OutSystems And KPMG Announce New Survey Exploring AI And The Future Of Software Development

* Redefining “impossible” legacy projects, 75% of software executives see up to a 50% reduction in development time with increased AI and automation

As the reach of artificial intelligence (AI) expands, IT leaders are exploring new use cases for technology used throughout the software development lifecycle (SDLC), according to a new survey launched today titled “AI in software development: Exploring opportunities and uncertainties” by OutSystems, a global leader transforming how companies innovate through software, and KPMG, a multinational professional services network.

The research surveyed 555 software executives around the world whose companies span IT consultancy services, manufacturing, banking, financial services and insurance among others. 84 percent of respondents reported that their organizations first began to incorporate AI technologies in their SDLCs between six months to five years ago, with the earliest adopters primarily being IT services companies. Across regions, EMEA and North America remain roughly on equal footing, while APAC is steadily catching up.

The findings show that testing, quality assurance, and security vulnerability detection are by far the most widely adopted use cases for AI in software development. Nonetheless, generative AI (GenAI) is set to transform the industry by significantly enhancing these processes and introducing unprecedented capabilities.

75% of software executives have seen up to a 50% reduction in development time by implementing AI and automation.

Early adopters are planning to increase their use of AI in other stages of the SDLC, such as user interface design, code generation, DevOps optimization, and application maintenance. Nearly all respondents are planning to increase their investment in AI-augmented SDLC management over the next two years, indicating that AI will play a central role in driving innovation and competitive advantage in the software industry.

“AI is redefining the impossible,” said Paulo Rosado, CEO and founder at OutSystems. “I’m laser-focused on helping teams compress multi-year legacy modernization projects into just a few months. The latest AI disruptions have brought us the potential to compress these development timelines into even shorter and faster projects. With AI, historically impossible transformation projects are not only possible but easier, cheaper, and faster to accomplish.”

71% of respondents are planning to incorporate AI into application development and SDLC management workflows.

“Right now, the developer’s role is shifting from code writer to code reviewer,” said Rodrigo Coutinho, Co-founder and AI Project Manager at OutSystems. “Large language models (LLMs) are a big help, but they still make mistakes. But as these models evolve, and trust in the resulting code improves, the developer’s role will be more akin to that of an orchestrator and acceptance tester of AI-generated outputs.”

Despite being a nascent technology a couple of years ago, the report found that confidence in the quality of AI-generated code has risen substantially—half of respondents said that the implementation of AI has improved software quality, enhanced decision-making, and increased efficiency in software testing and quality assurance.

But confidence is also paired with risk awareness surrounding tech debt in the form of orphan code and hallucinations, a lack of context for an organization’s specific coding needs, and scalability concerns. With strategy baked into AI in SDLC processes, 56% of respondents said they experienced or expected to experience a higher quality of applications, with fewer bugs and improved performance.

Data privacy and security concerns remain the primary barriers to broader adoption.

The AI opportunity is undeniably huge, but its wider adoption in other areas of the SDLC beyond software testing and vulnerability detection still face some barriers. Chief among these are data privacy and security concerns (56% of respondents) and regulatory and compliance challenges (42%). Moreover, 38% of executives cite difficulties integrating generative AI into existing workflows as the primary barrier to adoption.

“There’s a lot of speculation on what will change with the rise of GenAI,” said Michael Harper, Managing Director at KPMG U.S. “While there will be challenges, those with effective change management initiatives will reskill and upskill their workforces, leading to AI and jobs evolving in tandem.”

One-third of respondents said they had a backlog of between 150 and 800 use cases for GenAI.

The speed and sprawl of AI, namely GenAI, is paving the way for an increase in investments for nearly all respondents.

But risks concerning the reliability of AI-generated code persist, though they can be mitigated with existing approaches, such as user acceptance testing, unit testing, and regression testing. “It’s up to the developer working with AI to guarantee the quality of the deliverables, but this becomes way more efficient with AI,” said Coutinho. “AI is, in fact, a great partner in creating tests in synthetic data.”

Other oft-cited concerns were the limited availability of skilled personnel and difficulties integrating GenAI into existing tech stacks and workflows. Fears of job losses are high as well, with 89% of respondents claiming that certain roles will be eliminated by AI. This falls in line with a broader industry trend over the last couple of years. However, in the longer term, AI may well create more jobs than it displaces, resulting in a new type of developer, equipped with specialized AI skill sets.

