Digital transformation is creating new business opportunities for financial services firms. Every digital transformation initiative should start with a clear objective, such as accelerating customer experience, increasing adoption of new digital products or services, or reducing time to market for new offerings.
In order to achieve these objectives, financial services companies must accelerate their digital innovation efforts with low code development processes.
Low-code development services enables businesses to build applications faster by using natural language instead of traditional code. While the benefits are numerous, many are still hesitant about low code development because they don’t know how it can be used in the finance industry.
What is low code development?
Low code development uses a visual environment to create applications without writing any code. It can be used to build a wide variety of applications, including mobile and web applications as well as applications for IoT and AR/VR.
It is a hot trend in software development for increasing speed to value, with a lot of investment being poured into the low code development space.
Visit here: Top Low Code Development Companies
Low code development is often referred to as no code development. The name is misleading because you don’t actually eliminate code. Instead, you use code as an input to create the rest of the application.
The promise of low code development is to allow business users without technical training to create executable applications without needing to write code directly.
Why use low code for financial services?
Traditional software development processes lead to long timelines and heavy upfront investments. In contrast, low code development offers faster delivery and significantly reduces the time to market for new products and services.
Low code development enables businesses to be more agile with their software development efforts. It allows them to respond more quickly to customer needs and significantly reduce their time to market. As a result, digital transformation initiatives are more likely to achieve their intended business outcomes.
Benefits of Low Code Development in Financial Services
– Speed to market – Lower time to delivery of new digital products and services can help financial services firms to stay ahead of their competition. – Focus on the outcome – Low code development promises to shift the focus away from how the software is built.
Instead, businesses can concentrate on the outcome they want to achieve, such as a new customer experience, or new offerings. – More flexibility – Traditional software development processes are heavily reliant on the software development life cycle.
In contrast, low code development offers businesses more flexibility when building new applications. – Reduced risk – Traditional software development cycles are lengthy, which makes them more susceptible to cost and timing risks. Low code development reduces the risk of project delays and increases the quality of software due to better testing.
How to accelerate digital innovation with low code?
Follow these five steps to leverage the benefits of low code development in financial services. – Business transformation – Business transformation is the first step to accelerating digital innovation.
Traditional software development focuses on building the right application. However, low code development enables businesses to shift the focus toward customer outcomes. – Business vision – A clear business vision is essential for leveraging low code development.
With a clear vision of where you want to go, it is much easier to decide which tools and technologies are needed to get there. – Prioritize customer experience – A customer-centric business process enables businesses to create exceptional customer experiences.
You can use low code development to create digital offerings that meet customer needs. – Create the right culture – An organization must be ready to embrace change and actively work toward change without waiting for customers to come to them. It must also create an environment that is conducive to change by fostering a culture of innovation.
Roadblocks in digital innovation with low code development
– Wrong expectations – Low code development doesn’t eliminate the need for businesses to create a roadmap or a roadmap. It simply makes it easier to create a roadmap.
– Poor culture – Even though low code development offers flexibility, it is not a silver bullet for all business problems. Businesses must still have a clear understanding of their own limitations before adopting a low code approach. – Disconnected teams – Low code development is specifically designed for teams that work with each other. If teams are disconnected, resiliency and scalability can be challenging.
Financial services companies that choose to use Mendix low-code development can accelerate their digital transformation efforts.
However, businesses must first understand the benefits of low code development and then make sure they are prepared for its adoption.
The key to digital transformation is to start with a clear objective, such as accelerating customer experience, increasing adoption of new digital products or services, or reducing time to market for new offerings.
In order to achieve these objectives, financial services firms must accelerate their digital innovation efforts with low code development processes.