Financial services company (FinServ) is no stranger to software innovation. With rising customer expectations, complex regulatory requirements and a competitive landscape, using technology to drive efficiency and differentiation is non-negotiable.

While SaaS applications dominate many enterprise portfolios—with the average company using more than 350 applications—financial institutions in particular often turn to on-premises solutions for highly specialized needs. These purpose-built applications, designed to serve employees, customers, or both, are a critical part of providing safe, seamless, and effective financial services. However, they come with their own challenges.

The promises (and obstacles) that come from homegrown financial applications

Financial services companies develop local applications for many reasons:

• Customization and compliance: Off-the-shelf solutions often cannot meet strict regulatory requirements or financial institutions’ unique workflows.
• Security: Building internally provides greater control over data handling and cybersecurity measures.
• Integration: Custom applications can be embedded into existing proprietary systems and processes.

However, the factors that make homegrown apps important can also pose challenges:

• Resource strain: Maintenance and upgrades require ongoing attention from your development team, limiting resources that can be used elsewhere.
• Feature advantages: Financial services apps, especially internal-facing apps, are at risk of being filled with redundant or outdated features, leading to poor user experience (UX).
• Compliance risk: A disorganized interface can lead to errors, inefficiencies, and difficulty ensuring consistent compliance with regulatory requirements.

These obstacles can hinder the performance of your custom solution, reducing its effectiveness and return on investment (ROI). But with Pendo’s comprehensive digital adoption platform (DAP), this challenge becomes an opportunity.

How to drive app optimization with Pendo

With a combination of product analytics, AI-powered insights, and in-app support, Pendo fully optimizes the digital experience for customers and employees.

Business IT and technology teams can gain insights from analytics to see where customers or employees may be having difficulty adopting features or workflows. They can also see what technologies and processes are working as expected, and what needs to be changed.

From there, they can customize user onboarding journeys and ongoing in-app support. The result is more productive employees, happier customers, and better business results.

By simplifying processes, optimizing features, removing barriers, and offering guidance to facilitate compliance, financial services companies can increase application ROI in ways that have never been possible before. This not only strengthens governance and increases adoption rates but also reduces inefficiencies and increases overall user satisfaction. With timely, contextual and relevant support at their fingertips, employees can work smarter and customers can gain value faster.

Empower your team with Pendo

Pendo’s comprehensive digital adoption platform helps financial services companies achieve operational excellence by providing tools and insights to:

• Increase compliance: Ensure users complete workflows correctly with targeted in-app guidance and contextual support.
• Increase time to appreciate: Simplify UX to reduce friction for employees and customers.
• Maximize ROI: Identify underutilized features, prioritize updates, and eliminate redundant functionality to drive better results with fewer resources.

The result? High-performance applications tailored to meet the demands of today’s fast-paced financial environment. It’s time to turn your local app into a competitive advantage. With Pendo, your team can focus on what matters most: delivering value to your business and your users.

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Learn more about how financial services companies are leveraging Pendo here.