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DEMYSTIFYING RAPID APPLICATION DEVELOPMENT: THE PROS, THE CONS AND HOW IT COMPARES TO AGILE

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DEMYSTIFYING RAPID APPLICATION DEVELOPMENT: THE PROS, THE CONS AND HOW IT COMPARES TO AGILE

Written by Nick Pike, Vice President, UK and Ireland, OutSystems

Although conceived back in the 1980s, the profile of rapid application development (RAD) is on the rise right now as a facilitating methodology for digital transformation in 2018 and beyond. As it is frequently confused with agile development and misconstrued as a model rather than a methodology, it’s time to understand exactly what rapid application development is, what it can achieve, and when it’s best to take a different approach.

The History

Rapid application development was the first engineering methodology to recognise the fundamental differences between software engineering and conventional engineering. Software is a unique engineering structure because it is transient. With traditional engineering projects like mechanical systems or big physical plants, engineers cannot begin to build them and then change their minds halfway through. But software? Engineers can change that every day. RAD takes advantage of this by emphasising rapid prototyping over costly planning.

In the late 1970s, projects followed the traditional engineering “waterfall” process, which is the same methodology applied to building bridges. Software architects worked with the stakeholders who wanted the software to draft functional requirements, then spent countless hours defining them in spec sheets. Only after all the specifications were prepared did development begin. Anywhere from months to years later, stakeholders (and users) got their first glimpse of their product. And if it failed to meet their expectations, the engineers would refactor—the costs of which were extraordinary.

In the 1980s, software engineers Barry Boehm and James Martin recognised the logical flaw in this approach. Unlike inflexible materials, software was infinitely changeable; any development methodology needed to take advantage of this fact. Thus, the principles of rapid application development were born.

Why RAD Is Not the Same as Agile

RAD and agile both emphasise early and continuous software delivery and welcome changing requirements even in late development. However, agile prescribes its methods and ideal working environments. RAD is far more flexible, emphasising quality outcomes over the exact way and timeframe in which they are delivered.

The RAD Methodology

The essence of RAD is its flexibility to adapt to changing customer vision throughout the development cycle. Its starts by defining a loose set of requirements, so developers get an idea of what the product needs to achieve. This couldn’t be further away from those detailed spec sheets of the past.

Developers then create a prototype that satisfies all or some of the requirements. This prototype may cut corners to reach a working state and that’s acceptable because any technical debt accrued will be paid down at a later stage. This prototype is presented to the client and feedback collected. At this point, clients may change their mind or discover that something that seemed right on paper makes no sense in practice. This kind of revision is an accepted part of the RAD approach and developers return to step two to revise the product.

If client feedback is entirely positive then developers can move to the ultimate step of finalising the product and it can be handed to the client with confidence that it meets their requirements.

The Advantages of RAD

So, what does RAD deliver in terms of benefits or value? The following list offers some answers:

  • Speed: Thanks to the feedback from the prototype phase, there is a far greater likelihood that the product delivered will be acceptable to the client the first time.
  • Cost: Developers build the exact systems the client requires and nothing more instead of building out complex features that may not make the final cut. The prototype stage of RAD eliminates this costly exercise.
  • Developer Satisfaction: The client is there every step of the way as developers present their work frequently. Not only does the client become more confident, but the development team no longer feels divorced from those who will be using their software, resulting in opportunity for ownership and personal satisfaction.

The Drawbacks

RAD isn’t perfect. It has its own set of issues:

  • Scale: While a small group of close-knit developers can easily handle changing requirements, it’s much harder to achieve this with a large, distributed team.
  • Commitment: Clients must agree to frequent assessment and feedback meetings, which may seem daunting.
  • Interface-focus: Clients judge the quality of the solution by what they can interact with, and often all they interact with is a façade. Consequently, there’s a risk that some developers forgo best practices on the back-end to accelerate development of the front end.

When RAD Works… and When It Doesn’t

With the pros and cons of RAD laid out, we can determine which projects benefit most from RAD, and which don’t. If you need to build an internal business tool or customer-facing portal like an app or website, RAD will help your team deliver an even better user experience.

However, if you are tasked with building flight controls, coronary implant firmware, or a massive finance and accounting system with layers of access and regulatory compliance, a RAD approach is not the best choice. All of these should not depend on prototypes that could fail at a terrible moment and cause countless amounts of harm and damage.

How OutSystems Enables Rapid Application Development

OutSystems goes beyond enabling rapid application development by including hosting, dynamic scaling, release automation, performance monitoring, user management, version control, and much more—all from a cloud. But at the core of it all is a powerful development environment that enables everyone from non IT roles to veteran IT professionals to build enterprise-grade web and mobile applications iteratively but without code and offer prototypes and proofs-of-concepts all along the development journey.

