How fintech are beating banks by using low code software
Updated: May 13
In the last decade or two, few sectors have transformed under the influence of technology as much as banking. Often, banks are required to change the software powering their operations so quickly that it hurts their bottom lines and hampers their operations. A key factor, however, leading to easy innovation is the low-code solution.
Use cases of a low code solution could be as different as creating online portals, digitizing customer interactions, developing process improvement apps, or developing core systems. Ignoring something as crucial as a low-code solution is likely to hit banks’ interests severely.
What is a low-code solution?
Low code is an approach towards software development providing little to no coding in software development. Rather than writing code in complex programming languages, developers who work on you can employ visual interfaces with basic logic and drag-and-drop support.
Let us determine what makes low code the perfect solution
🔵 Reduced Cost Of Change
A low code solution leads to a reduced cost of change in terms of money as well as time. Escalating costs because of market- or technology-induced changes are often a big issue for companies. Slashing costs enables decision-makers to make decisions boldly.
🔵 Simplified Development
Thanks to a low code base, app development becomes much simpler. It makes life easier for your coders as they are able to develop flexible apps for specific tasks quickly. Low code solutions simplify and streamline various phases in the software development lifecycle (SDLC), such as debugging, testing, and deployment.
🔵 More Agility
Fintech apps are highly likely to be used on mobile phones along with other Internet-enabled devices such as desktops, laptops, and tablets. An app has to be capable of performing efficiently on different versions of Android and iOS. The code should facilitate tasks like accessing data and collaboration tools
🔵 Better productivity
Low code development tools allow you to build apps in considerably less time than you could do before. For instance, you could build an app in days in place of months. Low code has practically demolished the time barrier, leaving aside plenty of time for productivity.
🔵 Meeting regulatory requirements
Finance is an area where regulatory requirements change rapidly and businesses have to comply at short notice. Low code development makes quick app creation viable in such a scenario. You are able to meet regulatory requirements quickly and steer clear of possible hindrances.
🔵 Improved customer satisfaction
These are the times when customer expectations are touching the sky. In an atmosphere of high competition, they want businesses to adapt to market changes with alacrity. A low code approach makes it possible, to gain you trust of your customers.
🔵 Quick transformation
The fintech world today is synonymous with transformation. The low code approach makes developing powerful apps much simpler than before, resulting in smooth sailing for businesses.
🔷 Wrapping up
Organizations today are compelled to find ways to quickly adapt to a new market and techno realities. Low code development provides them the means to transform quickly, and keep themselves relevant and ahead of competitors. It facilitates faster rollout of features and fulfilling compliance requirements, thus coming across as a highly efficient solution.
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