Make your financial organisation future-proof: 4 powerful ways to digitalise

If you want to still be relevant as a financial organisation in the future, you have to digitalise. It is that simple. Digitalisation shifts your organisation up a gear. You deliver more value in less time, make fewer mistakes and help your clients reach their goals faster. Are your competitors taking big steps in that direction while you are not? Then it is only a matter of time before you are overtaken. How far along are you with digitalising your processes?

4 powerful ways to digitalise

1. Automate the repetitive tasks of advisers and service staff

Many advisers and service staff spend a large part of their time on repetitive tasks. Think of collecting and entering data, performing calculations and producing reports. Automating this kind of task frees up time for work that delivers far more value for your clients. Innovation, advisory work and improving your service, for instance. That way you improve the client experience and strengthen your competitive position. It also makes your people's work a good deal more interesting.

A good example of an application that supports advisers is Erfrechtplan. During a conversation about the client's will, advisers enter the details into Erfrechtplan. These are immediately displayed dynamically: in a family tree with the family situation, bar charts with all asset types and a schematic overview of the financial consequences for heirs. After the conversation, the application automatically generates reports, both for the notary and for the client. The application can also draw up an official will, so the notary only has to ratify the document. A large part of these tasks used to be done by hand by the adviser and the notary.

2. Make your calculation tools available to the general public

Many financial organisations have developed all sorts of clever calculation tools. Often in programs such as Excel. But Excel is not very handy if you also want to make the calculation tool available to the general public. Then it is important that the tool is scalable and user-friendly and that it integrates seamlessly into the client's journey. That works far better if you put your calculation tools into an application.

3. Replace an advisory conversation with a digital process

Do your clients still have to contact an adviser or a service employee to sort out their financial affairs? More and more financial organisations are offering their clients self-service options. They replace an advisory conversation with a digital process that the client can go through independently. That saves advisers, service staff and clients a lot of time. Here are some nice examples of this kind of application:

Testamenthulp

Drawing up a will feels like a distant concern to many people. Death is an unpleasant subject and people would rather not think about it. But it is very important to consider it, even at a young age. That is why Thuisnotaris asked us to develop a tool that lets people map out their wishes and options around their will on their own, without any hurdles.

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De Hypotheek Risicoscan

Research by Vereniging Eigen Huis showed that many people think they will not be able to pay off their interest-only mortgage, which lands them in difficulty. That is why the Hypotheek Risicoscan was developed, which lets people gain insight into their financial situation independently.

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Reality Check

WOMEN INC discovered that women are less well informed about their financial position than men. To change that, we got to develop the interactive course Reality Check. In it, women learn more about money matters and work through various tests and exercises to create more awareness around financial decisions.

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4. Move quickly with new AFM requirements

Is the AFM introducing new requirements? Then that sometimes means you have to inform an enormous number of people. Instead of working through a script over the phone, it is often far more efficient to do that through an application. There you can let them go through the information themselves and, if needed, do calculations right away.

Among others, we helped Loyalis to build informative calculation tools in order to meet the AFM requirements.

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Why Mendix is so well suited to financial companies

We are fans of the low-code platform Mendix for building financial applications. Mendix has many characteristics that fit perfectly with what financial organisations need.

You respond quickly to new trends and changes in the market

The market changes fast and you want to be able to move with it quickly. Mendix is a perfect platform for that. It helps you create new applications, or adapt existing ones, in a short space of time. Mendix is a low-code platform, which lets you develop software without writing much code. Low-code platforms are visual in nature and offer ready-made building blocks. You can combine these with each other using drag-and-drop. That makes developing applications much easier and more efficient. At the same time you stay very flexible, because you can still add custom functionality through code.

A secure platform for processing financial data

As a financial organisation you often have to meet strict security requirements. In that respect you are in good hands with Mendix. You are using a mature platform that is continuously updated and checked for security vulnerabilities. It is also ISO certified. There is a good reason why Mendix is used by many banks.

Ideal for digitalising processes

Mendix is aimed at digitalising and automating processes. Do you want your application to guide clients, advisers or service staff step by step through a process? Then Mendix is the perfect platform for it. It is often used to build back offices, portals, forms and workflows.

Mendix is easy to integrate with your existing processes and systems

Do you want your new application to exchange data with your existing application or applications? Or do you want to give the application a place within an existing process? No problem. Mendix connects well with other systems.

Use calculations in several places

Reusing components is a great strength of Mendix, because it works on the basis of building blocks. That makes it simple to use calculations in several places. For Prikkl, for example, we built an API with calculations, so Prikkl can call it from different places.

JAM-IT has more than 10 years of experience in digitalising financial processes

We started JAM-IT 10 years ago in the financial sector, and by now we have helped many financial organisations digitalise their processes. That is good for you, because it means we have already learned plenty of lessons and developed reusable components. As a result we can build an application that supports your processes perfectly in a short space of time.

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