Low-code platforms enable developers to build software in a drag-and-drop visual interface that includes modular components, a process that is much quicker and easier than traditional coding.
When the pandemic struck unexpectedly in 2020, businesses responded differently to the unprecedented situation. Some were already well down the path of digitizing their products, while others had only just started the process. Businesses that adapted quickly were able to re-strategize, prioritize resources, and devise collaborative and expedited processes for faster time to market.
In this environment, the practice of leveraging low-code platforms to address digital transformation has gained speed. Low-code platforms enable developers to build software in a drag-and-drop visual interface that includes modular components, a process that is much quicker and easier than traditional coding. The low-code approach has the potential to transform customer experiences, drive cost optimization and enhance day-to-day operations. Reflecting these benefits, Gartner has predicted that by 2024, low-code application development will be responsible for more than 65% of application development activity.
Personalized experiences, quality interactions, and exceptional customer services are key for customer acquisition and retention in the banking, financial services, and insurance industry. Financial institutions (FIs) and financial service providers (FSPs) have entered an era where applications are rapidly developed and deployed on fast paced web-tech stacks that are omnichannel and must exceed consumer expectations. That’s where low-code and no-code platforms play an important role as viable alternatives. Low-code development facilitates rapid design of enterprise apps, aesthetic UIs, seamless data integration and the ability to scale to deliver usable products to lead digital transformation.
Low-code platforms are also beneficial for faster proof of concepts, rapidly building and deploying solutions to fix vulnerabilities, meeting compliance requirements in a constantly changing environment, and reducing the overall total cost of ownership (TCoE) of the product. With empowered non-technical staff, increased productivity and reduced development timelines, these platforms help increase everyday task efficiency and quality of output due to their underlying reusability.
Low-code platforms provide excellent security with predefined admin tools, access controls and threat assessments that are platform-agnostic and simple to deploy. Geographically disparate teams can leverage low-code platforms to enable better collaboration, exchange ideas, brainstorm, help streamline and automate business workflows and have a defined visible output. This offers flexibility to employees and a way to build and maintain their own solutions and manage changing requirements of the customer.
Organizations are increasingly creating design systems that are seamlessly integrated with low-code design platforms, ensuring that multiple development teams conform to the organization’s design principles and create a unified experience for their clients. UIs are constructed through a combination of navigation layouts, page templates, pre-configured UI components and widgets.
The Design Systems are layered componentized UI frameworks with web-based modelling tools featuring ready-to-use UI elements that create polished and professional applications. Well-architected design patterns, components, and widget libraries can be aligned to the brand standards of the organization. So even if business logic is developed with low-code, the interaction layer remains intact and can be rapidly deployed in production.
By using low-code to tailor front-end capabilities and utilizing API services, financial institutions can deliver unique and differentiated experiences for their customers. With financial institutions evolving to address rapidly changing customer demands, the demand is for speed, cost optimization and security, benefits that FIs can deliver by harnessing the power of technology and innovation – making this the best time for low-code, no-code platforms to be integrated with design systems. These will be the next-gen tools for FIs and FSPs to use AI/ML technologies coupled with advanced analytics to rapidly create Minimum Viable Products, go to market strategies, and further iterate a user centric design process.
With low-code platforms, bespoke applications can be effectively created with agility and speed based on user preferences. These platforms will enable IT leaders to develop enterprise grade applications that are designed to adapt to user experiences rather than to devices. Due to their superior usability low-code platforms will be widely adopted and deliver significant business value.
Source: Business World