RAD has transformed the way we approach software development projects, enabling businesses to keep pace with the ever-shortening innovation and disruption cycle. Powered by a raft of tools that facilitate the swift-prototype, iterative approach, including low-code platforms such as our own, the RAD methodology is a vital tool in the arsenal of today’s dynamic organisations.

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AI: Do the Right Thing

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AI: Do the Right Thing 1

By Alix Melchy, Jumio VP of AI

The application of emerging technologies such as AI, cloud, blockchain and IoT in financial services has altered the traditional operating models of financial institutions, the competitive dynamics of the industry, the role of people in those institutions and the landscape of the financial system as a whole. In fact, AI is positioned as an essential investment, with the World Economic Forum arguing how it is set to become central to the fabric of financial institutions.

While the adoption of AI in financial services may be in its infancy, the use cases are ever growing. From recommending loan and credit offerings to detecting fraud, 94% of financial services in European and Middle Eastern markets believe that AI will disrupt their business. The direction and the awareness of AI is clear but it is essential that companies invest now, as if done too hastily, the process is marred by pitfalls.

Despite the transformative promise of AI and machine learning algorithms, we have seen its application come under scrutiny in other industries. Take the UK A-Level exam grading debacle that dominated headlines back in August. Exam grades of students living in certain UK postcodes were disproportionately and negatively impacted, while other students saw their results inflated. This was down to an algorithm implemented by Ofqual that was set to predict grades using historical data including grades obtained at exams in previous years.

The incident raises the question as to what would happen if the algorithm used in this instance was applied to a financial decision. The same biases could negatively impact the way millions of consumers and businesses borrow, save and manage their money.

It is therefore imperative that financial institutions learn from this scenario, ensuring that when implemented in financial decision-making, AI is nothing short of a success.

AI is no fairy godmother

While many tout the game-changing effects of the looming AI revolution, it’s fundamentally important to understand that AI is not magic. Instead, we need to learn to set reasonable expectations with AI so not to paint an unrealistic picture of its power.

In order to start out on the right track, businesses must first define and align on the task they want the algorithm to perform before it can be developed and implemented. Articulating the problem to be solved is the prerequisite for a solid framework of development and evaluation of your algorithms.

Removing bias in AI

AI is the tool, not the hand that wields it or the eye that guides it. It is a type of learning system that requires data, training integration, and course correction. Just as we would train a young engineer to use a tool correctly, we are training AI systems to become expert learning systems through the data, process and people.

Therefore, in order to solve a problem using AI, the task must be expressed in a form which a machine can understand and the machine must be supplied with the necessary data to perform or otherwise learn to generate predictions that enable it to accomplish its objective. Without strong and relevant data underpinning an AI model, it will never be able to produce strong and relevant results.

To design a fair algorithm, the key is to collect a sufficient amount of data so that the algorithm can be trained to represent an entire community. While it is possible to buy datasets to speed up the process, when doing so, it is essential that the data meets your required criteria rather than simply being a large data set. For the financial services sector, this enables employees to treat customers fairly and, when combined with appropriate modelling and processes, allows them to maintain transparency and accountability in their decision-making processes to avoid legal claims or fines from regulators which can cause deep reputational damage.

Building back better

As the Ofqual issue revealed, a preliminary, small-scale algorithm test is an essential step before applying it into a real-world scenario. A pilot testing phase will help a business to amend the design to identify unnecessary costs and time expenditures, while also better understanding the data. As this was not sufficiently done in the Ofqual case, the algorithm simply did not provide the right answer to the problem it was trying to solve.

Championing ethical AI

More than ever, companies are realising one simple truth: failing to operationalise data and AI ethics is a threat to the bottom line. Missing the mark can expose companies to reputational, regulatory and legal risks. Here are some key areas that businesses should consider when leveraging AI models:

  • Usage consent: make sure that all the data you are using has been acquired with the proper consent
  • Diversity and representativity: AI practitioners should consider how diverse their programming teams are and whether or not they undertake relevant anti-bias and discrimination training. This will draw upon perspectives of individuals from different genders, backgrounds and faiths which will increase the likelihood that decisions made on purchasing and operating AI solutions are inclusive and not biased
  • Transparency and trust building: accurate and robust record keeping is important to assure that those impacted by it know how the model works

The ways AI can be utilised in the financial services industry is increasingly growing. An example is the use of document-centric identity proofing space whereby an identification document, such as a passport, is matched with a selfie of the user to confirm real and virtual identities. This will be an essential area of focus for financial services companies as they look to confirm that users are who they claim to be when the physical branch is diminishing. When analysing if a person is the same as the picture on their documentation, for example, a biased AI model can completely undermine the decision made.

