In today's fast-paced and highly competitive banking industry, it is more important than ever for financial institutions to stay ahead of the curve and continuously innovate in order to attract and retain customers. One key way that banks are doing this is by embracing low-code platforms, which are helping to drive innovation and keep banks relevant in an increasingly digital marketplace.
What is low-code?
Low-code platforms are tools that enable the rapid development of custom software solutions without the need for extensive coding skills. These platforms typically provide pre-built templates and drag-and-drop tools that can be easily customized and combined to create custom applications and integrations. Low-code platforms are designed to be user-friendly and can be used by non-technical employees, making them an attractive option for organizations looking to democratize the software development process and empower their internal users to innovate and build custom solutions.
Why are low-code platforms important for innovation in the banking industry?
There are several reasons why low-code platforms are important for driving innovation in the banking industry:
Speed and efficiency: Traditional software development projects can take months or even years to complete, which can be a major impediment to innovation. Low-code platforms can help banks build custom software solutions faster, as they provide pre-built capabilities and templates that can be easily customized and combined to create custom applications. This can help banks save time and resources and improve the efficiency of their software development process.
Talent gap: There is currently a shortage of developer talent in the workforce, with 87% of executives experiencing skill gaps in their organizations (according to a survey by McKinsey). Low-code platforms can help bridge this gap by providing a way for non-technical employees to build custom software solutions without the need for coding skills.
Innovation: Low-code platforms can help banks empower their internal users to innovate and build custom software solutions to tackle specific business problems. By providing a user-friendly platform that can be used by non-technical employees, low-code platforms can help banks tap into the creativity and expertise of their entire workforce and foster a culture of innovation.
Customization: Financial institutions are under increasing pressure to deliver personalized experiences to their customers in order to stay competitive. Low-code platforms can help banks design and build custom applications that are tailored to the needs and preferences of their customers, improving the overall customer experience.
Compliance: Financial institutions are subject to strict regulatory compliance requirements, and compliance failures can have serious consequences for the organization. Low-code platforms can help banks automate various compliance tasks, ensuring accurate and timely compliance while freeing up teams to focus on other business processes.
Security: Protecting customer data and assets is of the utmost importance for financial institutions. Low-code platforms can help banks automate various manual business processes, reducing the risk of human error and improving the overall security of their systems.
Examples of low-code in action
There are many examples of how low-code platforms are helping banks drive innovation and stay relevant in the digital marketplace. For example:
A major bank used a low-code platform to launch a new digital banking platform that provides customers with a seamless and intuitive banking experience across all channels. The low-code platform enabled the bank to quickly build and launch the platform, improving the speed and efficiency of the development process.
Another bank used a low-code platform to build a custom incident management application for its fleet of ATM and POS devices. The application provided real-time visibility into the status of these devices and included a ticketing system to help the bank take a more proactive approach to resolve issues and reducing downtime.
A credit card company used a low-code platform to build a custom application that allows customers to track and optimize their credit card spending in real time. The application provides personalized insights and recommendations to help customers make more informed financial decisions and improve their overall financial health.
Conclusion
Low-code platforms are playing a key role in driving innovation in the banking industry. By providing a way to quickly and easily build custom software solutions, low-code platforms are helping banks stay competitive in a rapidly changing digital landscape. These platforms are enabling financial institutions to improve the speed and efficiency of their software development process, bridge the talent gap, empower their internal users to innovate, deliver personalized experiences to customers, ensure compliance, and improve the overall security of their systems. As the banking industry continues to evolve, low-code platforms will be an important tool for driving innovation and staying relevant in the digital age.
