July 28, 2022/in Low Code /by Vagisha Arora

The banking and financial sector generates a massive amount of data, with studies indicating that over 2.5 quintillion bytes of data are generated per day. Each activity and business function in the banking sector leaves a digital footprint backed by data, which opens up a wide variety of opportunities for financial institutions to refine the overall management of this information.

To address various challenges related to digitization, financial institutions require powerful software platforms that can improve user experiences, lower costs, increase business agility and accelerate speed to market. Therefore, low-code technology can enable your ISV (Independent Software Vendor) to create intelligent solutions quickly and easily, thus allowing your organization to add automation and facilitate innovation for the banking sector.

To combat the slow adoption of digital banking solutions, low-code development platforms can significantly accelerate enterprise application development without needing to invest large amounts of time, financial resources and human resources. Low-code is the most easily implementable solution that could help ISVs overcome the challenges that the banking industry is currently facing to help embrace and facilitate digital transformation more quickly.

Benefits of Low-Code Technology For The Banking Sector:

1. Rapid Feature Updates and Bug Fixes

Low-code development platforms can significantly speed up the application development process while also substantially lowering costs. This has the potential to be game-changing for banks and financial institutions looking to provide innovative services and solutions to their customers. Studies have shown that low-code application development can speed up the enterprise application development process by more than 50% while also proportionally lowering costs.

Considering the vast amount of data that financial institutions are expected to collect, track and analyze regularly, they require constant and consistent updates to be able to operate smoothly and meet changing market trends and consumer expectations. Low-code development platforms can help your ISV quickly develop powerful solutions that can provide financial institutions with consistent feature upgrades, quick bug fixes and ease of attaching innovative components to existing enterprise applications without having to rely on traditional coding.

2. Increased Customer Satisfaction Levels

With the rapid advancement of modern digital technology, banks and financial institutions, in particular, are expected to provide an extremely smooth and enjoyable experience for their customers, thus necessitating regular modernization of their enterprise applications. However, they must do so without sacrificing the advanced and highly secure back-end technology that enables and protects it. Low-code can help your ISV develop powerful applications that can empower financial institutions to provide optimized user experiences while also addressing essential security needs.

By quickly implementing changes into the application software, low-code enterprise application development reduces the number of feedback loops. It fills the gap between technical development and corporate development by incorporating the business perspective into development. From the perspective of a customer, rapid developments can provide them with quicker onboarding and long-term experiences, whether it’s KYC compliances or acquiring offers. Recent studies have shown that customer-centric companies are 60% more profitable than companies that don’t focus on customers.

3. Provide Personalized User Experiences

Low-code can enable financial and banking institutions to prioritize consumer preferences and requirements with business-centered development. Investing in the required tools for a personalized operating model application can help your ISV integrate various marketing initiatives which can help provide personalized user experiences. According to a recent study conducted by Gartner, businesses can risk losing 38% of their customers due to poor personalization efforts.

Personalization can be provided by low code platforms based on customer preferences and company interests. Furthermore, low-code application development can allow your ISV to develop enterprise applications empowered with personalization features while avoiding various risks of security issues associated with custom code.

Providing customers with unique, personalized digital banking experiences can help financial institutions stand out against industry competitors and hence gain a significant competitive advantage. A low-code development platform not only allows your ISV to create applications with extensive customization features but also allows the enterprise application to accommodate developer-written code for various complex business functions.

4. Facilitating Digital Transformation

Due to recent technological advancements, it is now almost inevitable for financial and banking institutions to include digital transformation initiatives in their long-term growth strategies. In our ever-changing business landscape, companies must constantly prioritize consistent adaptation while remaining agile. However, low-code development has made accepting and adapting to current digitalization trends an extremely easy process for ISVs developing financial applications.

Though the goal of a low-code platform is to provide a faster overall application development process and faster feature rollout, it can also spark the development of better software, thus encouraging more digital banking and online transactions in an otherwise stagnant customer segment. As a result of digital transformation, all types of businesses in all industries, particularly banks and financial institutions, are looking for new ways to meet current challenges and improve long-term organizational performance.

Low-code platforms can assist ISVs in overcoming inaccessibility to relevant and necessary resources to meet demands. Furthermore, low-code enables ISVs to respond to various market dynamics more quickly and efficiently. Low code enterprise applications can then pave the way for other digital initiatives to take root within an organization.

Planet Crust — Leverage The Power Of Low-Code To Build Powerful Solutions:

Low-code technology can enable ISVs to build powerful enterprise applications that can help solve a wide variety of challenges for the banking sector. The rise of low-code enterprise applications can enable banking and financial institutions to take advantage of various benefits such as rapid feature updates and bug fixes, increase customer satisfaction levels, personalized experiences and overall digital transformation.

Corteza, created by Planet Crust, is equipped with powerful features such as visual workflow builders, drag-and-drop editors, advanced data reporting tools, flexible data modeling features, instant deployment capabilities and much more.

Try a trial now so that your ISV can take advantage of the numerous benefits of low-code enterprise application development to solve various challenges for the banking sector.

Tags: Digital Transformation, Low-code

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