- October 17, 2023
- Posted by: Abishek Balakumar
- Category: Industries
Recently, the financial services world went through a bit of a digital makeover. To keep pace with these changes and cater to customers’ growing expectations, banks, and financial institutions are on the hunt for creative ways to streamline their operations and offer top-notch service. Enter the low-code superhero. Low-code platforms let you whip up apps at lightning speed with minimal coding, making it a playground for business folks who don’t speak binary.
We’re about to spill the beans on everything you need to know about low-code in financial services. Buckle up; it’s gonna be a fun ride!
Rapid App Building
Low-code platforms are like the turbo boost for financial institutions. They come with a user-friendly, drag-and-drop playground and a treasure chest of pre-made components, making app development a walk in the park. Even folks in suits, like financial analysts and operations managers, can roll up their sleeves and get creative. With this speed boost, new solutions hit the market quicker, cutting down on wait time and ramping up how smooth things run behind the scenes.
Bend It Like Beckham – Agility and Flexibility
Finance is a dynamic game, with rules that change as often as the weather. Low-code platforms let you pull off those fancy agile moves and keep up with shifts in the market, those never-ending legal requirements, and the constant chatter from customers. Thanks to low-code’s magic, you can prototype and tinker with your apps at lightning speed, making it a breeze to adjust to whatever curveballs the business world throws your way. Whether it’s adding new features or tying into your existing systems, you won’t need an army of coders or disrupt your core operations.
Teamwork Makes the Dream Work
In the old days, IT teams and business folks used to speak different languages, and that led to some pretty epic misunderstandings and delays. But low-code is like the United Nations for business and tech. It brings them together, lets them hash things out, and builds apps that everyone can agree on. No more lost-in-translation moments, just smooth sailing toward those big goals.
Plug and Play
Financial institutions have a pretty tangled web of IT stuff going on. Low-code platforms are like the master key that fits all the locks. They’re pros at connecting with your existing systems, databases, and even those third-party apps you can’t live without. This seamless integration means data can flow like a river, manual tasks can vanish, and your whole operation can get a fresh boost of energy. Plus, they speak the same language as the hottest new tech, so you’re ready for whatever buzzwords come your way.
Playing By the Rules – Compliance and Security
The finance world has some pretty strict rule-makers, like the data privacy gurus and the financial regulation police. When you bring in low code, you’ve got to make sure it plays by the book. Look for low-code platforms that follow the rules, pack a punch with data encryption, let you set the right permissions, and give you a watchful eye with audit features. This way, you can keep the important stuff safe and stay in the good books with the regulators.
Roadblocks and Things to Think About
Even though low-code development brings a ton of perks, you can’t just jump in without a plan. Here are a few speed bumps to keep in mind:
1. Learning the Ropes: Introducing your team to low-code might require time and training investment.
2. Picking the Right Partner: Not all low-code vendors are made equal. You’ve got to be picky and look for the ones with a track record of awesomeness, top-notch security, and the ability to scale to your needs.
3. Tech Debt Pileup: Building apps faster is great but can lead to messy code and a mountain of technical debt. You’ve got to set some rules and keep things in check to avoid this pitfall.
4. App Life Support: Once you’ve got your shiny new apps, you’ve got to look after them. That means managing different versions, testing, and getting them out there into the world. You need processes and tools to keep everything running smoothly.
Digitalization takes center stage: Almost two decades ago, major financial institutions established separate units to explore e-commerce. Today, 70% of BFSI executives consider digital transformation essential (McKinsey & Company). The sector now focuses on payments, retail and online banking, and wealth management, extending into institutional banking. Despite progress in 2020, the insurance sector lags in digitization. To thrive, insurers must shift to a digital-first approach, offering personalized services to boost customer loyalty through unified views.
Replacing Legacy Systems with Modern Infrastructure: Change is vital as modern platforms offer superior benefits at lower costs. 79% of banking, fintech, and insurance CIOs recognize the influence of real-time, hyper-relevant experiences on customer expectations.
Rethinking Emerging Payments: Emerging payments are consolidating, not slowing down. It’s the right moment for the BFSI industry to develop frictionless, embedded, and native solutions for customer interaction, setting the stage for success.
Low code is like a superhero for financial institutions looking to make big digital changes. It hands the power to the business folks, speeds up app creation, and makes teamwork between business and tech a breeze. But there’s a catch. You’ve got to be ready for these challenges and always keep an eye on the rules and security stuff. If you do it right, low-code can change the game in finance, bring in some cool innovations, and give your customers the best experience they’ve ever had.
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