Why More and More Financial Services Companies Are Using Low-Code to Build Their Own Software

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Due to our constantly evolving business landscape, financial services companies are now tasked with collecting, tracking, monitoring and analyzing more data than ever before. However, with organizational resources more scarce than ever before, many financial services companies may find developing custom software and enterprise applications unattainable.

However, with the rise of low-code enterprise application development platforms, businesses can build more powerful, high-functioning enterprise applications in significantly less time than ever before. Research indicates that the global low-code industry is expected to reach a market value of approximately $187 billion by the year 2030 with a CAGR (Compound Annual Growth Rate) of 31.1%.

Therefore, as many businesses now begin to implement low-code technology into day-to-day business functions, it is crucial for modern financial services companies to recognize the power of using low-code to build enterprise software.

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Why SMBs should use low-code to automate their processes

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Today, new methods and business practices replace old ones at lightning speed. Advancements in technology change the operational scenario of offices practically every day.

It is thus imperative for businesses to step up their game and progress in sync with the technology surrounding them. However, not every business has the resources to deploy a team of coders toward creating and maintaining new software technology to cater to its evolving needs. Small and medium businesses or SMBs need a cheaper, more viable solution to their problems.

That is where low code development platforms or LCDPs step in. Low code allows for visual-based development with the help of drag-and-drop editors and pre-built modules. The best thing about low code is that a high level of professional coding knowledge is not required to create apps through it.

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How IT Leaders Can Use Low-Code To Create And Empower Agile Teams

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Low-code technology has advanced exponentially in recent years and has now established a stronghold over various organizational business processes and workflows. Over the past few years, businesses have substantially increased their use of low-code development solutions to build enterprise applications and software faster, gain a significant competitive advantage and continue the cycle of integrating digital technology to transform a business.

Agile, on the other hand, is an iterative approach to project management that can help assist teams in meeting the hectic demands of today’s workplace and current business landscape. It is made up of various methodologies that are all carefully designed based on versatility, transparency, quality, and continuous overall improvement. Recent studies have shown that Agile projects have a success rate of approximately 64%.

The various advantages of Agile teams can help make managers’ jobs easier and give them more control over their organizational projects. What distinguishes Agile is its emphasis on both providing quality and value to the customer and finishing organizational tasks within the project constraints. Furthermore, dynamic low-code solutions can help facilitate and empower Agile teams to achieve much more than ever before.

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How Low-Code Speeds Up And Simplifies Full-Stack Development

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Full-stack development refers to the simultaneous development of both the front side as well as the back-end of a specific enterprise web application. Full-stack development can help ensure that requirements from both the client-side and server-side are being fulfilled. This process traditionally often involves hiring highly skilled software developers that have a deep understanding of operating systems as well as client and server software frameworks.

However, this can often be extremely time-consuming and can require a substantial amount of scarce organizational resources. Therefore, incorporating low-code development tools into your organization’s full-stack development can help your business substantially enhance the efficiency of web application expansion, speed up various business processes and streamline long-term digital transformation initiatives.

Low-code is defined as a visual approach to software development that can significantly reduce the amount of manual coding required to construct a custom application. With recent studies indicating that low-code technology will be responsible for almost 65% of all global application development by the year 2024, businesses must leverage the power of low-code development to optimize full-stack development. By integrating low-code into full-stack development processes, developers can facilitate effective server and client development without having to write repetitive lines of code and individually test new software iterations.

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How To Use Low-Code For Your Enterprise App Development Strategy

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Low-code enterprise application development solutions provide essential components that organizations can put together to create efficient workflows and powerful applications. Low-code solutions can help automatically generate the code behind various application features and functions, hence allowing citizen developers to assemble various workflows and custom enterprise applications without having to manually write repetitive lines of code.

Enterprise application development is defined as the process of developing high-functioning applications for enterprises that are tailored to their specific needs as well as specific business functions. These applications are deployed on a wide variety of different platforms and networks in the cloud. A recent study indicates that the global enterprise application industry is projected to reach a total market value of $527.4 billion by the year 2030, with a Compound Annual Growth Rate (CAGR) of 8.2%.

