Financial services comprise a wide range of activities that help an economy function smoothly. Functions of the financial services sector include deployment, raising, lending, and borrowing of funds, monitoring credit ratings, underwriting, merchant banking, and much more.
Financial institutions follow rigid operational structures and have many security measures in place. However, the dynamic nature of the current global business landscape and changing consumer demographic for banks continue to bring new challenges to the financial sector.
Therefore, the financial services industry needs to constantly evolve and develop to tackle various market challenges. Low-code platforms allow finance officials to build applications that can help them tackle challenges like security breaches, dynamic compliance procedures, changing business models, customer retention issues, and the need for continuous innovation.