However, it’s reassuring to see that the 2020 Gartner Market Guide for Identity Proofing & Affirmation predicts that by 2022, 95% of RFPs will have introduced clear requirements around minimising demographic bias. This demonstrates how organisations are now becoming more aware of the detrimental impacts that demographic bias in the performance of identity-proofing processes could have on their brand as well as being clear on the legal consequences they risk facing.

In turn, there is a real opportunity to leverage AI solutions to provide the best service, but financial institutions must ensure that they are doing so in an ethical, accurate, and representative way.

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SFF x SWITCH 2020 to Feature 40 Global Satellite Events and 24-Hour Online Experience

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SFF x SWITCH 2020 to Feature 40 Global Satellite Events and 24-Hour Online Experience 2

SFF x SWITCH 2020 to Feature 40 Global Satellite Events and 24-Hour Online Experience 3

 

SFF x SWITCH 2020 to Feature 40 Global Satellite Events and 24-Hour Online Experience 4

 

The Monetary Authority of Singapore (MAS) and Enterprise Singapore (ESG) announced today that more than 40 global satellite events will take place across the world as part of the Singap ore FinTech Festival (SFF) x Singapore Week of Innovation & TeCHnology (SWITCH) 2020.

  1. To be held from 7 to 11 December, SFF x SWITCH 2020 will feature a unique hybrid format that combines a 24-hour online event platform with global satellite events around the world. This new hybrid model will provide participants with greater access to the global FinTech and deep tech communities who are looking to discover partnerships, draw investments, and boost sales cycles.
  2. SFF x SWITCH has worked with a network of global partners to host the global satellite events (refer to Annex A). They comprise physical events in selected cities in accordance with local safe distancing measures as well as digital-only events. They will bring together content from innovation hubs and tech showcases around the world, and provide in-person attendees access to networking opportunities with industry leaders and sponsors. In collaboration with MAS and ESG, SingEx Group will manage the physical and digital experiences for attendees and ensure a seamless execution of the FinTech and innovation showcases across the cities.
  3. SFF x SWITCH will feature a 24-hour online experience over five days. This online event platform will feature a digital city, supported by partners including Accenture, Microsoft and Pico Art International. The digital city will feature more than 800 speakers from around the world, including leaders in finance and technology, entrepreneurs, policymakers, and officials from multilateral agencies. Participants can access live content broadcasts running round-the-clock and on-demand sessions. Some of the confirmed speakers include:

SFF

  • Dr Abhijit Banerjee, 2019 Nobel Prize in Economics, Ford Foundation International Professor of Economics, Massachusetts Institute of Technology (MIT)
  • Kristalina Georgieva, Managing Director, International Monetary Fund
  • Guo Shuqing, Chairman, China Banking and Insurance Regulatory Commission
  • Hong Feng, Co-Founder and Senior Vice President, Xiaomi
  • Arianna Huffington, Founder and CEO, Thrive Global, Founder, Huffington Post
  • Sallie Krawcheck, Chief Executive Officer & Founder, Ellevest
  • Satya Nadella, Chief Executive Officer, Microsoft
  • Nandan Nilekani, Co-Founder and Chairman, Infosys
  • Henry M. Paulson, Jr, Founder and Chairman, Paulson Institute
  • Sundar Pichai, Chief Executive Officer, Google and Alphabet
  • Dr Raghuram Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance, University of Chicago’s Booth School
  • Eric Yuan, Chief Executive Officer and Founder, Zoom

