Today’s customers have high expectations from their digital banking experiences, which have undergone a complete change over the last few years. Entire customer journeys have gone digital, and an increasing number of banking interactions are being processed straight through to create seamless user experiences.
To meet these ever-evolving expectation, banks are constantly striving to transform the underlying systems, employ a variety of new age digital solutions and leverage ecosystem innovations. While doing so, ‘speed’ often becomes a prime consideration. Fortunately, rapid evolutions in technology is letting banks transform and deliver faster than ever. One of the biggest evolutions is the emergence of no code / low code platforms. The traditional method of application development requires programmers with deep technical knowledge to write huge volumes of complex code. But a low code/ no code tool offers visual interfaces and graphics to define data, logic, flows, forms, and other application elements, without actually writing any code. Also, there are pre-built reusable components that the users can simply drag and drop.
By auto-generating the required code, the low code / no code tools drastically reduce the time needed for creating an application and following from that, the time for taking new products and experiences to market. Also, because many of these tools come with capabilities such as security readiness, extensibility, cloud readiness, easy maintainability, and internationalization features, it further reduces the need for development and customization, thus reducing bank’s total cost of ownership.
In a dynamic environment where agility is critical, the importance of low code/ no code tools cannot be overstated. Rapid adoption of low code/ no code is only going to accelerate in coming years.
