Low Code / No Code Revolutionary Impact over Fintech Software Development

Low and no code platforms are booming in the Fintech software development industry and have become a prime choice for creating diverse technological solutions. They help you market ideas with quick releases and are a time-tested approach to tackling pending code, lack of skilled developers, saving costs, and more. 

As per a global survey of Statista, 29% of participants voted that low code can revolutionize software development speed anywhere between 40% and 60%. Most developers agree they can leverage low code platforms to deliver precise solutions up to 20 times faster than traditional application development methods. 

The rising popularity of low code holds a market forecast of approximately 65 billion U.S. dollars by 2027. With a compound annual growth rate (CAGR) standing at 28.1% from 2020 to 2025, they have become one of the most notable trends. But do you know what they are and their influence on the fintech software development industry?

What are Low Code & No Code Software Solutions?

Understanding No Code Solution

No-code solutions allow you to create functional websites and apps without coding a single line. This helps you escape learning programming languages for developing technical software solutions. No-code development platforms offer intuitive user interfaces with drag-and-drop tools, which you can use in the software development process.

Low Code Solutions

LC platforms work similarly to no-code with drag-and-drop UIs. However, you will require the help of a developer to integrate connecting pieces for the proper function of the application. Low code technology can complete a project in less time and effort than traditional software development cycles.

For example, you can use Shopify to build an eCommerce site in much less time and effort than going with custom eCommerce solutions. 

Low Code / No Code Revolutionary Impact

Low code & No-Code solutions help you deliver customer demand hassle-free. They help create, launch, and update software solutions with a high payoff. The infographic below offers insights into the global Low-code development platform market revenue (2018 to 2025).

Source

As per a survey by Statista, 94% of senior business leaders use LC platforms and tools. Moreover, in a couple of years, by 2025, it is estimated that 70% of new business applications will be using these technologies. 

The low-code and no-code platforms allow non-technical people to build distinctive solutions for business users. This eliminates the hurdle in testing new ideas and significantly reduces project development costs. 

Who are Citizen Developers?

Non-technical people who are well-versed in using low-code and no-code platforms for developing functional websites and apps are popularly called citizen developers. Enterprises or companies looking forward to achieving agility & flexibility can trust them to make modern digital solutions.

Unlike professional financial software developers, they are not well-versed in specific programming languages & technology tools. However, they can create mobile apps and websites with standard data security available over the LC/NC platform.

Major Benefits of Low Code / No Code in Fintech Software Development

Craft Adaptable Solutions

In the fintech industry, there are continuous changes in client’s demand. Low code solutions help you test new features, meeting consumers’ demands seamlessly. The platform offers significant flexibility in designing new features by leveraging drag-and-drop user interfaces.  

Leverage Latest Trends

LC platforms and No-code tools are already equipped with the latest technology trends, which helps to build up-to-date websites and applications for the business industries. For example, you can integrate chatbots in the banking application to upgrade your website engagement rate using the no code tools.

Faster Time-to-Market

You don’t have to spend months developing the ideal solution with no code platforms. LC/NC platforms also facilitate quicker development cycles as developers only need to write minimum lines of code to integrate different functional features. 

Cost-Effective Approach

Financial organizations like banks, thrifts, and credit unions can leverage no-code solutions to save resources significantly. Planning low code developments helps with optimized budget allocation for the project. 

 

Which Fintech Applications are Best for Low-Code / No-Code Developments? 

Web-Based CRM (Customer Relationship Management) Solutions

You can use low-code & no-code solutions for building simple CRM systems. Some standard features you can include in such solutions are handling sales, customer data, tracking growth, etc. 

Use Case: Salesforce Community Cloud is a customer engagement platform developed using the low-code platform.

Digital Banking

One of the best examples of using low code for fintech is developing digital banking apps. However, you cannot create complex features in the application using low-code solutions. It is best to trust experienced Fintech software developers to create complex solutions that require integration of various compliances, authentication, authorization, and other security features.

Use Case: Infosys Finacle, a banking software solution, has been developed using the low-code platform. 

Testing New Ideas

Low-code platforms are ideal for prototyping and testing new app ideas quickly. The technological platform can help you imagine and develop ideas seamlessly with the help of drag-and-drop UIs. This allows you to skip traditional fintech software development services, which take significant time and effort. 

Use Case: OutSystems is a viable low-code platform for enterprise app development.

User Verification & Field Inspection Solutions

Banks can use LC platforms for developing user verification & field-inspections solutions. This can offer significant help with automating processing loans and other consumer-oriented functionalities. 

Use Case: A fintech startup, Revolut, uses low-code solutions with 2FA for securely identifying consumers. 

Scheduling Apps

One of the simplest uses of no-code solutions is building scheduling apps that can use calendars, schedule appointments, provide reminders, etc. Banks can integrate this into their existing software to enhance functional features.

E-commerce Websites

You can use platforms and tools compatible with low-code and no-code development technologies to build eCommerce websites. Right from a simple checkout button to customizing several vital features like protected payments handling inventory, you can integrate into your eCommerce platform. 

Use Case: The Shopify platform allows anyone to build user-friendly eCommerce websites.  

When You Must Avoid Low Code Development Platforms?

Low-code platforms are ideal for designing less complex solutions. If you want to create a website or app that needs to be highly personalized to specific workflows and operations, you must hire software development team well-versed in custom solutions. 

A team of professional developers can analyze your projects and work processes to build highly adaptable solutions. This will ensure greater productivity among the app users and help you build brand values. 

For example, you cannot depend much upon the NC platforms for building AI ideas for startups. In such cases, it is advisable to go with a custom software development approach. 

Similarly, for fintech applications that require integration of various security features, a low code platform fails to offer them.

Wrapping Up

The leading no-code and low-code platforms have opened opportunities for fintech and other business industries to undergo digital transformation journeys at a much quicker pace and affordable budget. However, you should weigh project requirements before investing in them.

At JS Panther, a fintech software development company, our consultants can help you select the best approach & technology tools for the project. We also offer standard software support and maintenance services to keep your solutions ahead.