It focuses on automating repetitive tasks and workflows to enable users to complete their work in less time. With organizations being tasked with collecting, tracking and analyzing larger amounts of data than ever before, modern businesses must understand the significance of low-code enterprise application development for streamlining critical business processes, increasing overall efficiency, improving productivity levels and ultimately generating a higher ROI over time.

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Five Reasons Why ISVs Should Adopt Low-Code

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Low-code is a visual application development approach that can significantly speed up the entire development process. Low-code allows users to integrate every step of the application development cycle to speed up the deployment of a wide range of solutions. Furthermore, low-code can empower your organization to develop digital systems that fit the needs of your business by breaking down traditional business and IT barriers.

An ISV (Independent Software Vendor) develops and sells software for one or more operating systems. ISVs typically work with hardware, software, or cloud hosting providers to create and deploy solutions.

Today, low-code is more than just a tool that aids development; it is a key strategy that principally shapes the way that enterprise applications are delivered. A recent study conducted by Gartner reveals that 75% of large enterprises will be using at least 4 low-code tools for IT and citizen development initiatives by the year 2024.  Low-code software platforms can enable ISVs to accelerate their digital transformation strategy at unprecedented speeds.

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How the Banking and Financial Sector Can Get the Most Out of Low-Code

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The banking and financial sector forms the backbone of any economy. It is responsible for facilitating various crucial activities including investment, insurance, banking, etc. In many ways, the banking and financial sector paves the path for development by making funds available for new businesses.

Naturally, financial service institutions serve millions of customers every day, in turn, maintaining and processing millions of terabytes of extremely sensitive customer data. Therefore, their service system hence has to be iron clad in order to be able to handle any attacks and breaches.

The expanding customer base of banks also warrants the need for increased operational assistance. Therefore, banks and financial institutions need technology that can allow them to create a system that is tailored to fit their unique needs. That is where low-code technology steps in.

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How To Use Low-Code For API-Centric Development

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Low-code is defined as a visual software development approach that facilitates faster application delivery with minimal manual coding. A low-code platform’s graphical user interface and drag-and-drop capabilities can help automate various elements of the development process, hence removing dependence on conventional software programming approaches.

An Application Programming Interface (API) allows businesses to expose data and functionality of their enterprise applications to third-party software developers, business partners and various departments within their organization. A visual interface enables services, solutions and data systems to easily interact with one another and leverage organizational data and functionality.

Low-code can enable citizen developers and business technologists with little to no traditional coding experience or knowledge of API solutions to take advantage of the various benefits of API-centric enterprise application development. Studies have shown that approximately 90% of developers are currently using APIs in some capacity. API usage has skyrocketed in the last decade, to a point where citizen developers and business technologists can now take advantage of low-code application development to create high-functioning API-centric solutions.

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How Financial Services Can Use Low-Code To Overcome Market Challenges

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Financial services comprise a wide range of activities that help an economy function smoothly. Functions of the financial services sector include deployment, raising, lending, and borrowing of funds, monitoring credit ratings, underwriting, merchant banking, and much more.

Financial institutions follow rigid operational structures and have many security measures in place. However, the dynamic nature of the current global business landscape and changing consumer demographic for banks continue to bring new challenges to the financial sector.

Therefore, the financial services industry needs to constantly evolve and develop to tackle various market challenges. Low-code platforms allow finance officials to build applications that can help them tackle challenges like security breaches, dynamic compliance procedures, changing business models, customer retention issues, and the need for continuous innovation.

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How To Combine Low-Code With Agile To Improve Your Business

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Low-code is a visual approach to software development that requires minimal or even no coding to build powerful enterprise applications and process automations. Instead of complex coding languages, a low-code development platform employs the use of visual interfaces with simple logic and drag-and-drop editors.

Agile was introduced several years before low-code. It was such a game-changing approach to application development that it’s no surprise that the core principles of Agile are currently mirrored in low-code platforms.

Businesses that utilize both Agile and low-code have the advantage of implementing new applications and processes quickly, giving them an edge over their competitors by anticipating market trends and demands. A recent study conducted by Gartner reveals that approximately 65% of all application development activity will be a result of low-code applications by the year 2024.

Low-code platforms enable citizen development teams within large enterprises to meet their enterprise application needs without needing to turn to the software developement department, allowing those software departments to complete complex business processes much more quickly and efficiently, thus increasing overall organizational productivity.

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