Since the pandemic has hit this world, not only health of people has suffered but the life in general has gone down. Business, education system, economies and almost every other industry has suffered drastically. As per various industries, almost one in four retail sectors have closed down. This comes as no surprise as the challenges which these businesses faced were extreme. Big businesses are finding it so hard to make the ends meet that it is not hard to imagine what small businesses are going through. Similarly, banks that have been using traditional banking methods have faced some severe challenges.
For example, it is seen that banks that are mobile centric or offer applications for conducting transactions digitally has increased in number in the last year. The reason behind this factor is that people are unable to access physical branches of banks. Because of all these reasons massive growth has been seen in utilization of low code for embedded banking and financial services. Banks now need to be rapid, scalable, agile and adaptable in their services. In this manner low code software development is playing a very crucial role.
Role of low code in changing the business ways
- Offering limitless personalization –when brands or businesses offer their customers a chance to have personalized experience, customers feel more drawn towards these businesses. The risk of not favoring personalized experience is too high. There are chances that businesses might lose 38 percent of their customers just because of having poor personalization efforts. It works as a differentiation barrier between laggards and leaders when personalization aspect is provided. Same is the case with many business to business (B2B) customers of ISVs (Independent Software Vendors) in the industry of banking for core banking software.
Low code banking is able to make and provide this kind of personalization for financial service providers. It became possible and scalable only because of low code embedded banking. Also, it is a very effective way of conducting successful business between two parties. For instance, WaveMaker is that ISV service provider that has helped more than 1500+ banks by creating a personalized experience for them. There is no equation between traditional banking style and low code banking style. An open standards based platform of low code is not only the provider of customizations rather it also allows the applications to perform complex function through developer written code.