Why More and More Financial Services Companies Are Using Low-Code to Build Their Own Software

Due to our constantly evolving business landscape, financial services companies are now tasked with collecting, tracking, monitoring and analyzing more data than ever before. However, with organizational resources more scarce than ever before, many financial services companies may find developing custom software and enterprise applications unattainable.

However, with the rise of low-code enterprise application development platforms, businesses can build more powerful, high-functioning enterprise applications in significantly less time than ever before. Research indicates that the global low-code industry is expected to reach a market value of approximately $187 billion by the year 2030 with a CAGR (Compound Annual Growth Rate) of 31.1%.

Therefore, as many businesses now begin to implement low-code technology into day-to-day business functions, it is crucial for modern financial services companies to recognize the power of using low-code to build enterprise software.

How Low-Code Can Help Financial Services Companies Build Custom Software:

1) A Catalyst for Digital Transformation

Some consumers may be hesitant about more digitally-focused financial services such as online transactions and digital banking platforms. Therefore, certain static approaches to facilitate digital transformation in the financial services industry have often led to more and more customer withdrawal. However, low-code application development platforms can help businesses build and deploy powerful custom, user-friendly software that can help facilitate and accelerate long-term organizational digital transformation. 89% of companies have already adopted a digital-first business strategy or plan to do so.

Low-code application development platforms can help businesses encourage digital transformation at an unmatched rate. Low-code technology can help facilitate user-friendly software development, hence significantly increasing consumer engagement. Low-code can also help target and tackle various integration and connectivity issues that end-users may face by supporting efficient application management, integration and deployment.

Furthermore, low-code development platforms can enable businesses to substantially progress and prioritize enterprise application development in the long run as well as avoid the risk of security and encryption vulnerabilities. Low-code systems can also help businesses elevate digital communication channels with current and prospective customers and hence improve long-term organizational performance.

2) Fraud Detection

With constant exponential advancements in digital technology and data systems, financial services companies are now expected to collect, track and analyze more data than ever before. However, increased digitization can also make businesses more vulnerable to malware and fraud vulnerabilities. When collecting consumer data, it is your business’s responsibility to ensure that their personal and sensitive information remains secure.

Therefore, low-code enterprise application development can enable your business to access valuable data insights without exposing your organization to various potential risks associated with consolidating various external data sources. Building enterprise applications with low-code development platforms can help avoid losing organizational and consumer data and hence reduce the risk of financial fraud.

3) Faster Software Upgrades

Financial services companies typically prioritize the functionality of their products and services over anything else. However, due to recent market changes and constantly evolving consumer expectations, financial services companies should now begin to prioritize increasing customer retention rates. Therefore, low-code technology can help your business optimize and streamline various business processes as well as expedite software development and upgrades.

Low-code solutions can help speed up the progress of software updates and digital innovation in software development, streamline digital transformation and strengthen your organization’s overall stability in the face of unprecedented market and industry conditions. Low-code can help financial services companies rapidly implement new software upgrades, deploy new solutions more efficiently, enhance the functioning of existing enterprise applications and much more.

Through faster upgrades, low-code technology will help financial services companies substantially increase customer retention rates, gain competitive advantage and make it easier to focus their attention on the upgradation and development of existing solutions and services. Furthermore, rapid upgrades are an indicative sign of credibility and reliability and can hence increase customer retention.

4) Customer Satisfaction

Customer satisfaction is the most important thing that companies should keep in mind while designing and implementing their services and products. Studies have shown that 33% of the companies have said that customer satisfaction is the primary driver for organizational transformation. From complicated transactions leading to a potential customer abandoning a transaction due to a slow loading time to enterprise software crashing due to ongoing upgrades; the quality of your business’s software is crucial toward overall long-term organizational success

With the help of low-code technology, financial services companies can now bridge technical and business development and ultimately enhance customer experiences. Low-code enterprise application development platforms can help eliminate various complexities of submitting feedback forms, implementing consumer suggestions and accessing customer service tools and communication channels. As a result of low-code platforms’ user-friendly, flexible design, customers can feel at ease and automatically have improved experiences.

5) Increased Personalization

Recent studies have shown that 80% of consumers are more likely to engage in a purchase if provided with a personalized customer experience. However, manually personalizing all communication with numerous different consumers can be extremely expensive, time-consuming and is ultimately unfeasible for many financial services companies to achieve with scarce financial and human resources.

However, with the help of low-code enterprise application development solutions, financial services companies can now incorporate customized and personalized communication and experiences based on consumer preferences and organizational goals and objectives. This flexibility and implementation of customer data will ultimately improve user experiences and increase profitability in the long run.

Planet Crust – The Perfect Low-Code Platform To Build Powerful Enterprise Software:

Powerful enterprise software is now more important than ever before. Therefore, financial services companies must understand how they can leverage the power of low-code development platforms to build high-functioning enterprise software and applications.

Corteza, created by Planet Crust, is an open-source low-code platform that comes equipped with a wide variety of features such as drag-and-drop tools, instant deployment features, data reporting tools and much more that can drastically reduce the length of the development cycle and help your business create more dynamic software.

Try a trial now so that your business can take advantage of the various benefits of low-code technology to build effective enterprise software.