Mendix for Financial Services: An ecosystem for growth through transformation

In 2005, at a time when there was a pressing need to improve the communication and innovation gap between IT and business, we created Mendix, a low-code and no-code platform that provides tools to enable collaboration for rapid application development, allowing companies to quickly turn their ideas into real business value. This revolutionary move not only closed the gap, but has proven to be critical to growing organizations in nearly every industry around the world.

As time goes by and technology advances at a rapid pace, building new applications using low-code and no-code tools is now only part of the bigger picture. While bridging the gap between IT and business remains a pressing issue, the connection between producers and consumers cannot be ignored.

As former CEO Derek Roos pointed out during his keynote at this year’s Mendix World conference:

“The line between consumption and creation is blurring. Makers in every industry are creating new things every day and inspiring others to build on their innovations. We need to enable more collaboration between producers and consumers. This will unlock new business opportunities and turn these new digital capabilities, and the data and insights that flow through them, into commodities.”

The platform is no longer viewed as a single entity, but rather highlights its natural role as the center of an entire ecosystem: not only solving problems for enterprise organizations, but also providing them with unprecedented avenues for growth.

How does Mendix help financial services companies innovate?

In short, Mendix for Financial Services is a solution for banks and insurance companies to leverage various elements around the Mendix platform to drive the technology transformation they need:

First up are the various components, including:

Solution

Workflow

Starting Template

Application Services

Connectors

Secondly, there is a huge user group, including:

Professional partners

Global Integrator

250,000 Makers

How will financial services institutions benefit?

Mendix is ​​a world of game-changing elements delivered through deep knowledge and rich practice, and direct access to experienced manufacturers who are creating new rules. Organizations looking for a breakthrough when they are short-staffed or overwhelmed by overwhelming work demands can explore Mendix for Financial Services and find what they need to create a smooth, seamless experience while opening up new routes to business growth.

For example, Zurich Insurance found that when using the Mendix platform:

“The time saved building the TDC application with Mendix provides opportunities to create new applications, improve other Zurich Insurance systems, and solve business problems faster. By using Mendix’s agile support tools, Zurich’s DevOps teams are creating customer-facing systems that allow them to gather feedback from subject matter experts and make improvements faster than before.”

BDC (Business Development Bank of Canada) commented on its cooperation with Mendix as follows:

“The following data proves that the cooperation between BDC and Mendix has been a great success:

• Application development time was reduced from an expected 30 months to 8 months;

• The development effort required to launch a CLS application is now one-third of what it was before;

• Consolidating systems for legal documentation and approvals, reducing processing time for tens of thousands of loans per year from 25 minutes to 5 minutes;

• It now takes only 20-30 minutes to process a loan. In some cases, the loan can be disbursed the same day the application is made.”

How to get started with Mendix for Financial Services

There are two easy ways to start exploring. The first is to visit the Mendix for Financial Services homepage, which includes an overview of the site and products, as well as featured marketplace solutions, customer stories, partners, resources, manufacturers, and more. Second, the Mendix Marketplace can be used to learn more about the various solutions, templates, application services, and connectors available for the financial services industry, such as:

Digital Insurance Industry Suite Solution: Addresses the needs of insurance brokers and underwriters in onboarding new business users, billing and payment, adjustments, claims and renewals. Provides flexible connectivity to existing core systems to add a modern digital portal to serve the evolving needs of digital insurance.

Loan Origination Template: This responsive web app helps guide customers through the loan application process, providing excellent customer service.

Intelligent Document Application Service: Enables end users to view and extract specific text from structured documents (formatted, static information such as questionnaires, forms, etc.) or semi-structured documents (information that does not strictly follow a format such as invoices, purchase orders, etc.).

Database Connectors: Enable you to seamlessly connect to external databases without limiting your choice of database or SQL dialect, integrating external data directly into Mendix applications.

Ready to take it to the next level? Start exploring Mendix for Financial Services today!