The banking industry is in a state of flux and advancements, such as low-code, are enabling it to transform traditional banking processes.
The internet exploded when the first online bank popped up in 1999, offering customers all their services from the comfort of their own homes.
These days, with mobile technology advancing at breakneck speed and customer expectations ever increasing, banks must continually innovate or risk being left behind.
This is where low-code comes in; by providing flexible platforms to build apps without the need for extensive coding, this technological advancement has been gaining traction within the banking industry and many large banks have adopted this technology to build sleek innovative digital apps which enable them to stay on top of what customers want – faster transactions that can be completed anytime anywhere.
What low-code can do for the banking industry?
Digital transformation on the side
Low-code platforms have been gaining a lot of traction in the last few years as a new way of transforming IT infrastructures. These platforms provide a flexible way to build apps without the need for extensive coding, which makes them ideal for quickly developing innovative digital apps. Low-code platforms have been particularly popular in the banking industry, where large banks are using them to modernize their traditional processes through the development of sleek digital apps. Let’s explore some of the benefits of using low-code in the banking industry!
Rapid upgrades
Low-code platforms make it possible to easily and rapidly upgrade a system, which is a concern from the perspective of large banks with cumbersome legacy systems to maintain. With low code, banks can find a balance between flexibility, speed, and security by deploying agile IT architecture that balances scalability with security.
Customer satisfaction
One of the most important benefits of using low-code in the banking industry is the increased satisfaction of customers. Low-code platforms make it possible to quickly develop innovative digital apps that provide a better customer experience. This is crucial for banks, as they are constantly competing with other financial institutions to offer the best products and services to their customers. In addition, satisfied customers are more likely to stay loyal to a bank and recommend it to others.
Low-code is the new frontier in banking
Low-code is the new frontier in banking. It’s a better way to develop apps which means no coding and customers can use it on their own devices. Low-code is what customers want; faster transactions completed anytime, anywhere. The banking industry is in flux and advances such as low-code are enabling it to transform traditional banking processes.
Keep trying different things until you find something that works!
It’s not just about efficiency, it’s also about innovation
The banking industry is under pressure to keep up with the latest technological advancements, and low-code is a perfect solution to enable them to do so. Not only does it provide a faster way to develop apps without the need for coding, but it also enables banks to be more innovative and stay ahead of the curve. With low-code, they can quickly build apps that not only meet customer expectations but exceed them, improving a better customer experience overall.
Quick and cost-effective process
Low-code platforms provide a quick and cost-effective way to develop apps without the need for extensive coding. This technological advancement has been gaining traction in the banking industry with many large banks adopting this technology to build sleek, innovative digital apps. Low-code not only enables banks to be more efficient but also more innovative, meeting and exceeding customer expectations.
Develop innovative features
With the banking industry in flux, it’s important for banks to keep up with advancements that provide a better customer experience. Low-code is one of these advances which enables banks to be more efficient and innovative at the same time by providing them with an easy way to meet customers’ needs through faster transactions on more modern platforms. It’s a way for banks to get ahead of the competition and stay in business.
Allow banks to be on top of customer needs
Low-code platforms provide a quick and cost-effective way to develop apps without the need for extensive coding. This technological advancement has been gaining traction in the banking industry with many large banks adopting this technology to build sleek, innovative digital apps. Low-code not only enables banks to be more efficient but also more innovative, meeting and exceeding customer expectations. In a nutshell, low code is quickly becoming a new solution for modernizing IT infrastructures by providing flexible platforms to build apps without the need for extensive coding.
Benefits of using low-code
Low-code platforms provide a faster and easier way to build apps.
This is because low-code platforms provide a more user-friendly interface that allows for drag-and-drop features and pre-built components. This makes it easier for developers to create custom apps without the need for extensive coding knowledge.
Reduce IT costs by 50%.
A recent study by Forrester Consulting found that low-code platforms can reduce IT costs by as much as 50%. This is because low-code platforms allow for faster app development, which means less time and money is spent on building and maintaining apps.
Shorten App Development Time by 60%.
Low-code platforms can help to significantly reduce the time it takes to develop apps. This is because they provide a more user-friendly interface that allows for drag-and-drop features, as well as pre-built components which make it easy to create custom applications without the need for extensive coding knowledge needed.
Increase productivity by 400%.
This is because low-code platforms allow for faster app development, which means less time and money is spent on building and maintaining apps. Additionally, low-code platforms provide a more user-friendly interface that allows for drag-and-drop features, as well as pre-built components which make it easy to create custom applications without the need for extensive coding knowledge needed.
Conclusion
The banking industry is under pressure to keep up with the latest technological advancements, and low-code is a perfect solution to enable them to do so. Not only does it provide a faster way to develop apps without the need for coding, but it also enables banks to be more innovative and stay ahead of the curve. With low code, they can quickly build apps that not only meet customer expectations but exceed them, providing a better customer experience overall. In a nutshell, low-code is quickly becoming a new solution for modernizing IT infrastructures by providing flexible platforms to build apps without the need for extensive coding – a technological advancement that is gaining traction in the banking industry with many large banks adopting this technology to build sleek, innovative digital apps.
FAQs About Low-code Transforming
What is low-code and why does it matter to the banking industry
Low-code is a term used to describe a platform or software that enables users without coding experience to build applications. Low-code platforms come with pre-built features and templates that make it easy for users to create sophisticated apps without extensive coding knowledge. By providing an easy way for business users to develop applications, low-code platforms are revolutionizing the way modern organizations build software.
What are some tools that low-code provides for development?
Low-code platforms typically provide four tools that accelerate software development: visual app builders, pre-built components, application lifecycle management (ALM), and common data service tooling. The visual app builder enables users to build app screens by dragging and dropping pre-built components. The user-friendly interface provides an intuitive way to create pages, forms, lists, and charts without any programming knowledge needed.
How does low-code help traditional banking processes?
Low-code platforms are being used more and more in the banking industry to create innovative digital apps. By providing an easy way for business users to develop apps, low-code is quickly becoming a new solution for modernizing IT infrastructures. Banks are able to build sleek, user-friendly apps that improve customer experience and streamline banking processes.
What are some examples of low-code apps in the banking industry?
Some banks have started using low-code platforms to build innovative digital applications that help improve their existing processes. For example, UBS has created an app called Launchpad that enables customers to open trading accounts through a mobile app without having to visit a branch. The bank also created a customer loyalty app called Thrive to help customers save money and grow their wealth. Barclays has used a low-code platform to build a chatbot that provides instant access to information from the bank’s website.
How does low-code help reduce IT costs?
Low-code platforms help reduce IT costs by providing an easy way for business users to develop applications without extensive coding knowledge. Low-code platforms come with pre-built features and templates that make it easy for users to create sophisticated apps without extensive coding knowledge. By giving business users the opportunity to develop their own applications, low-code platforms help reduce the need for IT teams and allow them to focus on more high-value tasks.