About OutSystems

OutSystems is a global leader transforming how companies innovate through software, empowering IT leaders with a better way to build the software that matters most. The OutSystems platform helps companies develop, deploy, and maintain mission-critical applications by unifying and automating the entire software lifecycle. With OutSystems, organizations leverage GenAI to deliver software instantaneously, adapt faster to changing requirements, and reduce technical debt by building on a future-proof platform. Helping customers achieve their business goals by addressing key strategic initiatives, OutSystems delivers software up to 10x faster than traditional development. Recognized as a leader by analysts, IT executives, business leaders, and developers around the world, global brands trust OutSystems to tackle their impossible projects and turn their big ideas into software that moves their business, people, and the world forward.

Founded in 2001, the company’s network spans more than 750,000 community members, over 500 partners, and active customers in 75+ countries across 21 industries. Learn more at www.outsystems.com.

Transform Your Festivities: Innovative Sound Solutions For A Joyful Ganesh Chaturthi

Ganesh Chaturthi is a celebration of new beginnings, wisdom, and prosperity, it symbolizes the triumph of wisdom, prosperity, and self-reliance. As we come together to celebrate the birth of Lord Ganesh, the success and remover of obstacles, it's important to acknowledge the significant contributions of Indian brands in driving our economic growth and empowerment. These home-grown companies are not only enriching our lives with their innovative products but also paving the way for a brighter, self-sustaining future. Here are some exceptional products that embody the creative and entrepreneurial spirit of India. 

G0VO GoSurround 990 

The GoSurround 990 Soundbar is your ideal companion for Ganesh Chaturthi, blending tradition with cutting-edge technology. Its sleek design and wireless subwoofer create an immersive theatre experience, making every prayer and celebration resonate with clarity. With three equalizer modes—Movie, News, and Music—you can tailor your sound experience to suit the festive mood. Elevate your celebrations with the GoSurround 990, available now on Amazon for a limited price of Rs. 13,999/-.

Goldmedal i-dock player

Elevate your Ganesh Chaturthi celebrations with the future of home entertainment—Goldmedal's i-Dock Player. This innovative device blends tradition with modernity, embodying the spirit of Make in India. Designed with an in-built stereo amplifier, it connects directly to speakers, letting you fill your home with devotional music or your favourite tracks. Enjoy the convenience of Bluetooth connectivity with a range of up to 10 meters, voice commands, and gesture control, allowing you to seamlessly manage your music and calls. This Ganesh Chaturthi, bring home the i-Dock Player to enhance your festive experience. Available now on Amazon at a limited price of Rs. 11,171/-.

G0VO GoSurround 975

Get ready to celebrate Ganesh Chaturthi with the G0VO GoSurround 975 Soundbar, available on Amazon for just Rs 11,999/-. Elevate your festive experience with this powerful soundbar, designed to bring the joy and spirit of the celebration right into your home. With its 400W output and 2.1.2 channel home theatre system, the GoSurround 975 ensures that every prayer, chant, and melody fills your space with vibrant, immersive sound. The 6.5" subwoofer delivers deep, resonant bass, making every moment of your celebration feel truly special. Upgrade your setup today and honour this auspicious occasion with an audio experience that resonates with devotion and joy!

boAt Aavante Bar 610

Enhance your Ganesh Chaturthi celebrations with the boAt Aavante Bar 610 Bluetooth Soundbar. Delivering 25W RMS signature sound through a 2.0 channel system with dual passive radiators, this soundbar ensures your festive music and chants are rich and clear. Enjoy up to 7 hours of uninterrupted playback, making it perfect for long celebrations. With multi-connectivity options, it seamlessly integrates with your devices, providing a versatile and immersive audio experience. Available in Charcoal Black, the boAt Aavante Bar 610 is your ideal companion for a vibrant and memorable Ganesh Chaturthi. The product is priced at Rs. 1,998/- and is available on Amazon. 

A Culinary Odyssey: Kotak Private Collaborates With Celebrity Chef Marco Pierre White For Luxury Dining For UHNI & HNI Clientele

Kotak Private, renowned for curating luxury and bespoke experiences recently hosted an exclusive gastronomic soiree for its distinguished UHNI & HNI clientele. The illustrious British Chef, Restaurateur, and global Icon, Marco Pierre White, ‘known as the Godfather of modern cooking’ led this extraordinary series featuring intimate dinner and masterclass across three cities.

