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Version 7 of Genesis Low-Code Platform Speeds Software Innovation in Financial
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MODERNIZING FINANCIAL SERVICES TECHNOLOGY ECOSYSTEMS WITH SPECIALTY LOW-CODE

byGenesis Global | November 30, 2023

The largest global banks can spend more than $15 billion a year on technology.
It’s an astounding number, which, upon closer examination, reveals the
inextricable link between technology and financial services and the degree to
which IT strategy is a driver of business strategy and growth in financial
services.  To start, financial firms are investing heavily in new technologies
to expand and improve their business.  Emerging tools like AI have tremendous
potential to augment client service, risk management, trading and a host of
other areas.  This type of technology investment represents the sector’s
innovative drive for competitive differentiation and leadership.  However, the
cutting edge of innovation is only the tip of the $15 billion iceberg of IT
spend.



The bulk of the technology budget (60% to 75%) goes to maintaining and coaxing
more performance out of a large, complex and aging ecosystem of technologies
running the bank.  Like an iceberg, what lies beneath the high-tech, modern
veneer of financial firms can be a lurking hulk of cost, risk and inefficiency. 
 



Looking beneath the surface, one observes a technology stack built on
foundations decades old.  Once a technology is embedded in a bank, it is very
difficult to extricate and it becomes less performant and harder to maintain
with each passing year.  Also visible is a patchwork of different systems for
varying asset classes, regions and businesses acquired by the bank over time. 
The patchwork is a mosaic of self-built technologies and vendor solutions, which
make the iceberg even more complex and brittle. 



Attempting to steer the iceberg amid currents and winds, is the bank’s team of
architects, developers and other technologists.  They are under extreme pressure
to ensure the firm delivers to ever higher standards of compliance, security and
resilience amid faster, more complex and more volatile markets. 



Something has to give, but modernizing is extremely difficult.  Technologists
know what’s needed, but the complexity and scale of the IT environment hinders a
clear path to the desired end state.  There are not enough developers to build
all the applications a firm would want and even if they had more capacity,
building is costly, time consuming and risky.  At the same time, vendor
solutions are rarely, if ever, fully fit for purpose and bring integration, cost
and customization challenges.  As a result, financial firms find themselves less
able to adapt to changing regulation, such as new T+1 requirements, market
evolution, such as electronification in fixed income, and black swan events,
like the COVID pandemic.



How then, is a firm to break through the buy versus build dilemma and
dramatically modernize its technology ecosystem?  The most profound change must
happen on the build side of the equation and firms must realize that hiring more
developers is not the answer.  Rather, the goal should be to make it faster,
easier for the developers they already have to create enterprise-quality,
high-performance applications.  



The challenge for building is that traditional software development frameworks
are not sufficient.  On one hand, high-performance, professional code frameworks
(pro-code) require highly-skilled front-end and back-end engineers to build
institutional-grade capital markets applications.  These engineers are in short
supply, making it costly to recruit and retain these specialists.  Coding from
scratch, then, is simply unworkable for the scope of digital transformation most
large financial institutions want to undertake.



On the other hand, RAD tools, including typical low-code and no-code platforms,
are not engineered to produce applications capable of high-frequency transaction
processing, complex event handling, market data integrations and other
finance-specific requirements.  While generalist low code is suitable to
automate some processes in the firm, the more market- or transaction-related the
use case, the more likely that a more powerful framework, akin to pro-code, is
required.  But that brings back the original challenges of resources, time and
risk.



Genesis redefines the creation of software in the financial sector with a
pioneering approach.  First, unlike generalist low-code solutions, our software
application development platform is purpose-built for financial markets and the
tools, componentry and performance envelope in Genesis are engineered for
professional developers solving front-, middle- and back-office challenges. 
Second, the Genesis framework addresses both front and back-end development, so
developers don’t require specialty skills to build full-stack applications. 
Finally, we realize that to most effectively propel the work of developers,
low-code needs to coexist with pro-code to facilitate the full range of custom
development firms need to deliver.  Our unique ,“hybrid” model enables
developers to leverage our low-code toolset within their choice of IDEs.  With
the hybrid model, developers benefit from both the accelerative power of
specialty low-code and the ability to supplement it through pro-code, when
necessary.



