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Why ISVs Should Use Low-Code To Solve Challenges For The Banking Sector

The banking and financial sector generates a massive amount of data, with studies indicating that over 2.5 quintillion bytes of data are generated per day. Each activity and business function in the banking sector leaves a digital footprint backed by data, which opens up a wide variety of opportunities for financial institutions to refine the overall management of this information.

To address various challenges related to digitization, financial institutions require powerful software platforms that can improve user experiences, lower costs, increase business agility and accelerate speed to market. Therefore, low-code technology can enable your ISV (Independent Software Vendor) to create intelligent solutions quickly and easily, thus allowing your organization to add automation and facilitate innovation for the banking sector.

To combat the slow adoption of digital banking solutions, low-code development platforms can significantly accelerate enterprise application development without needing to invest large amounts of time, financial resources and human resources. Low-code is the most easily implementable solution that could help ISVs overcome the challenges that the banking industry is currently facing to help embrace and facilitate digital transformation more quickly.

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How the Banking and Financial Sector Can Get the Most Out of Low-Code

The banking and financial sector forms the backbone of any economy. It is responsible for facilitating various crucial activities including investment, insurance, banking, etc. In many ways, the banking and financial sector paves the path for development by making funds available for new businesses.

Naturally, financial service institutions serve millions of customers every day, in turn, maintaining and processing millions of terabytes of extremely sensitive customer data. Therefore, their service system hence has to be iron clad in order to be able to handle any attacks and breaches.

The expanding customer base of banks also warrants the need for increased operational assistance. Therefore, banks and financial institutions need technology that can allow them to create a system that is tailored to fit their unique needs. That is where low-code technology steps in.

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How Can Cities and Local Governments Leverage Low-Code To Overcome Their Biggest Challenges

Urban technology has experienced rapid change over the past couple of years. New digital systems are constantly being introduced in cities and local governments, and thus consequently being integrated into daily life. The increasingly vast innovations and consistent updates in technological solutions and mobile systems can provide cities and local governments with a wide variety of benefits that can help them overcome their biggest operational challenges. Smart cities can leverage the power of low-code solutions to deal with monitoring issues, analyze data, collect, track and monitor information and systems and establish order in various processes.

A smart city is defined as a geographical area that leverages the power of technological solutions to provide its citizens with the most optimum and efficient communal processes by improving administrative systems, public services and overall quality of life. Recent studies have shown that the revenue from smart city infrastructure is forecasted to grow to more than $100 billion by the year 2025.

Furthermore, low-code application development platforms can enable smart cities to build powerful solutions that can automate various time-consuming and impractical daily processes that cities and local governments are tasked with overseeing.

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How iPaaS bridges the gap between low-code and professional development

How integration platform as a service (iPaaS) offers a comprehensive and standardized way to develop and integrate business-critical applications.

Every business technology system consists of multiple subsystems working together to form a cohesive environment that can handle mission-critical operations and workflows at the speed and agility demanded by today’s market. Running a business also demands the collaboration of people and systems from across a wide range of operations, such as sales, marketing, and customer support. Each of these departments uses different apps and systems, which all need to work together to achieve smooth operations. If they do not, each department will operate in a silo, to the detriment of customer and employee experience alike.

Among the most pervasive challenges facing today’s enterprises is the need to integrate new apps and functions into increasingly complex and disparate technology environments. Further adding to this overarching challenge is the fact that developing and integrating new software is often a lengthy process fraught with myriad difficulties of its own. These include addressing the demands of information governance, security, privacy, and availability, to name a few. This is why organizations need integration platforms to build more efficient and scalable technology systems that can easily adapt to ever-changing business needs.

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What Are The Steps Of Digital Transformation?

Digital transformation is defined as the process of adopting and integrating digital technology into numerous different business functions of an organization to meet industry trends, market changes, and evolving customer expectations. One of the key factors for the success of any modern organization is constant and consistent digital transformation.