Building on the successful culmination of last year’s collaboration with the MasterChef Australia judges, Kotak Private once again elevated the art of fine dining with an even grander extravaganza this year in collaboration with World On A Plate. Guests had the extraordinary opportunity to indulge in the culinary brilliance of Marco Pierre White. The meticulously curated events took place in Mumbai on August 30th, Bangalore on September 1st and Delhi on September 6th, 2024. Each by-invitation-only affair included a live cooking demonstration, curated tasting sessions, an insightful Q&A and a personal meet-and-greet with the chef himself.

The first-ever interactive culinary masterclass for Kotak Private Clientele offered a rare opportunity to learn the art of creating world-class signature dishes under the expert guidance of Marco Pierre White. With a commitment to curating unforgettable experiences, Kotak Private Banking strives to create moments that resonate with clients for a lifetime. Guided by the philosophy ‘Live Your Purpose,’ the institution has, for over two decades, elegantly blended the realms of finance, lifestyle, food, travel, and culture, enriching every aspect of its clients' lives. The present association is a testament to this commitment.

Oisharya Das, CEO – Kotak Private Banking, said, “At Kotak Private, we are dedicated to curating extraordinary experiences that create lasting memories. Partnering with a culinary legend like Marco Pierre White aligns perfectly with our mission to deliver unparalleled moments and foster lasting relationships with our clientele.”

To further commemorate this exclusive dining and learning experience, participants received bespoke memorabilia, by Kotak Private, ensuring that this experience remains a truly immersive and memorable one for its clients.

About Kotak Private Banking

Kotak Private Banking, a division of Kotak Mahindra Bank, is one of the oldest and most respected private banking institutions in India. It provides end-to-end banking and investment services to its clientele, which includes 58% of India’s top 100 families (Source: Forbes India Rich List, 2021). For nearly 20 years and even during uncertain and volatile times, Kotak Private Banking has maintained its leadership position in the Indian private banking industry due to its in-depth understanding of the environment, asset classes and the associated risks, as well as clients’ specific requirements.

For more information, visit the company’s website at www.kotakprivate.com

Dr. Shobha M E Wins Historic Medals For India At Aceh International Orienteering 2024

Dr. Shobha M E, Associate Professor in the Department of Mathematics at Manipal Institute of Technology (MIT), MAHE Manipal, has created history by becoming the first Indian woman to represent India and win medals at the prestigious Aceh International Orienteering (AIO) Championship 2024. The event took place on Sabang Island, Indonesia, from 6th to 8th September 2024, and Dr. Shobha’s achievements have set a milestone for India in this internationally acclaimed sport.

The Aceh International Orienteering Championship saw participation from over 160 athletes representing 10 countries. Dr. Shobha was the only female participant from India, standing alongside a team of five male athletes. Competing against the world’s best, she secured a gold medal in the Middle Category, covering an 8-9 km route with 11 control points that took her through diverse terrains, including villages, forests, and beaches of Sabang Island. She also claimed the silver medal in the Sprint Category, which covered 4-5 km with 14 control points across significant urban landmarks, monuments, and buildings in Sabang’s city center. She narrowly missed the gold by just 40 seconds in the sprint event, a testament to her incredible performance and resilience.

Dr. Shobha’s accomplishment marks a breakthrough for Indian orienteering in the international arena, as she became the first Indian woman to earn this distinction in the sport’s 100-year history. Orienteering, a sport that tests both navigational skills and physical endurance, is widely popular in Europe, Oceania, and North America. Participants use a map and compass to navigate through unfamiliar terrains at high speed, searching for control points while demonstrating both strategic thinking and athletic ability. The sport is also recognized in the World Games and features its own World Championship.

Dr. Anil Rana, Director of MIT, also extended his congratulations, stating, “Dr. Shobha’s incredible achievement highlights the commitment to excellence that we at MIT uphold. Her success at the Aceh International Orienteering Championship underscores not only her individual talent but also the global reach of the opportunities and support MIT provides. We are proud to have her as part of our community and look forward to seeing her continue to shine on the world stage.”

Dr. M D Venkatesh, Vice-Chancellor of MAHE, commended Dr. Shobha’s hard work and determination, remarking, “This is a historic achievement for India and MAHE. Her outstanding performance in Indonesia exemplifies her perseverance and passion for orienteering. Her success will encourage more participation in this challenging and rewarding sport, and we wish her continued success in all her future endeavors.”

