The conference of “Digital Reality: fintech 2022 Ten Trends Outlook Report” was held live online on March 29, co-hosted by Tencent Financial Research Institute, Tencent Cloud and KPMG. At this press conference, many senior leaders of Tencent and KPMG China will attend and deliver keynote speeches. Industry experts gave an in-depth interpretation of the “fintech 2022 Ten Trends Outlook” report, and discussed the new ideas, plans and patterns of fintech 2022 with a number of industry experts and leaders at the roundtable.
According to the report, one of the key trends is that low code improves financial service capabilities.
Trend: Low code development increases agility in financial services
A brief introduction to trends
With the development of financial digitization, fintech is booming. With the emergence of more and more new technologies, a large number of software writing and code development work has put forward higher requirements for technical talents in the financial field. In order to reduce the learning difficulty and entry threshold of many technologies in the financial field, and improve the ability of the financial industry to provide agile services, the low code development platform simplifies the tedious and professional code process, providing a “fast track” for the progress and application of science and technology in the financial field.
A low code development platform (LCDP) is a development platform that can quickly generate applications from a small amount of code. Application development visualization enables developers of all levels of experience to create Web and mobile applications using drag-and-drop components and model-driven logic through a graphical user interface.
With the wide application of low code technology in the future, low code platform provides a brand-new financial technical personnel working process, namely the non-professional developers through simple IT basic training, can be quickly can fully mobilize and use of the various aspects of human resources, enterprise existing can significantly reduce the dependence on the resources of the expensive professional developers, We will promote the rapid implementation of various projects in the financial sector.
Two, technical characteristics
At present, there are two main enterprise service modes for low code enterprises, namely comprehensive service provider and multi-terminal platform provider.
The integrated service provider model is mainly to build a low-code platform on top of cloud services, resulting in a cloud environment. Low code platform docking with self-developed CRM platform to achieve low code development of office software; Docking with self-research and development platform to realize the software development platform formed by low code platform. To sum up, low-code platform and docking derived cloud environment, office software, software development platform, etc. together form a product portfolio for enterprise and personal end users.
Multiple platforms, Taiwanese using the research platform combined with low code platform and external code of product structure, allowing external SaaS enterprise, ISV enterprise and individual developers, external low code platform, combined with low internal code platform, realize the platforms, commercial structure, and will be combined with the architecture of the building and cloud service, facilitate business users and individual users to access and use.
Three, application scenarios
Low code platform as a kind of simplified development platform, compared with the traditional application development, low code development are the main benefits of saving the cost and time, which can make the enterprise faster, more save to deliver certain products and functions, to manufacturing, finance and retail, and many other industry technology development provides the convenience.
In the financial sector, low code development platforms help finance industry digital transformation. Low code promotes the rapid development of emerging fintech technology with its powerful combination ability. In the future, as the component richness of low-code development platforms increases, so will the capacity of the platform and the application functions it can support. This will help different scenarios in the financial sector to effectively collaborate and jointly cope with the changing and complex external environment. For example, the integration of cloud native, microservices architecture, and more with low code development can significantly improve development efficiency. Architectural capabilities of microservices
Rapid integration with low code development can quickly improve the development and service capabilities of cloud native architectures. Another example is the integration of low code development platform with cloud computing and other technologies to greatly improve the personalized service level of financial institutions and realize the smooth progress of intelligent services, intelligent investment, intelligent consulting, voice recognition and other businesses.
4. Planning suggestions
For the enterprise side, on the one hand, accelerate the integration development of low code technology and other technologies, and realize the promotion and promotion effect of low code on other new technologies. On the other hand, it vigorously promotes the promotion and popularity of low-code platform within the business scope, lowers the threshold of software writing, and promotes the rapid development of digitalization in the financial field.
As a development platform, low code platform involves a wide range of regulators, and it is necessary to unite different parties and departments to jointly propose standard suggestions and regulatory schemes.
Case study: Low code development facilitates rapid establishment of financial services platform
I. Demand disassembly
In the process of financial digitization, a large domestic commercial bank needs to serve a large number of customers in different fields. Therefore, the establishment of a comprehensive financial service platform has become a necessary means. In the process of establishing the financial service platform, the bank has the following requirements.
First, structured solution requirements. The bank’s unified business platform requires accurate business descriptions and fast business delivery. In the face of the rapidly changing and rich application requirements of the financial industry, structured solution is an important method to realize the efficient unification of business requirements and technical solutions.
Second, multi-domain integration of low code platforms. In view of the various business forms of financial institutions, the general low-code development platform cannot support all the requirements of enterprise level. Therefore, it is necessary to realize the combination and individuation of low-code platform in different business fields such as product, service and operation.
Third, open integration architecture requirements. The architecture of low-code platform needs to help financial institutions guarantee the interconnection of all levels, realize the integration architecture requirements of portals, processes, data and services, and facilitate the realization of multi-party collaboration and business innovation among different financial institutions or business fields.
Ii. Program implementation
The bank’s digital Pocket is a comprehensive financial service platform for micro, small and medium-sized enterprises, and works with Wepartner to explore industrial solutions for small and micro enterprises. Based on the micro-base, it provides enterprises, employees and small program users with financial services such as loan financing, payment and settlement, insurance and other scenarios, helping small and micro enterprises in e-commerce and wholesale and retail industries operate.
To be specific, micro-partnership connects business components through customer precipitation, technology or security, user operation and other ways, and builds from the perspective of the three major business systems and corresponding technical capabilities.
The three business systems mainly refer to the organization structure system, role authority system and message reminder system, and the three systems enable no/low code platform applications.
Technical capabilities are mainly composed of technical architecture, six no/low code engine drivers, extension plug-ins, open platforms and other major capabilities. Different capabilities cooperate with each other and are mainly used to serve enterprises to improve efficiency. The technical architecture is divided into front segment, application service layer and data service layer, which is mainly used for technical support of low code platform. Six engine drivers, namely portal engine, forms engine, process engine, automation engine, report engine and database engine, help banks better realize the synergy between different business process segments. Extension plug-ins are composed of scenario plug-ins, industry-specific plug-ins, and business plug-ins, aiming to meet the normal use of different industries, different businesses, and different application scenarios. The open platform can be connected with other business systems and plug-ins, ensuring the scalability of the integrated banking and financial service platform.
Data source: Tencent Cloud, Tencent Financial Research Institute
Combined with the bank’s customized financial services, micro, small and medium digital operations. Low code brings a significant decrease in the amount of code, which can meet the needs of business diversification and personalization and greatly improve the development efficiency. For example, the combination of micropartner and bank financial mini program can realize the rapid development of a brand application and put it online in 2 weeks.