iuvity, a cloud-first digital banking and open service platform provider, announced today the availability of its new digital banking solutions built with micro frontend technology that enables financial institutions to rapidly deploy and easily maintain comprehensive, personalized banking experiences. The first of its kind in the U.S., iuviBANKING establishes a new standard and pace for innovation in financial services.
Micro frontend (MFE) technology has been widely adopted by some of the world’s most forward-leaning organizations, such as Amazon, Netflix, and Uber, because it enables rapid development and flexible deployment of secure solutions. But the financial services industry has been slower to adopt this approach due to its dependencies on outdated, monolithic technology platforms that struggle to keep up with today’s highly competitive and dynamic banking environment.
“Traditional banks and credit unions are being challenged as consumers’ expectations far outpace most financial institutions’ ability to innovate today,” said Felipe Uribe, CEO of iuvity. “iuvity’s new micro frontend-based digital banking solutions and open service platform give organizations the ability to choose which components work best for their unique situation and rapidly deploy these solutions to gain competitive advantage and create more meaningful customer relationships.”
A Rich History of Innovation
iuvity has been the solution of choice for some of the largest and most advanced banking institutions across Latin America for more than 20 years and, more recently, in the United States. iuvity offers banks, credit unions and fintech companies a better way to digital by leveraging leading edge technology and more flexible, composable journeys.
According to the July 2022 Gartner® Hype Cycle™ for Application Architecture and Integration, 2022, “The MFE pattern is likely to be a critical pattern for the future of web applications. It solves many of the challenges associated with building and maintaining large web applications by splitting the code into smaller, simpler modules that can be delivered independently. The MFE pattern is often combined with the backend for frontend (BFF) pattern to enable easier reuse, and to increase team autonomy.”
Micro Frontend Benefits to Digital Banking
By breaking down the monolithic architecture of traditional banking applications into smaller, more manageable pieces, micro frontends can make development more modular and scalable while also making deployment much easier and faster. The MFE development approach is also a key tenet in developing a successful embedded finance strategy, making it possible for financial institutions to quickly and easily integrate their services with FinTechs and other third parties.
When applications leverage the modularity of micro frontend technology, organizations can maintain and update components of a solution much faster because the entire system doesn’t have to be taken down and run through testing procedures – just the component that is impacted. Each micro frontend can be optimized for specific devices, platforms, or user segments, which can lead to better performance overall.
As micro frontend systems evolve, components can be reused by other teams and projects, which has a compounding effect on an organization’s ability to rapidly deliver new product offerings to different market segments.
iuvity is hosting a webinar on April 18, 10:00 a.m. PT / 1:00 p.m. ET to help financial services industry leaders better understand the true value they can expect from micro frontend-based digital banking solutions. Click here to register now.
Gartner®, Hype Cycle for Application Architecture and Integration, 2022, Anne Thomas, July 2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About iuvity
For more than 20 years, iuvity has been transforming the banking industry with its cloud-first, digital-native solutions that power flexible, open, and inclusive financial services. iuvity’s Open Service Platform and micro frontend technology uniquely empower banks, credit unions, and fintech companies to securely deliver personalized, meaningful online customer experiences while innovating at the pace the digital world demands. iuvity’s track record of success with both large and small institutions across seven countries in North and South America speaks to the advanced multinational, multilingual capabilities required in today’s global financial economy. The company’s accountable and collaborative culture serves as the foundation on which customer and employee relationships are built, which in turn has fueled 95+% customer satisfaction and retention rates as well as rapid growth across markets and geographies. To learn more about iuvity, visit http://www.iuvity.com.