In five short years, industry specialists predict that low-code technologies will become essential for banks and financial institutions!

Low-Code and No-Code platforms are rapidly becoming indispensable tools for banks and financial institutions, as well as other sectors such as e-commerce, customer service, marketing, and human resources. According to Gartner analysts, by 2024, 65% of all businesses will be developing with Low-Code.

These platforms, which were first introduced in the 1980s and 1990s under the principles of visual programming and rapid application development, allow for the creation of applications with minimal hand-coding. This makes them a valuable asset for businesses looking to streamline their digital transformation efforts.

However, integrating Low-Code and No-Code platforms with legacy systems remains a challenge. Connectivity platforms are being developed to seamlessly connect ERPs with bank infrastructure, facilitating the smooth integration of these new tools with existing systems. Pre-built connectors for Low-Code and No-Code platforms are also crucial for optimizing integration, minimizing technical debt, and managing security risks in banks.

Embedded Treasury, a feature that allows bank data and payment processes to be integrated directly into ERPs, is another key development. This integration enables more efficient process management and faster digital product development, even without extensive IT departments.

The financial services sector, in particular, faces unique challenges. Maintaining robust security and compliance, solid data governance, and balancing innovation with effective risk management are crucial. Low-Code and No-Code tools are becoming increasingly important for insurers due to talent acquisition challenges and an increasingly volatile risk landscape.

The benefits of these platforms extend beyond the financial services sector. They offer a solution to the talent acquisition challenges faced by many businesses, as they require less coding expertise. This makes them accessible to a wider pool of potential developers, contributing to a more diverse and inclusive tech workforce.

In conclusion, Low-Code and No-Code platforms are set to revolutionize the way businesses approach digital transformation. By simplifying the development process, they open up opportunities for businesses of all sizes to innovate and adapt quickly to changing market conditions, all while maintaining the robust security and compliance required in the financial services sector.

In five short years, industry specialists predict that low-code technologies will become essential for banks and financial institutions!