Why Financial Services firms are prioritising application modernisation in 2025

This post was originally published on Fin Extra

How are regulations and changing consumer expectations shaping the need for application modernisation? What are the topical use cases that application modernisation helps financial institutions realise?
What are the main roadblocks and challenges that financial institutions are facing when it comes to their application development?
How can AI-assisted low-code development help financial institutions fill talent gaps, lower costs, and boost innovation?
What are some of the strategies financial institutions can apply to adopt AI-assisted low-code application development?

Banks and financial institutions are facing an innovation imperative. A tidal wave of regulatory updates, cybersecurity risks, and changing customer expectations are the driving forces behind the need for modernisation. Yet many organisations struggle with the practicalities. According to the Outsystems State of Application Development Report, 48% of financial services institutions see legacy technology as their top innovation challenge, and 53% state that an additional lack of skills has significantly impacted their application development.

AI-powered low-code development can help organisations fill crucial skills gaps and complement their existing teams while effectively and safely modernising their technology. While 70% of organisations state they have already integrated AI into some or all of their software development processes, half of respondents

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