings and Efficiency: Thanks to the analysis, which included a thorough assessment of the platforms, the Client avoided time-consuming independent research and could rely on the expertise of their chosen IT partner. 

Risk Mitigation: The analysis helped the Client identify potential risks and challenges associated with the selected platforms, enabling them to take measures to minimise risks. 

Optimised Business Processes: Choosing a suitable low-code platform can accelerate the development and deployment of applications. This, in turn, can optimise and automate business processes, leading to increased efficiency and potential revenue growth. 

Flexibility and Agility: The analysis allowed the company to select a platform that fully meets its requirements while providing the flexibility to adapt to the evolving business demands in the financial world. 

Overall, the provided analysis allows the Client to make informed decisions that maximise business potential while minimising risks. Additionally, collaborating with Objectivity provided the company with a new perspective, allowing them to expand and refine their requirements for low-code platforms. 

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