How Financial Services Are Using Low-Code to Automate Their Businesses

As digital technology continues to evolve, market trends and consumer preferences are increasingly shifting towards online business processes. Furthermore, many financial institutions may find it extremely difficult to keep track of and manage day-to-day organizational tasks using traditional application development and manual procedures.

Low-code development tools can help financial services integrate and implement automation into processes that would have otherwise had or have been performed manually by an employee. Low-code automation is defined as the use of visual development platforms that enable citizen developers with little to no traditional knowledge of code to easily automate various manual business processes.

The rise of low-code technology in recent years has empowered modern financial institutions to innovate and transform enterprise applications and financial services. Research indicates that the financial services application industry is forecasted to reach a market value of approximately $164.01 billion by the year 2025, with a Compound Annual Growth Rate (CAGR) of 7.89%

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Five Mistakes to Avoid When Developing Apps for Your Business

As mobile technology and digital solutions continue to evolve exponentially, applications are becoming more and more valuable for business operations. Enterprise applications can help improve accessibility to organizational data and valuable insights, provide opportunities for workflow automation, simplify various business processes, improve the overall efficiency of day-to-day procedures and much more. Recent studies have shown that 47% of companies have improved their internal cross-departmental communication using mobile enterprise applications.

Although there are numerous benefits to creating applications for your business, there are certain mistakes that could potentially reduce or even negate the potential benefits of enterprise applications. Therefore, your business must be aware of any potential mistakes that occur during the application development process as well as how to avoid them.

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Why Professional Developers Should Embrace Low-Code

Recent advancements in low-code technology have completely transformed and revolutionized the field of enterprise application development. Low-code is defined as a visual approach to application development that can help citizen developers with little to no traditional coding experience to create powerful, high-functioning and custom enterprise applications. Low-code can facilitate easeless development through the use of drag-and-drop tools, visual modeling, on-screen guidance, workflow automation tools and much more.

Research indicates that the global low-code industry is forecasted to reach a market value of approximately $187 billion by the year 2030 with a Compound Annual Growth Rate (CAGR) of 31.1%. Therefore, low-code technology presents a valuable opportunity for modern businesses to significantly expedite the enterprise application development process.

However, many professional developers may be skeptical about the wide variety of advantages of low-code enterprise application development. However, low-code technology has the power to help professional developers take advantage of numerous features and tools that can drastically reduce the length of the enterprise application development cycle as well as restrict the amount of manual coding required to create high-functioning software; hence making the development process easier than ever before.

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Should You Use Your Low-Code Platform As Your Integration Hub?

Low-code application development is becoming more prevalent in all areas of business. Low-code is defined as an approach to software development that requires little to no manual coding to create complex business processes and enterprise applications. Users with no expert knowledge of coding or software development can use intuitive low-code development platforms to develop powerful enterprise applications. Many companies around the world have incorporated low-code platforms into their development stacks, hence giving them a significant competitive advantage.

An integration hub is a tool that enables businesses to interact and connect with multiple enterprise applications regardless of their location, whether they are in different cloud environments or on-premise and without needing to write repetitive lines of manual code. Data integration can combine data from various external data sources and make it much more valuable to your business. Furthermore, it enables your employees to collaborate more effectively and provide more value to the customer.

A recent study conducted by Gartner forecasted that low-code application development will be responsible for more than 65% of all application development by the year 2024. Therefore, low-code presents a valuable opportunity for both enterprise application development as well as data integration.

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How IT Leaders Can Use Low-Code To Create And Empower Agile Teams

Low-code technology has advanced exponentially in recent years and has now established a stronghold over various organizational business processes and workflows. Over the past few years, businesses have substantially increased their use of low-code development solutions to build enterprise applications and software faster, gain a significant competitive advantage and continue the cycle of integrating digital technology to transform a business.

Agile, on the other hand, is an iterative approach to project management that can help assist teams in meeting the hectic demands of today’s workplace and current business landscape. It is made up of various methodologies that are all carefully designed based on versatility, transparency, quality, and continuous overall improvement. Recent studies have shown that Agile projects have a success rate of approximately 64%.