Dr. HS Ballal, Pro-Chancellor of MAHE, congratulated Dr. Shobha on her remarkable achievement, stating, “Her victory is a moment of immense pride for the country and MAHE. She has demonstrated exceptional dedication and skill to win medals on an international platform, and her success will surely inspire future generations to embrace orienteering. We are incredibly proud of her accomplishment.”

The Aceh International Orienteering 2024 Championship not only celebrated Dr. Shobha’s historic triumph but also recognized Rahul Verma of Bangalore, who secured a silver medal in the male Sprint category. This event has brought significant recognition to Indian orienteering and its athletes, positioning India prominently in the international orienteering community. Dr. Shobha’s achievement is a testament to her talent, perseverance, and will undoubtedly inspire a new wave of orienteers in the years to com

AGS Implements And Commences Management Of Prepaid Card Platform For IndianOil’s Flagship ‘XtraPower’ Fuel & Fleet Management

* ‘XtraPower’ Fuel & Fleet Management Program, with an Order Value of INR 58 Crore Over Five Years

AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), one of the leading providers of integrated omni-channel payment solutions in India, in terms of providing digital and cash-based solutions to banks and corporate clients, today announced that it has implemented and commenced managing the Prepaid Card Platform for ‘XtraPower’, the fuel and fleet management program of Indian Oil Corporation Limited (IOCL), India's largest public sector enterprise. AGS Transact will receive a fixed fee for these services, generating an estimated revenue of approximately INR 58 crore over five years.

IndianOil’s ‘XtraPower’ is accepted at 35,000+ IOCL fuel retail outlets in India and processes fuelling transactions worth more than INR 70,000 crore annually. AGS Transact Technologies’ end-to-end platform & management services include developing & hosting the Application, provisioning the IT Infrastructure (Hardware & Software); providing Application Maintenance Support & Change Management; Managing Backend Operations; and Implementation of Security Operations Center (SOC) and a Security Information and Event Management (SIEM) system to strengthen the platform’s cybersecurity framework and enhance threat detection capabilities. Furthermore, the company will also manage Card Issuance for IndianOil’s XtraPower program.

Mr. Ravi B. Goyal, Chairman & MD, AGS Transact Technologies Limited said, “We are delighted to partner with IndianOil on their flagship ‘XtraPower’ fuel & fleet management program. At AGS Transact, we are dedicated to transforming the mobility ecosystem in India. By offering comprehensive prepaid card platform and management services, we aim to drive the modernisation of fleet management solutions across the country. This collaboration reinforces our commitment to delivering innovative, secure payment solutions that empower businesses to operate more efficiently and with greater ease."

AGS Transact Technologies offers niche digital solutions to leading Banks, Corporates and OMCs in India. Its state-of-the-art transaction switching software processed ~625 million switching transactions in FY24. Additionally, the company’s digital payments business offers merchant acquiring and issuance services across various sectors.

About AGS Transact Technologies Limited (AGSTTL)

Established in 2002, AGS Transact Technologies Limited (BSE: 543451| NSE: AGSTRA) is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients. AGS Transact provides customised products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets. The company operates in three broad business segments, namely, Payment Solutions; Banking Automation Solutions; and Other Automation Solutions. Ongo is a fast-growing omnichannel digital payment platform by AGS Transact Technologies, which offers convenient payment solutions. Launched in 2015, Ongo offers merchant Acquiring and Prepaid Issuance services. Ongo is a non-bank prepaid payment instrument and offers dedicated open-loop prepaid solutions for consumers across segments. AGS Transact Technologies serves diverse industries such as banking, retail, petroleum, toll and transit, cash management and fintech in India and other select countries in Asia. As of June 30, 2024, the company has deployed 2,48,834 payment terminals and was one of the largest deployers of PoS terminals at petroleum retail outlets in India, having rolled out 41,777 terminals at various petroleum retail outlets. For more information, visit www.agsindia.com

Lemonn Has Acquired Over Five Lakh Users In The First Five Months Of Its Launch

~Around 36% of the total users are first-time investors~

PeepalCo's investment app, Lemonn has acquired five lakh users in the first five months of the launch. Designed to simplify investing for first-time investors, Lemonn offers options to invest in mutual funds, direct stocks, IPOs, and trade in Futures and Options (F&O).

“At Lemonn, our goal is to make investing simple and accessible for everyone. Reaching five lakh users in just five months is a strong indicator that we're on the right path. We've designed our platform to empower young individuals to take advantage of the investing opportunities and secure their financial future,” said Ashish Singhal, Co-founder, Lemonn.

