Financial services form the backbone of the world economy. Most organizations require the assistance of banks to launch and carry on their operations.Ensuring efficiency and accuracy in all operations of finance services hence becomes imperative not just for individuals but for the economy as a whole.
As rapid innovations in digital technology and low-code solutions continue to evolve at an exponential rate, it is crucial for modern businesses to understand the significance of speeding up innovation in various financial services. It has been proven that organizations that prioritize the acceleration of software development and innovation have been proven to experience significantly higher competitive advantage over their counterparts that don’t.
However, innovation in financial services can be an extremely difficult process due to a lack of financial and human resources, competent digital systems and time. Furthermore, many financial institutions are often so focused on meeting short-term goals that long-term innovation seems impractical and unrealistic. However, low-code technology may be able to help financial institutions speed up innovation in financial services.
A recent study conducted by Microsoft anticipates that 450 million out of the 500 million applications that are expected to be developed and distributed over the course of the next 5 years will be created using low-code platforms. Therefore, the rise of low-code technology presents an extremely valuable opportunity for modern businesses.
What Is Low-Code?
Low-code is defined as a visual approach to software development that involves little to no coding to create powerful and complex applications. Low-code application development programs usually focus on graphical user interfaces, visual on-screen clues and drag-and-drop tools to help citizen developers with little to no traditional coding experience create and refine applications.
Research has shown that the global low-code application development platform industry is expected to generate a total revenue of approximately $187 billion by the year 2030 with a Compound Annual Growth Rate (CAGR) of 31.1%.
How Low-Code Helps To Speed Up Innovation In Financial Services
1) Improvements In Lead Time Change Frequency
Lead time change frequency is defined as the amount of time required for updates and changes to be developed and sent to users of a particular application.
Improving lead time change frequency rates can be an extremely important aspect of improving user satisfaction and experiences. Improving lead time change frequency can indicate to application users that your business prioritizes and values their user experience.
Low-code application development processes can enable citizen developers to leverage the power of drag-and-drop tools and visual development features to create, develop and implement changes much faster than ever before.
Low-code tools can also empower people with little to no traditional coding experience from your organization to work on implementing changes. This not only means that changes can be implemented much faster but also that multiple employees can address different issues at the same time; hence substantially improving productivity in the long run.
2) Increasing Development and Deployment Frequency
Deployment frequency is defined as how often application changes and updates are sent to service users. If financial service updates are not provided to users at regular time intervals, users may lose faith in your business’s products and services; which will ultimately impact your profitability in the long run. However, low-code application development platforms can help modern businesses significantly increase development and deployment speed.
Low-code development programs can help empower businesses to create new updates much faster than ever before without placing undue stress on application development teams. Furthermore, low-code platforms can enable citizen developers to reduce reliance on trained software developers to address bugs and other issues. Therefore, this will enable your business to create updates much faster and deliver them to users in a more optimized manner.
Your business may be able to further improve deployment frequency by defining organizational structure and workflows, automating certain repetitive aspects of application development and deployment and ensuring that development and deployment teams are appropriately staffed.
3) Reducing Service Failure Rates
Service restoration rates are associated with the time required to restore a financial service due to an unprecedented failure. Although certain occurrences such as power outages, software defects and other unplanned incidents are somewhat inevitable; they can pose a significant threat to your business and your relationship with users.
Although users may be able to understand the occurrence of these service failures; the longer that a specific service is down; the less trust a user may have in your services.
However, low-code application development platforms can help expedite the process of addressing certain service restoration issues by immediately identifying and rectifying the source of broken code or bugs.
4) Decreasing Risk of Failure
Since many service or application failures are ultimately inevitable, it is crucial for your business to prioritize identifying, addressing and avoiding certain risks that are preventable. Low-code application development platforms can help citizen developers substantially simplify various aspects of the development process which will ultimately make it much easier to identify and avoid certain potential service failure risks.
Planet Crust’s Corteza – The Perfect Low-Code Tool To Help Your Business Speed up Innovation In Financial Services
Corteza, developed and maintained by Planet Crust, is an open-source low-code platform. It comes equipped with an easy software-building architecture and instant deployment features. Corteza also has an automation engine that can be used to plan and automate various operative functions in software. Try Corteza for a week and learn about the benefit its features can bring to your business.