The various advantages of Agile teams can help make managers’ jobs easier and give them more control over their organizational projects. What distinguishes Agile is its emphasis on both providing quality and value to the customer and finishing organizational tasks within the project constraints. Furthermore, dynamic low-code solutions can help facilitate and empower Agile teams to achieve much more than ever before.

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How Low-Code Speeds Up And Simplifies Full-Stack Development

Full-stack development refers to the simultaneous development of both the front side as well as the back-end of a specific enterprise web application. Full-stack development can help ensure that requirements from both the client-side and server-side are being fulfilled. This process traditionally often involves hiring highly skilled software developers that have a deep understanding of operating systems as well as client and server software frameworks.

However, this can often be extremely time-consuming and can require a substantial amount of scarce organizational resources. Therefore, incorporating low-code development tools into your organization’s full-stack development can help your business substantially enhance the efficiency of web application expansion, speed up various business processes and streamline long-term digital transformation initiatives.

Low-code is defined as a visual approach to software development that can significantly reduce the amount of manual coding required to construct a custom application. With recent studies indicating that low-code technology will be responsible for almost 65% of all global application development by the year 2024, businesses must leverage the power of low-code development to optimize full-stack development. By integrating low-code into full-stack development processes, developers can facilitate effective server and client development without having to write repetitive lines of code and individually test new software iterations.

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How To Use Low-Code For Your Enterprise App Development Strategy

Low-code enterprise application development solutions provide essential components that organizations can put together to create efficient workflows and powerful applications. Low-code solutions can help automatically generate the code behind various application features and functions, hence allowing citizen developers to assemble various workflows and custom enterprise applications without having to manually write repetitive lines of code.

Enterprise application development is defined as the process of developing high-functioning applications for enterprises that are tailored to their specific needs as well as specific business functions. These applications are deployed on a wide variety of different platforms and networks in the cloud. A recent study indicates that the global enterprise application industry is projected to reach a total market value of $527.4 billion by the year 2030, with a Compound Annual Growth Rate (CAGR) of 8.2%.

It focuses on automating repetitive tasks and workflows to enable users to complete their work in less time. With organizations being tasked with collecting, tracking and analyzing larger amounts of data than ever before, modern businesses must understand the significance of low-code enterprise application development for streamlining critical business processes, increasing overall efficiency, improving productivity levels and ultimately generating a higher ROI over time.

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Five Reasons Why ISVs Should Adopt Low-Code

Low-code is a visual application development approach that can significantly speed up the entire development process. Low-code allows users to integrate every step of the application development cycle to speed up the deployment of a wide range of solutions. Furthermore, low-code can empower your organization to develop digital systems that fit the needs of your business by breaking down traditional business and IT barriers.

An ISV (Independent Software Vendor) develops and sells software for one or more operating systems. ISVs typically work with hardware, software, or cloud hosting providers to create and deploy solutions.

Today, low-code is more than just a tool that aids development; it is a key strategy that principally shapes the way that enterprise applications are delivered. A recent study conducted by Gartner reveals that 75% of large enterprises will be using at least 4 low-code tools for IT and citizen development initiatives by the year 2024.  Low-code software platforms can enable ISVs to accelerate their digital transformation strategy at unprecedented speeds.

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How To Use Low-Code For API-Centric Development

Low-code is defined as a visual software development approach that facilitates faster application delivery with minimal manual coding. A low-code platform’s graphical user interface and drag-and-drop capabilities can help automate various elements of the development process, hence removing dependence on conventional software programming approaches.

An Application Programming Interface (API) allows businesses to expose data and functionality of their enterprise applications to third-party software developers, business partners and various departments within their organization. A visual interface enables services, solutions and data systems to easily interact with one another and leverage organizational data and functionality.

Low-code can enable citizen developers and business technologists with little to no traditional coding experience or knowledge of API solutions to take advantage of the various benefits of API-centric enterprise application development. Studies have shown that approximately 90% of developers are currently using APIs in some capacity. API usage has skyrocketed in the last decade, to a point where citizen developers and business technologists can now take advantage of low-code application development to create high-functioning API-centric solutions.

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How Financial Services Can Use Low-Code To Overcome Market Challenges

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.

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