Studies have shown that the digital transformation industry is expected to reach a market value of approximately $3.3 trillion with a Compound Annual Growth Rate (CAGR) of 23% by 2025.  Digital transformation can help your business redefine existing business processes, enhance existing systems, automate workflows, gain a competitive advantage and much more.

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7 ways low-code solutions accelerate digital transformation

By making software development less burdensome on resources, low-code contributes to the acceleration of digital transformation and business-wide innovation.

It is often said that every company is a software company. Computers play a key role in almost everything we do. They are becoming embedded in everything from the cars we drive to the homes and cities we live in.

For organizations, computers and software have become critical for handling everything from customer relationship management to supply chain management. At virtually every customer touchpoint, there are digital interactions that leave a trail of data, from which they can unlock valuable insights, provided they have the right software solutions.

Digital transformation is the driving force behind these innovations. It is the process we use to create new business processes and customer and employee experiences or improve existing ones. It is the reimagining of business in the digital age, and software naturally plays a central role in that process. This is why the pressure is constantly growing on organizations to ease the burden of software development and, in turn, accelerate digital transformation.

Organizations that fail to embrace digital transformation face a very real and growing risk of losing their competitive positions and becoming irrelevant in today’s fast-changing world. One of the main causes of such failure is the difficulty in overcoming the inherent complexities of software development and the lengthy project lifecycles that come with it.

To overcome the challenges, organizations must be able to develop and integrate new tools and capabilities quickly, scale their applications in the cloud, automate routine workflows, and continuously modernize customer experiences.

To accomplish these tasks, software teams need a way to quickly deliver applications and iteratively improve them based on user feedback. Traditional software development is wholly unable to keep up with the need for speed and scale, which is why organizations need low-code software development to accelerate digital transformation.

Here are some reasons why low-code matters in digital transformation:

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What Is An Open-Source Hardening Project?

With the evolution and increasing integration of digital technology, the use of open-source technology has also increased exponentially. Open-source software is defined as any computer software that allows and enables users as well as the general public to utilize, modify and redistribute its source code freely. A recent study conducted by Red Hat concluded that 75% of IT leaders felt that enterprise open-source software was extremely important.

Although many users may question the reliability of open-source software, the open-source industry has and will continue to prioritize the security and reliability of open-source technology.

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How Software Sourcing Is Evolving In 2022

With changes and evolution in digital technology and solutions, many businesses may find themselves having to source and procure different types of software at regular time intervals. However, these rapid changes in various business processes may result in confusion for businesses in terms of how and where to source and procure enterprise software.

Furthermore, as supply chain processes become increasingly complex and more interconnected than ever before, it is crucial for businesses to stay informed of the latest trends and developments for software sourcing over the next year.

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Why do universities prefer to teach low-coding rather than coding?

Low-code technology is a modern-age invention that lets anyone develop complex and functioning apps. This includes people who have had no traditional coding knowledge. Low-code has not only benefited several hundred organizations across the globe, but its easy-to-learn format has allowed many people to upskill themselves and land better jobs.

75% of IT leaders have claimed that low-code is a trend they cannot afford to miss. The new-age invention that is low-code has swiftly taken over the digital world. Hence, it is no wonder that many universities are now offering low-code as a part of the curriculum. Some universities have even been known to prefer low-code education over coding classes. Various reasons that attribute to this are listed below. Read more

How Can You Make Digital Transformation Easy?

Digital transformation is defined as the process of adopting and integrating existing and upcoming technology into a wide variety of different business processes. As our business landscape continues to evolve and technology continues to develop exponentially, digital transformation can have a wide variety of potential benefits for modern organizations. These include enhanced resource management, improved productivity, and higher overall organizational profitability.

Studies show that the global digital transformation industry is expected to grow to a market value of approximately $1,009.8 billion by the year 2025, with a compound annual growth rate of 16.5%. Read more