5 Benefits of Low-code Technology for Banks
Low-code technology is a type of software development platform that allows developers to create applications with minimal coding. Low-code platforms provide a visual drag-and-drop interface that makes it easy to create complex applications without needing to write code. This can make application development faster and easier, particularly for those with limited coding experience. According to Statista: “the global low-code platform market is forecast to amount to approximately 65 billion U.S. dollars by 2027.”
Low-code technology can be used for various purposes, including creating websites, developing mobile apps, and building enterprise-level applications. These platforms typically offer multiple features and tools that make it easy to create sophisticated applications.
Banks can benefit from low-code technology in a number of ways:
Reduce the time and cost of application development
By using a low-code platform, banks can develop applications faster and more efficiently, saving both time and money. They can also help reduce the need for expensive external IT resources, allowing banks to develop applications in-house. These platforms often come with built-in testing and debugging tools, which can help improve the quality of applications. In addition, they typically offer a wide range of pre-built components, which can help ensure that applications are well-designed and fit for purpose.
Low-code technology can help banks improve their customer experience
By using low-code platforms, banks can develop custom applications that meet the specific needs of their customers. This can help banks improve customer satisfaction and loyalty. In addition, they can create more user-friendly and easier to use applications.
Low-code technology can help banks to better manage risk
Low-code platforms offer many features that can help banks manage and monitor risk more effectively. For example, these platforms often include built-in security features that can help banks protect customer data and prevent fraud.
Low-code technology can also help banks monitor and manage risk more effectively by providing visibility into the application development process. They typically offer extensive tracking and reporting features that can help banks identify and resolve problems quickly.
Improve regulatory compliance
Banks are subject to strict regulation, and any application they develop must meet these requirements. Low-code platforms offer several features that can help banks comply with these regulations. For example, these platforms often include built-in auditing and reporting features that allow banks to track and monitor compliance. Additionally, they can help banks create applications that comply with regulations such as the General Data Protection Regulation (GDPR), a necessity for European markets.
Increase agility and innovation
Low-code platforms offer many features that can help banks be more agile and responsive to change. For instance, they often include built-in collaboration and workflow features to assist banks in managing change. Moreover, these platforms can help banks quickly develop and deploy new applications in response to changes in the market or customer needs. As a result, banks stay ahead of the competition and better meet the needs of their customers.
In conclusion, low-code technology can offer many benefits for banks. They can help banks reduce the time and cost of application development, improve customer experience, better manage risk, increase agility and innovation, and improve regulatory compliance.
The Fennech Financial Framework (F³) is Powered by AI and Machine Learning. Our Low-Code PaaS technology allows Businesses to Build Faster and Scale Easier. F³ is highly configurable and acts as a bridge between business applications and the banking industry. Contact us here for more information on how we can assist your business in low-code banking system deployment.