If you’ve been keeping up with the latest technology trends in the financial industry, you’ve probably heard low code (and no-code) development mentioned.
But…what exactly do these terms mean, and why do financial firms prefer low-code development? Keep reading to find out everything you need to know about the topic!
What Are Low-Code and No-Code Development Platforms?
Low-code and no-code development tools, such as the no-code platform by EasySend, allow companies to develop web-based apps and digital processes with little to no code required.
These types of platforms offer easy-to-use functionality, such as drag-and-drop design, that anyone with minimal technical knowledge of development can use to create very usable digital apps and tools and get them to market fast.
Financial businesses, such as banks and insurance companies, are increasingly turning to low-code and no-code platforms because they don’t require the same investment of time and resources as traditional development does.
Besides that, developing apps using low code and/or no code in insurance and banking companies provides many other benefits. Let’s take a look at what some of the biggest ones are below…
Six Ways Low-Code and No-Code Can Benefit Financial Firms
- 1. Cut down on development time
We already mentioned that financial businesses in the banking and insurance sectors can use low-code and no-code development platforms to get apps and digital processes to market faster than traditional development, but just how fast is that?
Well, according to survey results, using low code or no code can be up to 40-60% faster than coding something from scratch.
Depending on the complexity of the digital tools you want to create, you might be able to get an app online in a few weeks instead of a few months by using low- or no-code platforms.
- 2. Reduce IT costs
Developing apps and platforms using traditional techniques requires employing an in-house development team or contracting developers for an extended amount of time. Needless to say, this can cost companies a lot of money.
Low-code and no-code platforms allow someone in the company with little to no coding experience to develop apps and tools, either for clients or internal use, thus drastically reducing IT costs by utilizing employees who are already working at the company.
- 3. Get more out of existing IT resources
If a financial firm does have an existing IT department with individuals who know how to code from scratch, they can still take advantage of low-code and no-code platforms to be more productive and get digital tools to market faster.
This is because developers can use no code or low code to create the basic versions of apps, then iterate on them and develop them further using traditional coding.
That way, you get exactly the functionality you want in a much shorter amount of time than if you were to code apps from the ground up.
- 4. Improve the digital customer experience
In the banking and insurance industries, the digital customer journey is key to gaining and retaining clients.
Many financial firms operate using outdated, manual processes, which mean the customers are not getting an adequate digital experience.
With traditional full-code development, banks and insurance companies are often limited by their IT resources, and it can take a long time to digitize manual processes and develop functional web-based apps for clients.
However, with low-code and no-code development, financial companies can develop fully digital experiences in days and get rid of those outdated manual processes.
This adds a ton of value for customers by improving their digital experience, not to mention makes internal processes much more efficient, adding to the overall productivity of your business.
- 5. Increase profit margins
Outdated processes, such as excessive paperwork, suck up valuable time and resources in addition to detracting from the customer experience.
But, digitizing these processes with traditional coding can also be an expensive and time consuming process.
Both of these problems hurt the bottom line for banks and insurance companies — but low-code and no-code platforms solve these issues.
By getting more out of existing IT resources or allowing people with minimal coding knowledge to build new apps and tools with low code or no code, you’re increasing revenues and profit.
Everything from sales funnels to claims processes can be optimized using apps and systems built with low or no code.
- 6. Scale easily
As revenue increases and your business grows, it’s important to be able to scale apps and tools accordingly.
Low-code and no-code platforms make it incredibly easy to customize apps as your company grows to meet changing internal needs and adapt to customer preferences.
The flexibility of apps built this way allows you to start with something small and simple to meet your basic needs, then build on that foundation to meet growing expectations and requirements.
Banks, insurance companies, and other financial firms are very traditional businesses that must find ways to move more of their business processes online if they are to meet their modern customers’ expectations.
By using low-code and no-code platforms, financial companies with limited IT resources can build the apps and tools that they and their customers need and want.