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How low code can help financial institutions deliver modern digital services

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Established financial institutions face rising competition from digital-only alternatives, making clear the case for using low code to enable rapid innovation.

The steps involved in almost any type of financial transaction are largely the same across the board. This makes the routine ways we interact with financial institutions prime candidates for app-based account management and automated workflows. It’s also why neobanks and other digital-only financial services have become enormously popular in recent years.

Despite this, the actual user experience that clients have when working with financial services varies dramatically. Sometimes, these experiences are unnecessarily lengthy or complicated, particularly when it comes to the application and enforcement of security controls. More often than not, this is down to the fact that established financial institutions often heavily reliant on legacy architecture, which is harder to integrate with today’s software solutions. Financial startups, on the other hand, face different challenges, such as limited resources for developing modern app-based services.

Developing a bespoke financial services application from scratch using the traditional method is time-consuming, expensive, and subject to numerous testing and refinement cycles. Low-code solutions can help reduce that technical debt by facilitating fast and agile development, applying visualized and fully automated workflows, and continuous testing and feedback.

Given that financial workflows, such as transferring funds and opening accounts, are so similar within their respective domains, low code is particularly suitable for driving innovation in the sector. By providing the underlying framework, including business logic represented as drag-and-drop visual components, low code makes it easy to develop branded financial services applications in minimal time.

This is also why the banking, financial services, and insurance (BFSI) sector now accounts for almost a third of the entire low-code market. However, given the highly regulated nature of the sector, and the fact that regulatory regimes vary significantly between jurisdictions, there are still significant barriers to its adoption.

Digital sovereignty, which is especially important in the financial services space is, after all, far harder to achieve when relying entirely on closed-source ecosystems – which most low-code platforms are. However, there are exceptions, like Corteza, which gives businesses complete freedom over how and where they host and manage their data. This makes the combination of open source licensing and low-code development a natural fit for driving innovation in the finance sector.

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How To Build Low-Code Apps and Workflows That Are Right For Your Business

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Low-code is defined as a visual approach to software development that enables citizen developers with little to no traditional coding experience to build powerful, high-functioning enterprise applications. Citizen development can enable your business to democratize application development, reduce the risk of shadow IT, facilitate scalable long-term organizational growth and much more Low-code platforms can enable your business to take advantage of advanced features such as drag-and-drop builders, cross-platform accessibility, scalable development tools, instant deployment features and much more.

Studies have shown that the global low-code application development platform market is forecasted to generate a revenue of $187 billion by the year 2030, with a Compound Annual Growth Rate (CAGR) of 31.1%. Low-code platforms can have a wide variety of benefits for your business, including improved agility, reduced costs, higher productivity, more effective risk management strategies and much more. Therefore, your business must recognize the value of building low-code enterprise applications and workflows.

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5 Ways Low-Code Can Help Digital Transformation Managers Achieve Their Goals Faster

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Recent technological advancements have resulted in an increasing need for digital transformation in various types of organizations across all industries. Digital transformation is crucial for increasing customer satisfaction levels, driving data-driven decision-making processes, improving user interfaces and experiences, improving interdepartmental collaboration and much more. However, digital transformation managers may find it difficult to develop enterprise applications and software with constantly evolving customer expectations and market trends.

Low-code platforms are the answer. Low-code development refers to a visual approach to software and application development that enables citizen developers with little to no traditional coding experience to build powerful, high-functioning solutions. Low-code platforms are equipped with drag-and-drop interfaces, declarative tools, instant mobility and deployment and much more.

Research indicates that the global low-code industry is expected to reach a market value of $94.75 billion by the year 2028, with a Compound Annual Growth Rate of 31.6%. Therefore, low-code enterprise application development platforms are extremely beneficial for facilitating and supporting digital transformation initiatives much more efficiently than ever before.

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How To Use Low-Code To Build The CRM You Need

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Low-code is defined as a visual approach to software and enterprise application development that enable citizen developers with little to no traditional coding experience to build powerful, high-functioning tools. Low-code can facilitate more efficient and effective development processes by providing users with graphical user interfaces, drag-and-drop tools, visual editors and much more.

CRM (Customer Relationship Management) platforms are now crucial for businesses across various industries. However, as businesses are expected to collect, store and analyze more data than ever before, it can be extremely complex to build and consistently improve CRM systems. Therefore, low-code development platforms can help your business build a comprehensive and holistic CRM system without significantly increasing operational costs or utilizing large amounts of scarce organizational resources.

Low-code development can enable your business to quickly react to changing consumer demands and market expectations, ensure uncompromised security and encryption, integrate business data across various systems and much more. Research indicates that 84% of enterprises have turned to low-code development to reduce strain on their IT departments as well as to facilitate faster digital transformation. Therefore, utilizing low-code development platforms to build your business’s CRM tools can be extremely beneficial for efficiency and productivity in the long run.

