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    How KMS Solutions Help Banks Develop Enterprise Applications

    KMS Solutions Help Banks Develop Enterprise ApplicationsWith the rising era of connected customers, applications provide significant benefits by delivering real-time data streams that enrich experiences. Enterprise application development is increasingly essential for companies seeking to enhance efficiency, streamline operations, and foster employee engagement in the digital era.

    During enterprise app development, software engineers must balance a multitude of requirements and objectives while ensuring expectations from multiple stakeholders are met. However, poor planning and coordination are reasons that prevent enterprises from developing enterprise apps effectively.

    To help enterprises drive successful outcomes, the KMS Solutions software development team provides an actionable development process that brings maximum value to users and the business. By leveraging emerging technologies and modern development practices, we help enterprises enable data-driven decisions and power future growth.

    What is Enterprise Application Development?

    Enterprise application development includes developing software applications customized to fulfill the intricate requirements of large organizations. These applications are usually scalable and help meet business needs. 

    This process is evolving towards greater agility and collaboration, with the involvement of in-house resources and an external software development team. In addition, advancements in technology continually influence the realm of enterprise application development, with emerging trends such as AI, open banking API, and mobile accessibility redefining business operations.

    Traditional vs. Modern Enterprise Application Development

    Here are some distinctions between the two methods:

    Traditional App Development

    Modern App Development

    - Slow app development: Building apps requires a significant amount of time.

    - Operating system dependency: Complicated scalability and migration due to dependency between OS and the app.

    - Slow pace of app update releases

    - Prioritized organizational structure: Developers hand over the app code to the operations team before releasing.

    - Expensive: data storage and other unnecessary services.

    - Unsecured: Development throughout the entire life cycle is hosted on the organization's server.

    -   Rapid app development: Follow a framework designed to maximize flexibility.

    - Independent OS: No dependency, simplifying migration and scalability.

    - Accelerated app update releases: Faster responses to user needs enhance user retention.

    - Efficient transition: The development process adopts a distinct approach by integrating people, processes, and tools.

    - Highly cost-effective: Only needs to pay for the required tools.

    - Secure and easy-to-use data storage: Data is stored on the cloud and can be accessed easily anywhere.

    Barriers When Developing Enterprise Banking Apps

    1. Legacy Systems Integration

    Many banks and financial institutions operate on legacy systems, which can be difficult to change and maintain and incompatible with emerging technologies or new business processes. Moreover, since these legacy systems were often developed decades ago with an outdated tech stack, they may have limited functionality, poor performance, and security vulnerabilities.

    Besides, transferring data from legacy systems to modern databases or platforms without compromising integrity or security is a complex process.

    2. Complex Regulation Compliance

    BFSI businesses must adhere to strict regulatory frameworks, which can vary across regions. Compliance with regulations such as Consumer Data Right (CDR), PSD2, KYC, AML, and PCI-DSS adds complexity to app development and requires extensive documentation, auditing, and validation processes. Navigating compliance requirements while innovating can be challenging and time-consuming.

    3. IT Talent Shortage

    As banks have increasingly adopted cutting-edge technologies, the demand for specialized software engineering expertise has increased. Many companies have faced challenges in both hiring and retaining talented developers, leading to an IT talent shortage in the banking industry.  This scarcity can negatively impact the development of enterprise apps, leading to delays in project timelines and intensified competition for skilled developers.

    KMS Solutions can empower your software development team to overcome the barriers of enterprise app development, from fulfilling skills shortages, to ensuring smooth project timelines and unlocking innovation with tailored solutions. Partner with us today to elevate your enterprise app development journey!

    4. Inflexible Business

    There is a strong correlation between business agility and its performance. Lack of organizational agility often leads to siloed teams working separately on app development, leading to the consequence of production delays, poor app quality, and higher costs.

    How KMS Solutions Help Banks Develop Enterprise Applications?

    Enterprise application development typically encompasses multiple stages, each of which is essential for project success.

    #Step 1: Requirement Gathering

    The initial phase includes collecting and documenting specific requirements for the banking enterprise software, such as business objectives, user demands, and functional requirements. Our development team often conducts interviews with stakeholders and analyzes existing systems to define key features and specifications required in the enterprise app.

    #Step 2: Planning And Alignment

    During this stage, we collaborate with the organization’s internal team to craft a thorough project plan, delineating the development strategy, appropriate tech stacks for financial services, timelines, resource distribution, and milestones. The plan includes establishing communication channels, clarifying roles and responsibilities, and analyzing any potential risks and mitigation strategies, all to ensure alignment between different teams.

    #Step 3: Architecture and Design

    This phase concentrates on translating the gathered requirements into a technical blueprint that guides the development process. Key activities in this phase include:

    • Architectural Solution: Identifying the overall architecture of the app, such as the high-level system structure of components, modules, layers, and subsystems. This comprises making decisions about technologies, frameworks, and patterns to be used, such as microservices architecture, monolithic architecture, integration points with other systems, etc.
    • UX/UI Design: In this phase, our team focuses on creating an intuitive and user-friendly interface for the banking enterprise software. Designers engage in creating wireframes, prototypes, and visual designs that harmonize with the specified requirements and user preferences.

    The architecture and design phase establishes the foundation for effective development, guaranteeing scalability and adaptability.

    #Step 4: Enterprise Software Development

    This is a hands-on process where the conceptual design and architectural plans start taking shape into a functioning application. With programming languages, frameworks, and tools specified during the planning stage, our software engineers work closely with designers, architects, and stakeholders to write code, integrate necessary components and modules, and implement desired features and functionalities.

    Throughout the development process, we also follow coding standards, best practices, and version control procedures to maintain code quality and facilitate collaboration. 

    #Step 5: Testing

    When developing the app, it’s essential to ensure its functionality, performance, and reliability. Given the complexity of enterprise apps, having a comprehensive testing strategy that encompasses all aspects is needed to ensure the quality and functionality of the product. The strategy personalized for bank and financial institutions should include various types of testing, such as performance testing, unit testing, integration testing, system testing, user acceptance testing (UAT), etc. 

    Besides, with automation testing, the QA team can streamline repetitive tasks quickly and eliminate the likelihood of human error, leading to faster feedback on the application's quality and accelerating the overall testing process. 

    KMS Solutions’ testing team can easily scale to accommodate large and complex banking enterprise apps and help integrate automation testing seamlessly with CI/CD pipelines, ensuring that any issues are identified early in the development process for quick feedback.

    #Step 6: Deployment and Maintenance

    When the development and testing are completed, the enterprise application undergoes deployment to the production environment. This process encompasses server setup, database configuration, and facilitating a seamless transition between environments to reach out to end users. 

    After launching, the app will receive user feedback. By analyzing this information, we continue with maintenance services, which encompasses bug resolution, performance enhancement, and updates to align with evolving business requirements and technological advancements.

    Take Your Enterprise Application Development to the Next Level

    At KMS Solutions, we have experience in empowering banks to navigate the complexities of enterprise application development. By leveraging our expertise, innovative solutions, and deep industry knowledge, we assist banks and financial institutions in overcoming challenges, ensuring compliance, and delivering high-quality enterprise applications that drive efficiency, streamline processes, and enhance customer experiences.

    Contact us today to learn more about how we can help you develop enterprise applications that propel your business forward!

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