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Veritran Explain How Low-Code Technology Helps Banking Across LatAm

Veritran is a low-code platform for banks and financial institutions that is at the centre of enabling digital applications, delivering mobile apps and digital wallets for financial organisations of all sizes, including six of the top banks in Latin America and a new Puerto Rico-based client, Italbank.

Here Omar Arab, EVP of Corporate Business, explains the lasting impact the past year has had on companies in the financial ecosystem as they look to hasten digital transformation, as well as what they’re hearing from clients around fintech trends and technology shifts that will outlast the pandemic. Plus, case studies from how clients have leveraged low-code.

What top banks do you work with?

We work with several top banks across Latin America, helping them advance digital transformation initiatives and rapidly create digital solutions from mobile apps to e-wallets. Some of the banks we work with across the region include Banorte (Mexico), BBVA (Colombia), Banco Nación (Argentina), Banco Provincia (Argentina), and BancoEstado (Chile) – we also recently signed our first customer in the United States: Puerto Rico-based Italbank.

How can low-code help?

Low-code platforms serve as an accelerator to create applications with a faster time-to-market, while providing the same functionality, integrations and security that traditional development methods offer. Low-code adds value across the enterprise, helping push forward digital transformation initiatives and enabling the rapid creation of digital solutions – which is more important than ever now, at a time when digital-first is the new way of life and it is necessary for organisations to have online touchpoints with consumers.

How is it implemented?

Low-code platforms are designed to be very easily implemented and often have a simple drag-and-drop approach, where anyone from professional developers to nonprogrammers citizen developers can start off with a fully functional template and add in applications and features, arranging and customising them as needed. Veritran offers a variety of pre-built solutions that run on top of our low-code platform, including a scalable digital wallet, a POS manager, a digital customer onboarding solution, centralised omnichannel dashboards for retail banking, as well as payroll, FX trading, cash management solutions and more for business banking.

How have relationships evolved e.g., since the pandemic perhaps?

We’ve seen an increase in low-code platforms since the start of the pandemic and have more closely collaborated with our banking clients to help them create the technology that this moment called for, as the entire industry and wider business landscape experienced a lasting paradigm shift. As to the relationship between the banks we work with and their customers, we’ve seen them begin to engage in new ways: increasingly online. For example, we helped Argentina’s Banco de la Provincia develop Cuenta DNI at the beginning of the pandemic, a digital wallet that reached over 1 million active users in just six weeks and has now surpassed 3 million users. We also supported Guatemalan bank Bantrab in developing a mobile app that has been downloaded more than 20,000 times and is generating 30 new accounts a day, compared with an average of 10 opened in branches.

What does the future look like?

In terms of the wider financial industry, I believe that the shift to digital is here to stay; although bank branches won’t completely disappear, it seems likely that digital methods will continue to be the priority moving forward. Furthermore, I believe post-pandemic digital will have a variety of predominant financial formats and experiences, including 100% digital banking and mobile wallets, as well as increasingly integrated emerging technologies from artificial intelligence to blockchain. As traditional banks continue to undergo digital transformation, I expect that they will begin partnering more with fintechs and challenger banks when possible, to help bring new features and a superior UX to their customers.

Author

  • Gina is a fintech journalist (BA, MA) who works across broadcast and print. She has written for most national newspapers and started her career in BBC local radio.

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