Published 29 Aug, 2023 4 minutes of reading
In an era where the financial landscape is expanding, the fusion of technology and innovation has continued to improve customer interactions within the financial sector. This surge of technological advancement is now being harnessed by organizations to enhance their digital business operations. In the pursuit of seamless accessibility, transparency, convenience, and better customer experiences, regions like Europe are seeing the ascendance of open banking, North America is spearheading digital financial services innovation, and Latin American markets are embracing financial products with newfound fervor.
The outcome of all of these changes is that financial leadership today is set up to make pivotal decisions that will shape the course of their digital strategies. Faced with so many technological choices and a mounting demand for superior customer experiences, leaders are choosing to invest in technology that equips their organizations with the requisite tools to adeptly respond to current and future challenges.
The capability to accelerate, evolve, and seamlessly operate within customer-facing digital channels is transformative for financial institutions and the digital products that underpin their customer interactions. These three pivotal concepts—Acceleration, Evolution, and Ecosystems—serve as foundational tenets that should be considered by financial leadership and innovators when making decisions for the technology that supports their efforts.
The Momentum of Acceleration
In financial technology, acceleration means having readily adaptable financial experiences primed for multifaceted applications. This is precisely where we are at Modyo. The platform helps build and orchestrate Micro Frontends, offering predefined set experiences that establish baseline interactions and transactions with customers. Our latest financial experience framework, bolstered by the platform’s Micro Frontend architecture, accelerates the deployment of digital financial products across a variety of use cases and web applications.
When selecting front end technology, decision makers need to weigh numerous aspects of how they’re able to accelerate building and iterating. They need to consider how quickly a traditional front end platform will generate a return on value. Then consider how quickly a single-tenant SaaS solution can provide the same or greater value.
Clarity, auditability, and compliance are important attributes when weighing how a platform reference architecture functions, as well as how business system integrations occur within critical digital channels. If building particular use cases or solutions, a good front end platform should provide ready-to-go experiences to serve as base and example of best practices.
The Dynamics of Evolution
Evolution is your ability to adapt. This means future-proofing financial experiences with better technology, being able to measure and maintain over time while generating actionable data that enables your capacity for change. True micro frontend architectures like Modyo's provide an ecosystem that enables multiple agile teams, both technical and non-technical, to control the entire lifecycle of each financial experience. Modyo powers your teams with the ability to evolve, work in parallel across experiences and reduce complex dependencies.
The ability to evolve goes beyond just the ability to iterate quickly, or have real clarity and compliance. Evolution means being able to pivot at any given moment to adapt digital channels and products to meet customer needs. This means empowering technical teams to build digital experiences using numerous, flexible standard technologies and frameworks (e.g. Bootstap, Liquid, JS frameworks such as Vue.js, Angular.js, and React.js) that enable your organization to adapt.
As well, non-technical teams should be able to easily and independently manage content and key digital assets with systems in place that buffer your channels against risk. Further, front end platforms should anticipate and serve strategies that leverage next-generation solutions such as mobile Progressive Web Applications (PWA’s) or appshells.
Fostering an Empowering Ecosystem
Modyo serves as the center point for integrating frontend development and ecosystems that unite formidable partners in a shared pursuit of unprecedented results. A steadfast commitment to building composable solutions equips digital teams to navigate market dynamics, anticipate needs, and speed up time-to-market on launching digital products.
Guided by Modyo's micro frontend architecture, organizations are attaining holistic control over their customers’ financial experiences. Harnessing end-to-end cloud-native technology, Modyo’s clients today are bringing more value to their digital engagement by working within digital factories that make accelerating and evolving easier through a platform that delivers fast, reliable, and comprehensive solutions.
Encompassing a front end platform’s ability to empower a financial institution’s ability to accelerate and evolve, a true ecosystem within the platform provides the tools and integrations necessary to create digital factories that are best suited for the challenges and business goals of the organization. Expressing business value through integrated micro services, enabling robust user identity and management solutions, and providing multiple development methods through modern development pipelines (such as with repositories, a command-line interface (CLI), enabled developer-preferred IDEs) are a few attributes to look for in a true front end ecosystem.
Taking the Next Step
Ready to take the next step in frontend financial technology excellence? Modyo powers digital channels across many financial industries, use cases, and web applications that improve the digital experiences of millions of people.
Whether you stand at the helm of a bank poised to streamline digital transactions, a fintech venture looking to drive innovation, or an insurance enterprise committed to elevating customer experiences, we’re here to talk about your latest project.
Let's work together to build something amazing for both your business and your customers.
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