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Why NGOs And Non-Profits Are Turning To Open-Source Low-Code Platforms To Build Their Solutions

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Open-source software is defined as a solution that enables end-users to freely access, modify and redistribute modified source code. Open-source software can be extremely useful for helping businesses develop high-quality software in a much more cost-effective manner than ever before. A recent study has shown that approximately 82% of businesses currently utilize open-source platforms to drive innovation in their organization.

Low-code is a visual approach to software development that requires little to no manual coding to create powerful enterprise applications and business processes. Low-code platforms can enable users to take advantage of visual interfaces, drag-and-drop tools and instant mobility. As digital technology continues to develop at an exponential rate, open-source, low-code platforms are becoming more and more popular for all types of organizations, including NGOs and nonprofit organizations.

NGOs and nonprofits can leverage open-source low-code platforms to build solutions that can support fundraising campaigns, accelerate productivity, improve internal and external communication and much more. These advancements can enable NGOs and nonprofit organizations to develop practical solutions and data-driven strategies that can optimize and streamline various operations as well as facilitate more informed decision-making processes.

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How To Use Low-Code Across The Five Stages Of The Agile Development Lifecycle

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Agile development is a systematic and strategic approach to application or software development. Agile development is primarily focused on consistent feedback and improvement through each stage of the development process. The agile development cycle typically consists of 5 distinct stages; ideation, development, testing, deployment and operations and maintenance.

Recent advancements in low-code technology now mean that the agile development lifecycle can be significantly accelerated, streamlined and optimized. The wide variety of benefits of low-code development platforms can be implemented at each stage of the agile development lifecycle. Recent studies have shown that low-code application development platforms have the potential to reduce overall development time by up to 90%.

Therefore, modern, agile development teams must be aware of how to implement low-code technology into each stage of the agile development lifecycle.

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iPaaS vs. aPaaS vs. hpaPaaS – What’s The Difference and Why It Matters To You

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With the increased commoditization of data, modern businesses must now prioritize data integration and management more than ever before. Every data-driven organization contains numerous data systems working in cohesion to ensure that organizational data is credible, accurate and relevant. However, as data architecture and data infrastructure become increasingly complex, it can be extremely difficult for businesses to manage integration requirements efficiently and effectively.

Studies have shown that over 80% of enterprise business operations leaders say that data integration is crucial to ongoing operations. Therefore, data-driven businesses must be aware of the different types of solutions and platforms available to streamline and optimize business processes in the best way possible.

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Why Businesses Need To Be Able To Develop Apps Faster Than Ever

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With rapid changes in our current business landscape and digital technology, modern organizations are now implementing and integrating more and more software into their day-to-day business processes at an exponentially increasing rate. Furthermore, as market trends and consumer expectations continue to evolve exponentially, your business needs to be able to develop powerful enterprise applications much faster than ever before.

Recent studies have shown that low-code users are 12% more likely to say that their application backlog has improved. Therefore, low-code enterprise application development platforms can help your business substantially expedite enterprise application development processes with powerful and user-friendly features such as drag-and-drop tools, instant mobility, scalability and security tools and much more.

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How ISVs can use Low-Code to tackle Hyper-Customization

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Hyper-customization is defined as the utilization of real-time organizational data analytics, machine learning, artificial intelligence technologies and other emerging technologies to customize enterprise applications and software as much as possible and improve user experiences. Hyper-customization can also refer to any business process that adapts system behavior based on user data and historical organizational information. As modern businesses continue to further customize user experiences, they will also be able to target consumer requirements and preferences more effectively.

With exponential demand for powerful enterprise applications, ISVs (Independent Software Vendors) may find themselves tackling hyper-customization much more than ever before. Even with recent advancements in mobile technology, ISVs may find it extremely difficult to meet an organization’s customization requirements using traditional application development processes. However, low-code software can help ISVs create customized enterprise applications much more efficiently.

Recent studies have shown that low-code will account for approximately 65% of application development activity by the year 2024. ISVs can not only use low-code development platforms to build more large-scale, customizable applications but also ensure that they can work seamlessly with various third-party integration platforms. Furthermore, low-code can enable ISVs to maintain complete control over the applications that they create and distribute.

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Why It Makes More Sense To Build Your Own Apps Rather Than Buy Them

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With recent technological advancements and changes in our current business landscape, enterprise applications are now an indispensable asset to any modern organization. Therefore, most companies are now searching for the best possible way to create and manage enterprise applications.

However, many businesses may be unclear about whether or not they should purchase their applications from a third-party developer or build their own applications. Although purchasing applications may provide businesses with some convenience and ease in the immediate term, building your own applications can provide your business with substantial opportunities for flexibility, adaptability, customization, scalability and much more.

Furthermore, with the rise of low-code platforms, businesses can now build their own applications faster than ever before. A recent study conducted by Gartner has forecasted that approximately 65% of all application activity will result from low-code and no-code development by the year 2024. Low-code development can also empower citizen developers with little to no traditional coding experience to build powerful, high-functioning applications without the interference of skilled developers.

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