SWITCH

  • Albert, Co-Founder, Traveloka
  • Dr Chi Youngcho, President and CIO, Hyundai Motor Group
  • Timothy Draper, Founding Partner, Draper Associates
  • Arvinder Gujral, Managing Director SE Asia and Senior Director Business Development – APAC, China, Australia, Twitter
  • Shobana Kamineni, Executive Vice Chairperson, Apollo Hospitals Enterprise
  • Lei Ming, Co-Founder, Baidu; Former CEO and Founder, Kuwo Science and Technology; Founding Partner, AIBasis Ventures
  • Henry Ma, Executive Vice President and Chief Information Officer, WeBank
  • Candice Ong, Chief Commercial Officer, ShopBack
  • Lars Reger, Group Chief Technology Officer, NXP Semiconductor Germany GmbH
  • Professor Sir Adrian Smith FRS, Institute Director and Chief Executive, The Alan Turing Institute
  • Professor H.S. Philip Wong, Willard R. and Inez Kerr Bell Professor in the School of Engineering, Stanford University
  • Ye Gang, Group Chief Operating Officer, Sea Ltd
  1. The SFF Global-Common Channel will feature five global summits on the themes of: economics, infrastructure, impact, investor, and talent. They will focus on driving cross-border commercial activity to support pandemic recovery, and how financial institutions should position themselves in 2021. The SWITCH Global Channel, curated by SWITCH’s global innovation partners (refer to Annex B), allows participants access to market knowledge, opportunities, insights and tips on business culture from over 42 cities in 31 countries across Africa, Asia (China, India and Southeast Asia), Europe, Middle East, North America and Northeast Asia & Oceania.
  2. A digital map will show all SFF x SWITCH activities across Singapore, with dedicated zones[1] for various activities, including an international zone, early stage and growth stage FinTech zones, talent zone, technology showcase zones, and a networking zone. Participants will be able to visit locations on the map via a searchable and interactive directory of organisations and activities, tailored to their interests and profiles. Participants can meet and network with attendees on the event platform and schedule 1-on-1 meetings, by leveraging on the platform’s business matching functionality.
  3. Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The global pandemic has led to a reimagination of how we can deliver SFF x SWITCH as a global platform. To recreate the connectivity, collaboration and networking that have become the hallmarks of SFF x SWITCH, this year’s unique hybrid format will break new ground to create a truly global and inclusive event for the FinTech community. We are delighted to work with key global partners to deliver over 40 global satellite events for attendees across the globe, and Microsoft and Accenture to design this first-of-its-kind global platform for the FinTech community to innovate and forge new connections, anchored on the delivery of a powerful, new digital experience at scale.”
  4. Edwin Chow, Assistant Chief Executive Officer (Innovation & Enterprise), Enterprise Singapore, said, “While SFF x SWITCH is being run in a new, unprecedented way, our aim to enable networking and collaboration has not changed. In fact, we are very pleased to see that SWITCH has attracted even more global innovation partners this time, with established names such as 500 Startups, Sunway Group and VinaCapital joining us at various thematic panel discussions. This digital format not only enables the deep tech and innovation community to access deep market knowledge; it allows us to connect across geographies and time zones at a much faster pace, making this event a truly global one.”
  5. “Together with our partners we’ve designed the entire customer journey identifying critical touchpoints for optimal experiential engagements, paving the way for a bold new format that’s driven by customer insights. We’re proud to be the nerve centre for SFF x SWITCH orchestrating the global event experience across the satellite cities, online and offline, through our hybrid events studio in Singapore as well as robust capabilities in content, digital and operational excellence. We look forward to showing the world a new standard of audience engagement made possible with our established network of community partners from around the world”, said Aloysius Arlando, Chief Executive Officer, SingEx.

[1] The digital map will feature dedicated areas for various SFF x SWITCH activities, comprising the SFF x SWITCH Content Channels, International Zone, MAS Zone, Sponsor and Exhibitor Zones, Early Stage FinTechs Zone, Growth Stage FinTechs Zone, APIX, Talent Pavilion, Blockchain Zone, SME Zone, SFF AI Summit @Bridge+, Networking Zone, SWITCH Village and SG Blockchain Village.

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Leumi UK completes core banking upgrade with Finastra

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Leumi UK completes core banking upgrade with Finastra 5

Multi-specialist bank Leumi UK improves customer experience and streamlines processes with updated technology

Leumi UK, the London subsidiary of Israel’s largest banking group, has selected Finastra, one of the world’s largest fintechs, to upgrade its core banking systems.

For Leumi UK, this is the culmination of an extensive bank-wide programme to boost the efficiency of internal processes. The upgrade provides a solid foundation on which to make further improvements to the speed and functionality of Leumi UK’s processes.

The enhanced core banking system is a fundamental component of Leumi UK’s new IT strategy, as defined by Chief Technology Officer, Alon Shmuel. This will enable the bank to focus on business growth, as it builds momentum in its specialist areas of hotel and property finance. With this latest technology in place, it is now better equipped to onboard new business and ultimately improve the overall customer experience.

Alon Shmuel, Chief Technology Officer at Leumi UK, says: “This upgrade is part of the promise to our customers to constantly build upon the services and solutions we offer. Thanks to Finastra, we can ensure that we are using the latest software and most up-to-date technology to provide an even better, faster service to our customers. We are very grateful to Finastra for the expertise, dedication and professionalism they exhibited as we undertook this ambitious endeavour together. Their support allowed us to complete the project in under nine months, despite the challenges we faced from the Coronavirus pandemic.”

John Mitchell, Vice President Global Services Europe at Finastra said, “Finastra has worked hard to deliver a robust services strategy that enables us to support customers, like Leumi UK, and help them to achieve their goals, whether for a new implementation or a core upgrade. This is particularly crucial with current restrictions preventing us from being on the ground with our customers. We are delighted to support Leumi UK during its transformation and pleased that we were able to complete the project together ahead of schedule. Our collaborative working relationship was a significant mitigation to the challenges faced with the onset of the pandemic.”

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