Bahaa Abdul Hussein is a Fintech expert and shares his experiences with his audience through his blogs. This time he discusses about application modernization.
The rapid growth of the fintech sector has resulted in a proliferation of new applications and services. The majority of these are designed to meet the needs of businesses and consumers, providing faster and more efficient ways to manage money.
As fintech companies seek to disrupt traditional financial services, they must embrace application modernization and mobile-first strategies observed Bahaa Abdul Hussein.
Fintech is all about speed, convenience and efficiency, so it makes sense that any company offering financial services would seek to make these available on mobile devices. The widespread adoption of smartphones means customers can access their accounts anytime, anywhere — exactly what they want.
Customer expectations are changing constantly
Customers today expect more from their financial institutions than ever before. A quick look at the top 10 most downloaded finance apps shows that the top five have a minimum of four stars on Google Play or Apple’s App Store. And users are not hesitant to leave negative reviews if they don’t like your app! This means that if you don’t invest in making your app user-friendly and engaging, they will find someone else who does — and fast!
Technology advances at an ever-increasing pace
The second reason is that technology advances at an ever-increasing pace. This means that any application that is not regularly updated will soon become obsolete as new technologies emerge and become more popular. As the tech industry continues to grow and change, it becomes more important for fintech companies to keep up with these changes if they want to remain competitive in the market.
Legacy applications are becoming outdated
The software powering financial services firms is often old and outdated. For example, many banks still rely on the COBOL code, which was developed in 1959. This hinders their ability to take advantage of emerging technologies, such as the cloud and AI, and makes it more challenging to implement necessary updates to these programs (AI).
New technologies can offer better solutions
Newer technologies like cloud computing and AI can provide a better foundation for fintech applications than legacy systems. Cloud computing makes it easy for developers to create scalable solutions that can easily scale up or down depending on demand.
This flexibility allows them to quickly meet changing needs without having to rewrite large amounts of code every time an update is needed. AI also enables companies to automate processes such as data analysis so that they don’t have to rely on human intervention as much anymore.
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