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What are the Benefits of Low Code for Banking and Financial Services?

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Introduction:

 Due to the current pandemic situation throughout the world, Bank customers are forced to do their bank-related tasks online. Approximately 70% of the banking, such as account opening, customer’s loans, transferring of money, Billings, and credit cards applications, are all happening online.

Modern technology is advancing very rapidly. Modernism is very agile and accepts that the world is accepting it very quickly. Thus more people are looking forward towards the low code for banking and financial services.

Benefits of Low Code Banking Services:

1.     Create new apps swiftly:

 A low code development platform is the software development environment that speeds up the development of the apps. It enhances the development up to 50%, thereby also reducing the cost of the entire process. It can be the golden opportunity for the Banks and the Financial Institutions willing to upgrade their services to the innovative level to give the best to their customers.

·         Low code procedure: It uses graphical user interface instead of the regular hand-coding programs, using standard prefabs and templates to ensure consistency.

·         Democratizing development: As low coding is very economical, it reduces the cost of specialists, designers, and developers. It helps to save the outsourcing finances of the businesses.

2.     Upgrade existing apps or refresh UI:

The major cost that is linked up with application development tends to be technical debt. Low code for banking and financial services work due to:

  • Cloud-native technology: It is the session-less architectural model that is decoupled front-end and back-end layers. It modernizes its systems legacy in small parts with the use of configuration-driven models very effectively.
  • Reusable UI: Once the program is designed, Low code allows the users to reuse all the UI elements such as Layouts, widgets, styles, navigations, etc., enabling a remarkably wonderful and consistent experience across the board.

3.     White label low-code for custom solutions:

The luxury of a large in-house technology team is very expensive to be afforded by all the Banks and Financial Institutions. Now here is the need to approach the White Labeling of the platform that provides Low code for Banking and Financial Services. Low code Platforms help customize for different user personas and can assist in:

  • Empowering citizen developers: With the option to drag-and-drop functions to create complex enterprise applications, businesses could also run without the knowledge to code.
  • Building differentiated applications: For the developers to work on the designing of the application by extending its features and personalizing, templates, prefabs, and reusable components serve as basic functions.

Final verdict:

In this era of modernization, All the financial services industries are going through the advancement of innovation. IT advancement has changed the business models, working procedures, and even the delivery services entirely. And Low code offers these IT services at an effective approach to its customers.

Contact us for cloud-based digital banking platforms software and ISV Banking and financial services

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