“As we move forward, we'll continue to enhance the user experience while staying committed to our mission: making financial opportunities equal for all,” he added.

The platform's intuitive design and valuable features have strongly appealed to investors, with about 36% of total users being first-time investors. About 68% of these investors are from tier 2 and 3 cities and 65% of the users are between the age group of 18-25 years, showcasing the app's effectiveness in catering to a diverse audience. Ahmedabad, Jaipur, Bardhaman, Nadia and Murshidabad are among the top 10 cities for the platform.

Commenting on the milestone, Devam Sardana, Business Head, Lemonn said "We are thrilled and deeply grateful for the warm reception Lemonn has received, especially as a late entrant in such a competitive market. A substantial portion of our user base consists of first-time investors, presenting us with the opportunity to build long-term relationships. The trust our users have placed in us motivates and drives us to consistently deliver exceptional service.”

Lemonn offers zero maintenance and account opening fees, with the additional benefit of zero brokerage for one month for new users.

PhonePe And Liquid Group Partner To Expand UPI QR Payment Acceptance In Singapore

PhonePe has announced that it has partnered with the Liquid Group, a fintech leader in digital cross-border payment solutions, to expand its merchant acceptance network in Singapore. This collaboration will allow travellers to conveniently scan and pay using their PhonePe app at Liquid Group’s extensive merchant base in Singapore, a popular travel destination for Indian visitors.

These QR codes will be widely available at tourist-centric locations, including Changi Airport, duty-free shops, restaurants, bars, retailers like The Cocoa Trees, Charles & Keith, Luvenus Jewellery, Hard Rock café, etc. sightseeing spots, and transportation services. This collaboration is facilitated through Liquid Group's partnership with NPCI International Payments Limited (NIPL). Through this partnership, Liquid Group has enabled its merchants to accept UPI as a payment method, making it convenient for Indian travellers to use their preferred UPI App for transactions. To make payments at merchant outlets, PhonePe users simply need to scan the QR code generated/displayed by the merchants. Transactions will be processed in Indian Rupees (INR), ensuring both transparency and ease of use.

In addition to making payments to the Liquid group merchants during travel to Singapore:

PhonePe users can receive international remittances through UPI via the PayNow-UPI real-time remittance corridor. This simplifies and fastens the process of transferring money by leveraging the UPI infrastructure, thereby eliminating the need for the customers to share details such as bank account numbers and IFSC codes.

Singapore based Non-resident Indians (NRIs) can also link their NRE/NRO bank accounts and make payments for various services for use cases in India such as utility bill payments, transferring funds to their friends and families in India and merchant payments on ecommerce or physical merchants.

The above capabilities were rolled out as part of PhonePe’s enablement of UPI based features for international use cases earlier in 2024 and have seen positive uptick in the last few months.

Speaking on the partnership, Ritesh Pai, CEO of International Payments at PhonePe said, “We're thrilled to partner with Liquid Group to bring the convenience of UPI payments to Indian travelers visiting Singapore. This popular destination is a favorite among Indian tourists, and we're excited to empower them to pay quickly and easily at their favorite food, shopping, and sightseeing spots making their travel experience even more enjoyable."

Alvin Seck, CCO of Liquid Group said, "We are excited to join forces with PhonePe to enhance the payment experience for Indian travellers in Singapore. By integrating UPI into our extensive merchant network, we are not only simplifying transactions but also reinforcing our commitment to providing seamless, cross-border payment solutions. This partnership aligns perfectly with our goal of making global payments more accessible and efficient for consumers and businesses alike."

About PhonePe Group:

PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 560+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 280+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.

On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode - hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

For more details: media@phonepe.com

About Liquid Group

Liquid Group is a leading fintech headquartered in Singapore, specialising in global digital payment solutions with a mission to make cross-border payments more affordable, transparent, and efficient for businesses and individuals.

Liquid Group operates an advanced interoperable digital QR payment network, enabling seamless acceptance of multiple local and international mobile payment apps and digital wallets across multiple merchant acquirers in the Asia-Pacific region.

As a Major Payment Institution (MPI) regulated by the Monetary Authority of Singapore (MAS), Liquid Group is authorised to conduct account and e-money issuance, merchant acquisition, as well as domestic and cross-border money transfers. Additionally, Liquid Group is a proud member of Singapore’s PayNow and participant in the FAST network.

https://liquidgroup.sg/