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How is Low Code / No Code Disrupting the Future of Banking?

How is Low Code / No Code Disrupting the Future of Banking?

Banking customer expectations have evolved significantly over the past two years, and now they expect a seamless digital banking experience. Banks have undergone a complete change over the last few years, as entire customer journeys have gone digital, and more interactions are processed in real-time to enhance the customer experience. 

Banks employ a variety of digital solutions – including in-house and third-party – to deliver these experiences. Technology vendors are taking two approaches to fulfilling banks’ requirements. In the first, they offer a platform that banks can use to configure and manage different customer journeys; in the second, namely the ecosystem approach, they provide a platform plus an ecosystem of partners whose offerings banks can cherry-pick to deliver the best of breed experiences to customers. 

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All this has been possible due to the rapid evolution of digital technology, and a key emergence from the past year is the low code- no code tool. Low code-no code has the power to help workforces use technology more easily, allowing users with minimal coding experience to build systems and boost enterprise productivity, harnessing the creativity of the workforce. Traditional application development requires programmers with deep technical knowledge to write large volumes of code, but low code-no code provides visual interfaces and graphics any user can work with to define data, logic, flows, forms, and other application elements, and the best part is they don’t actually need to write code. An additional plus is that low code-no code offers reusable components that users can drag and drop to build an application of their choice, making writing applications simpler and less dependent on technical human resources, which is particularly suited to remote development in a pandemic-affected world.

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Low code-no code simplifies app creation workflows and analyzes data in real-time with artificial intelligence (AI) engines.

Auto-generating the required code drastically reduces the time needed for creating an application and following from that, the time for taking new products to market, thanks to low code-no code. Specifically, an application that would take up to a year to design, code and text extensively can be launched within three months using low code-no code. Further, low code-no code has capabilities such as security readiness (certified by Veracode, for example), extensibility, cloud-readiness, ADA compliance, and internationalized features, which reduces the need for development and customization. The underlying technologies are seamlessly updated, saving time and effort for the banks’ IT teams.

Low code-no code also reduces banks’ total cost of ownership across the capital and operating expenditure. 

It is also critical to understand the difference between low code and no code, and what each should be used for. Low code is more complex, thus being designed for enterprise users, while no code is designed for business professionals, requiring less than 5% of coding to be done manually. Banks benefit from low code and no code and are relying on low code-no code to reduce backlog of IT projects. 

All these advantages mean that low code-no code technology not only improves the efficiency of software development [devops], but also supports banks by enabling faster innovation and speeding up the launch of new products and services. Amidst a rapidly changing environment where agility and quick response is critical for survival, the value of low code-no code has never been higher. These are the reasons for the accelerated adoption of low code-no code, which according to one source, will be involved in 70% of new application development by 2025. And the global low code-no code market is expected to amount to roughly $65 billion USD by 2027, proving the force of low code-no code is one to be reckoned with. 

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[To share your insights with us, please write to sghosh@martechseries.com]

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