Banks and financial services firms should urgently improve the developer experience (DX) if they wish to stay ahead of the competition.
In fact, it could serve as a ‘secret weapon’, according to a Canada-based industry veteran.
On top of that, the finance space should accelerate development and testing through agile practices, automation and enhanced project visibility is the key to achieving this innovation, argues Monica Hovsepian, the global financial services lead at OpenText.
The Toronto-based testing insider argues that financial services should use much more AI and cloud solutions to improve software developments in their industry.
“In financial services, the ability to develop and maintain reliable, effective software is a crucial competitive advantage,” Hovsepian starts off.
“Superior software capabilities enable organisations to scale rapidly and speed up time to market. But traditional development processes, often hindered by 24/7 operations and dispersed IT teams, can make delivering high-quality, user-friendly applications a significant challenge,” the insider wrote in a recent Forbes post.
‘A dynamic duo’
Hovsepian calls artificial intelligence and cloud-based development tools “a dynamic duo” which are “poised to transform how financial institutions build and deploy software.”
She pointed out cloud-based development tools are not just a trend, “they are a paradigm shift, poised to reshape financial services.”
By adopting a cloud-first strategy, financial institutions can unlock greater visibility and simplicity in their software development processes, she argues.
“This can translate to reduced costs, improved coordination, accelerated innovation and faster time-to-market, all essential ingredients for success.”
“Cloud-based development tools are a paradigm shift, poised to reshape financial services.”
– Monica Hovsepian
Zooming in on the rapid uptake of mobile banking applications, Hovsepian stressed user-friendly, high-performance mobile apps are no longer simply a luxury, they have become a necessity.
“These apps must provide seamless access across multiple channels, such as mobile, kiosk, web, with intuitive interfaces that prioritize the user experience,” Hovsepian explained.
“Automated functional testing and AI-driven analysis of user behaviour are invaluable tools in this pursuit, not only speeding up development and enhancing application quality, but also optimising customer engagement and business processes,” she went on.
Automation and the cloud
Addressing the issue of AI and automation, Hovsepian said fully automated continuous integration and continuous development pipelines are crucial for minimizing disruption.
“They can also enhance code quality and shorten development cycles. This allows organizations to deliver software more efficiently and reliably,” she added.
Link this to the cloud and Cloud-based development platforms provide “the foundation for optimizing the entire application development life cycle,” as Hovsepian puts it.
“By integrating testing, quality assurance and AI-powered automation, these platforms enable financial institutions to deliver superior software faster than competitors.”
Moreover, a “robust platform” addresses the stringent requirements of the financial services industry.
This includes validation capabilities, detailed audit trails and stringent data controls. Also, accelerator packs for regulatory compliance, such as the GDPR and SAP, ensure easy validation and implementation of complex regulations, Hovsepian said.
In addition, AI-powered planning and execution capabilities offer a significant competitive edge, she continued.
“AI-driven planning improves timelines and resource allocation. Enhanced data accessibility and actionable insights fuel better decision making and risk resolution, and intelligent assistance and AI-powered testing tools accelerate development while maintaining high quality,” Hovsepian said.
‘Secret weapon’
In “the battle for development talent”, Hovsepian called a positive developer experience, or DX, “the secret weapon” for financial institutions.
“Streamlined workflows, cutting-edge tools and a supportive culture have evolved from great perks to being essential for attracting and retaining skilled developers who fuel innovation and growth,” she said.
For Hovsepian, “the numbers speak for themselves quite loudly.”
Close to 90% of financial institutions struggle to hire or keep staff, according to a 2023 report by Cornerstone Advisors. And 80% of bank IT personnel are bogged down with repetitive tasks.
The pace to deliver digital transformation projects continues to accelerate, and developers are under immense pressure, Hovsepian continued.
“This is why the concept of DX is now top-of-mind for financial institutions,” she stressed.
In summary, by aligning business goals with resources and leveraging “a robust AI-powered, cloud-first platform, financial services organizations can transform their software development processes,” Hovsepian stressed.
“The result will likely be improved ROI, an enhanced competitive edge in the market and a future-ready foundation built on AI, cloud technology and a focus on the developer experience,” she concluded.
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