The development of digital channels with Low-Code technology brings fast, efficient solutions closer to users.

The difficulty of developing software to enhance digital channels in a short space of time has been left behind with the implementation of Low-Code platforms. 

Low-Code developments help teams work more quickly and increase the production of quality digital services for the entire organization.

Over the past two years, the pandemic has shaken most industries and highlighted the need for companies to go digital and compete with fintech startups that are scaling rapidly around the world. 

In this context, it’s important to understand the advantages of Low-Code platforms and how the swift, large-scale digital transformation that companies are experiencing will benefit from this technology in 2022.

  • Low-Code Development = Releases in Months, not Years

One of the principal attributes of Low-Code platforms is speed: the time that elapses from the conception of a product to its launch—time-to-market—is reduced considerably. 

Thanks to its drag and drop formats and visually simple environments, web and mobile applications can be developed using processes and templates specific to the financial industry, without the need for building software from scratch, thereby saving execution time.

This approach also avoids the typical mistakes that are made when writing codes manually, because the configuration has built-in security standards and comprehensive functionality in mind.

In this way, it lets developers focus on the strategy behind the channel, leaving the technology to handle “carpentry” of coding.   

Productivity also increases. With applications being built at a much faster pace, the technology team won’t be overloaded with requests and there’ll be fewer projects in the queue. In addition, tech and business areas can work together in unison on vertical projects. 

The advantage of creating applications in record time allows the organization to test ideas more quickly. And if something doesn’t work, it can easily be changed or adjusted. 

  • Open Development Platforms for the Open Banking Era

The financial industry is moving into the era of open banking, and Low-Code platforms are ideal for this integration. 

They’re configured to work with APIs (application programming interface), which allows application architecture to be opened (even in legacy systems) and connected to other systems.

This means that even financial institutions with closed core can use Low-Code tools to build software that allows them to connect with third parties without the need for significant investments to change all their systems.

In the same vein, using the Low-Code platforms of experienced companies creates an important source of income for banks, which can use this “bridge” to introduce its solutions or data to third parties and establish collaborative services with other industries; for example, incorporating credit products into a retailer’s portal under the embedded finance model. 

Another advantage is that these platforms can help lead to innovative customer experiences as developers spend less time on repetitive tasks and have more space to think about new solutions or integrate existing ones in new ways.

  • UX to Eliminate Friction and Ensure Adoption

Improving the user experience (UX) and increasing personalization makes for a satisfied customer. 

The financial world is complex. That’s why it’s crucial to reduce technical jargon and replace it with information that’s friendly and helpful and is presented using interfaces that are pleasant and easy-to-use.

A Low-Code platform that uses a drop and drag feature allows developers to create (and scale)  even complex operations. They’ll also be able to allocate more resources to customization and to developing new features.

It’s important to remember that Low-Code can more easily address the user’s interests and needs since it natively solves challenges inherent in technology solutions, such as scalability, information security, and rapid implementation.

A balance between security and ease of use is crucial to achieving this. 

  • Omnichannel That Provides Solutions According to User and Device

Nowadays, interaction with the user has become a challenge and it’s important to create applications that provide experiences at different touchpoints.

In this sense, Low-Code tools are used both to develop multi-experience content and its application in different contexts and devices. 

Therefore, the elements that make up the experience—such as design, UX, data, and integrations—can be moved from one medium to another without the need for developing parallel projects. 

User data can also be reused, which prevents having to request customer information again and again.

  • Lean on Those Who Know

Low-Code platforms are quickly gaining market share, and the need to accelerate digital processes has also grown. Technology providers can become banks’ guides for facilitating their product launches.

Low-Code is a potential solution for businesses, as it connects the ideas of the commercial department and their practical implementation through technology. Generally, financial institutions have their clients’ needs very well mapped, but things get complicated at the moment of execution.

Low-Code platforms are toolboxes from which decision-makers can draw and continue to lay their foundations. 

Having a Low-Code provider allows you to seize opportunities in the market and maintain leadership. 

Low-Code platforms can make the difference when it comes to building digital channels. They boost agility and security and reduce the time required for new products to reach the user’s hands. That’s why they provide invaluable aid for turning a business idea into a tangible solution.

Andy Tran