Genesis delivers efficiency to developers through a triad of innovation:
acceleration through low-code, component reuse and AI augmentation, each
underscored by our unique hybrid low-code experience.

 * Low-code: At the heart of our platform is a domain-specific low-code language
   designed for financial markets. It simplifies and accelerates the development
   process, making it more accessible to developers of all skill levels. This
   language forms a critical part of our hybrid low-code experience. It allows
   developers to build most of an application within the low-code environment,
   with the flexibility to switch to traditional coding whenever they need.
 * Components: Our component library, curated for the specific needs of software
   development in financial markets, accelerates development by providing
   prebuilt modules that allow developers to rapidly build robust foundations
   for new applications.  Components replace the need to build functionality
   like FIX and SWIFT adaptors, alerting tools and user/entity management from
   scratch. This library is continually enhanced by Genesis and our clients.
 * AI: Augmentation through AI is our third pillar, a testament to our belief in
   the symbiotic relationship between low code and AI.  Genesis provides tools
   that enhance code quality and accelerate development, embedded within the
   IDEs familiar to developers. This integration ensures that our AI
   capabilities bolster both the DSL and professional coding, offering a
   cohesive, enhanced development experience.

In summary, Genesis does not just facilitate low code; it elevates it through a
hybrid software development model, which is made more harmonious with AI.



Genesis began building its platform in 2015 and the first production version
launched in 2019.  Today, the Genesis platform is backed by Bank of America, BNY
Mellon and Citi.  In addition, Genesis is the technology partner for many other
leaders in financial services, including innovative services like Neptune
Networks and Octaura. 



The recently released Version 7 of the Genesis platform (G7) continues the
Genesis mission to transform how software is built in financial markets by
making it faster and easier for developers to build full-stack applications, to
design user interfaces, to operate Genesis applications within enterprise
technology ecosystems and to access training tools and other assistance
available in the platform.  Enhancements in G7 include:



Supercharging developer productivity

A new suite of specialized IDE plugins deliver AI-driven code automation and
real-time code assistance, accelerating software development.  New features
include:

 * AI-Driven Code Automation:  a Large Language Model enables developers to
   describe their intentions in plain text and receive full-stack code to
   actualize those needs. Translating developer intent into code in real-time
   speeds up builds and reduces code errors. 
 * Expanded Front & Back-End Code Assistance:  new IDE plugins deliver more
   extensive auto code completion, on the spot parameter prompts and dynamic
   programming options to boost speed and accuracy for server-side and interface
   development. 

Enhanced UI design and customization

With Genesis, developers can easily create dynamic and tailored user interfaces
to support the demands of financial markets applications and workflows.  New
tools in G7 for design of customized UIs include:

 * Dynamic Layout Manager: facilitates full customization of screen layouts to
   ensure that interfaces align with users’ unique workflow needs.
 * Design System Configurator: a visual tool that enables developers to create
   and update their application’s design style.

Improved enterprise interoperability

Genesis applications are engineered to integrate and interoperate within
enterprise ecosystems.  Advances in G7 which streamline deployment and
performance monitoring include:

 * OpenAPI Integration: new support for OpenAPI promotes efficient integration
   and interoperability of Genesis applications within wider enterprise
   solutions.
 * Enhanced Metrics & Monitoring: integration with Micrometer and support for
   OpenTelemetry observability standards facilitate instrumentation and health
   and performance monitoring.

Interactive developer assistance and training

Genesis continuously improves how it supports developers using the Platform. 
New tools to help developers quickly leverage the full capabilities of Genesis
include:

 * AI-Powered Assistance: an AI chatbot embedded in Genesis documentation
   answers queries, including intricate technical requests, helping developers
   navigate the Genesis platform.
 * Learning Management System: a new LMS offers engaging and structured learning
   experiences, assisting developers to advance their use of Genesis.



These enhancements are representative of our vision and how we aim to become the
go-to toolset empowering professional developers in financial markets.  With our
hybrid approach, the Genesis platform meets developers in the environment of
their choosing and our specialty low-code framework and componentry enables
developers to dramatically accelerate the build process.  Finally, AI and
learning tools augment code writing and help developers efficiently navigate the
platform.  Whether it’s building new software applications, enhancing legacy
systems or replacing spreadsheet computing and manual processes, Genesis offers
developers an improved way to deliver on their digital transformation roadmaps.





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