Will the Banking Industry Benefit from a Low-Code Platform?
Banking is no longer about visiting banks for day-to-day transactions. While neo-banks are emerging consistently across the country, traditional banks have embraced digital banking by offering mobile applications and desktop banking options. This omnichannel approach has given banks access to customer information and preferences. As a result of this increasing need for digital penetration, banks cannot afford to spend time and money on developing technology that needs constant innovation and updates. In a world where time is of the essence, there is a demand for a fast and easy alternative to traditional software development.
Recently, there has been a considerable market for low-code development platforms. Low-code, as the name suggests, does not require a lot of development time as has a more drag-and-drop approach to building a website or mobile app. As opposed to traditional software development methodologies, low-code platforms are easy to use, less time-consuming, and can meet the user’s various needs. For example, in the banking industry, customer engagement through digital personalization is one of the driving factors for revenue growth. Low-code platforms help achieve this need by focusing on customer experiences, improve cost of development, and accelerate time-to-market. In addition, they are also beneficial in creating apps of varying complexity to meet business demands for development, automate processes, and accelerate digital transformation.
According to Gartner, low-code application development will be accountable for more than 65% of application development activity by 2024. This rapid growth and requirement for low-code platforms stem from its ability to develop and scale applications compared to traditional app-building models. Furthermore, since the timeframe for traditional platforms is high, the need for a low-code platform with minimal turnaround time was justified.
Features of a Low-Code Platform
With the advent of technology and digital solutions in the banking sector, there are three definite needs that banks need to meet — space for a faster decision-making process, a no-siloed approach to IT partnership, and scalability. In the banking industry, low-code platform is gaining momentum as it helps accelerate software development without the need for large investment in time and talent. Here are some of the features of a low-code platform that banks can benefit from.
- With low-code platforms, banks can build applications effortlessly that can perform native banking activities such as loan sanctions, customer onboarding and more. The use of such platforms also helps deliver continuous improvement to bank users with a more engaging interface across channels.
- Low-code platforms use cloud-native technology that reduces the need to build architectures and back-end layers. When banks move from legacy to cloud systems, low-code platforms allow smaller sections to be made in a phased manner without affecting the business.
- One of the main reasons banks opt for digital services is scalability. With reusable UI elements, banks can mirror existing processes to expand across regions and verticals without spending significant time and money.
- Customization is the key to customer satisfaction. Low-code platforms give creative freedom to customize the app based on their target audience, geographies, language, and market needs.
Benefits of a Low-Code Platform
- With rapid application development (RAD) capabilities, banks can improve their digital interactions with customers.
- Low code platforms help banks personalize offerings based on customer preferences and interests.
- With independent personalization, banks can eliminate the risks of security issues.
- As the platforms take a framework-driven approach, the need to hire talent specific to build technology-based platforms is low, thus reducing cost.
- Based on feedback and user experience, low-code-based solutions can be upgraded instantly to adapt to consumers’ needs.
Uses of Low-Code Platform in Banking Sector
Low-code applications help bridge the gap between customer needs and banking services. Here are some of the use cases for low-code platform.
- Build user-friendly and innovative mobile app user interface without compromising on safety and regulatory compliance
- Improve customer experience in mobile apps with personalised notifications and product offerings based on customer usage and preferences
- Create new apps or add new features to existing offerings in less time compared to traditional application building approach
- Strengthen integration between digital solutions and core banking system for seamless banking experience
Conneqt Digital offering with Outsystems
Conneqt is a global low code service partner for Outsystems, Pega, Appian, and SNow. We have certified, experienced and qualified professionals with strong LCAP capabilities for providing business solutions to our strategic customers. Conneqt Low code practice has over 100 professionals in various low code platforms, predominantly in Outsystems. To know more, visit https://conneqtcorp.com/in/enterprise-digital-integration/.
