Low-code for financial services
In the financial world, the pressure to digitize and innovate is increasing by the day. With strict regulations and a demanding customer landscape, it is important for financial institutions to engage in digital transformation. But how can you manage the complexity of technology and people without skyrocketing costs and lengthy projects? The answer is low-code. In this article, you will discover why low-code is so suitable for the financial sector!
The digital challenges within finance
Financial services firms navigate a complex landscape of stringent regulations, the need for operational efficiency, and the expectations of today’s customers. While struggling with aging systems, they are also under pressure to innovate amid growing cybersecurity threats. All of this requires seamless integration of technology, data-driven decision-making and scalable solutions that respond to both current and future challenges.
Explaining low-code as a technology
Terms like low-code have been in the news more and more lately. It sounds very technical, but what exactly is it? You can think of it as a toolkit. You use predefined modules to build a complete application, just as you put LEGO bricks together to build something. The result? Fast, efficient application development without having to build everything from scratch.
The rise of low-code in a financial world
Cost Efficiency
Traditional software development is expensive and time-intensive. Low-code reduces the need for extensive manual coding, leading to lower development costs.
Customer-focused solutions
Regardless of whether it is a bank, insurance company or pension fund, financial institutions have a specific customer set and specific needs. With low-code, you can create custom applications that fit seamlessly with your specific services and customer base.
Agility in a rapidly changing world
Financial organizations must respond to market changes, regulatory updates and customer needs. With low-code, applications can be launched in days or weeks, which is much faster than the months it takes when using traditional development methods.
The ROI of investing in low-code
Investing in low-code offers financial institutions numerous benefits. It speeds up the product launch, resulting in a faster time-to-market. It also helps reduce costs, as manual coding and traditional software development are often more expensive. Furthermore, it increases operational efficiency, allowing employees to focus on other critical tasks. Finally, it improves customer satisfaction by providing faster and smoother service. All this contributes to a positive return on investment.
Examples of low-code applications in finance
Here are some examples of low-code application applicationsyou can create:
| Risk Management | Risk management apps allow you to monitor real-time risk and compliance levels. This ensures faster decision-making and better compliance with laws and regulations (compliance) |
| Customer portals | A customer portal that is not only user-friendly, but also provides a personalized user experience. In terms of functionalities, think balance checks, or performing transactions. This allows your customers to act more autonomously, which increases customer satisfaction |
| Automation of processes | Financial workflows such as credit applications or claims management can be time-consuming. Low-code allows these processes to be automated. This reduces processing time and improves the customer experience |
| Fraud Detection | You can develop systems that identify suspicious activity in real time |
| Data analysis | You can develop tools that analyze large data sets, generating valuable insights about financial trends and customer behavior. This helps in making informed decisions |
| Integration of legacy systems | Older IT systems are often a stumbling block to digital transformation. Low-code provides opportunities for smoother integration of legacy systems with modern solutions, resulting in seamless workflow and operational efficiency |
Getting started with low-code?
Are you interested in integrating low-code into business operations? Follow these steps:
1. Evaluate your current IT landscape.
Identify current pain points and see where low-code can be of value.
2. Define your digital transformation goals
Are automating processes, improving customer interactions or regulatory compliance your main drivers? Create concrete goals.
3. Choose a reliable low-code partner
It is important to work with an experienced partner who has experience in both low-code and finance.
4. Start with a pilot project
By starting with a small-scale project, you can explore the value of low-code without much risk.
5. Continuous monitoring and evaluation
After implementation, track performance and adjust as needed. Take feedback from both customers and employees seriously to improve the system.
6. Training and knowledge sharing
Keep your team up-to-date with the latest low-code techniques and best practices. This way, you can best incorporate the low-code thinking into your organization!
Programs and services
Meet our low-code services
At ChangeMakers, we help organizations harness the power of low-code. Our services range from consulting, to the actual implementation of low code software. We offer two unique programs focused on advice, management and guidance (Changing), or actual development (Making).
App factory
Interim management
Low-code consulting
Training and coaching
Start low-code today
Low-code offers the financial sector the agility and efficiency needed to enable digital transformation. This is because you generate the capacity to respond quickly to market changes and, as a financial organization, you can remain competitive and serve your customers optimally.
Are you considering this transformation? Contact ChangeMakers and step into a more flexible and efficient future today!
