Low code, no-code platforms - Benefits and use-cases for financial services
If there was a vlog on the current trending technologies; low-code would be the chartbuster.
Organizations worldwide seem hooked to the low-code, no-code platforms – a technology that promises fast development of applications with minimal overheads like the traditional development.
BFSI, just like many other businesses, can get the most out of these new technology solutions to meet the needs of their clients, improve their home banking/insurance services, implement new services and, gain more competitive advantage.
Low-code, no-code platforms
Low-code is a visual approach to software development. The idea behind is to make developers and non-IT personnel more efficient. It allows them to re-use existing components and templates to speed up application delivery. When applied specifically to content-based applications, low code paves the way for FIs to create new content-based services in no time, a truly transformative capability.
Low-code, no-code benefits for FIs
Using an iterative, low-code approach, FIs are able to combine already-proven functions and features to create new applications. They can test these new applications with customers in a live environment. A test run helps FIs refine and build more sophisticated next releases. Crucially, the process shortens the gap between idea and launch and gives companies a critical market advantage.
Besides, it is simpler to evolve a low code application to deliver the best possible customer experience – one which keeps enhancing and embellishing over time. Incremental iteration, a founding tenet of agile development, is a highly viable approach in low-code – which allows for the unforeseeable.
Another obvious way low-code could transform banking is by offering a quick means to provide a retail-like experience for customers. Low-code excels at generating appealing user interfaces, replacing older views with a more intuitive and modern feel. This could be as simple as offering better navigation of personal financial account data.
They also easily support new platforms. Low-code can reduce the boilerplate code necessary for supporting emerging platforms, increasing agile adoption for native iOS, Android, or web apps. Some low-code platforms even provide voice-driven technologies to enable hands-free assistants and empower those with disabilities. Multi-platform support helps democratize financial access for underrepresented populations, such as African countries that rely heavily on mobile banking.
An omnichannel user-experience
A modern technology outlook
Agile, flexible, scalable, and cost-effective IT infrastructure
Ways Low-Code Can Transform Finance
New customer onboarding & account opening: With low code, you can expect an accelerated and improved client onboarding process where you can migrate from a clunky paper process to a full digital engagement with proper controls and audit capabilities. It streamlines and automates third-party compliance and regulatory verification.
Compliance Activity Automation: BFSI can now respond to regulatory change by deploying new software much faster than traditional development methods, as many times as needed. Low-code empowers them to become a nimble organization, able to adjust quickly in the face of very tight timelines.
Secure Inter-Company Transactions: With low-code platforms, BFSI can resolve the logistical nightmare caused by local and national trading laws within multinational networks.
Streamline accounting operations between entities: Low-code platforms leverage blockchain technology for a fully auditable and immutable point of truth and automate processes for swift and accurate reconciliation.
Letter of Guarantee issuance: The low-code platforms turn a time-consuming process with multiple system interrogations into a fully digital experience with a single flow of documents and accelerate and improve letter of guarantee issuance for customers. With blockchain, the platforms create a single source of truth for a completely paperless, digitalized, and transparent process.
Automate estimates and approvals: There are many other areas in finance where low-code could increase efficiency. From an end-user standpoint, this approach could help build systems that automate account setup and loan approvals. For internal operations, workflows that automate Request For Quotation (RFQ) processes could aid vendor price submissions and quotes.
Aggregate financial data: Low-code components are commonly used to aggregate data from disparate sources. This is great for financial services, as combining financial databases from multiple accounts and third-party sources could help paint a more accurate picture of holdings—beneficial for end-users and investment firms alike. It’s easy to imagine the personalization potential and investment guidance that smarter portfolios could offer. Some low-code platforms even provide machine learning models to expose trends in finance to direct investment decisions.
Assist ongoing operations: Low-code tools often provide windows into application performance and usage patterns. Platforms with modern observability features typically help pinpoint usage spikes, which could help spot cybercrime and improve an organization’s response time to incidents.
Support a component-based banking architecture: Banks are turning into software companies. And, the Banking-as-a-Service trend is evidence of this transformation—banks are beginning to expose core infrastructure through API-based components. Offering a low-code ability to consume these ready-to-use components could enhance third-party adoption.
Low-code platforms, when used judiciously, deliver improved user experiences for online banking. Since customers expect banking to occur online, and this digital trend will only continue, there would be an increase in the usage of low-code platforms.
Are you in?