In a highly competitive world, organisations are under constant pressure to innovate and streamline operations, whilst enhancing the customer experience. Low-code development has emerged as a powerful solution, offering the ability to adapt quickly to market demands and regulatory changes. Essentially, low-code platforms are tools that enable the rapid development of custom software solutions without the need for extensive coding skills. These platforms typically provide pre-built templates and drag-and-drop tools that can be easily configured and combined to create custom applications which can be easily integrated. They are designed to be user-friendly and can be used by employees who are not part of the IT department making it an attractive option for organisations looking to open up the software development process. Allowing more business users to play a proactive role. Some examples of low code platform providers include Appian , Pega, Microsoft Power Apps, ServiceNow and Salesforce all offering the ability to build applications and automate processes.
So, what are the benefits of low code development?
Accelerated Application Development
One of the most significant advantages of low-code is the ability to accelerate application development. Traditional software development can be time-consuming and resource-intensive, often taking months or even years to complete. In contrast, low-code platforms provide pre-built templates, drag-and-drop interfaces, and reusable components that enable developers to create applications at unprecedented speed.
It allows companies to respond swiftly to changing market conditions and customer demands. Whether it’s launching new digital services, automating manual processes, or implementing new solutions, low-code development empowers financial organisations to stay agile and be competitive.
Bridging the Skills Gap
The shortage of skilled developers is a major challenge for companies. Low-code development offers a practical solution to bridge this talent gap by enabling non-technical staff to participate in application development. These “citizen developers” are able to build apps using existing templates and pre built modules without the need for any developer experience. This democratisation promotes innovation and ensures that critical business functions are not held hostage by resource constraints.
Enhanced Regulatory Compliance
Stringent regulatory requirements are an integral part of company life. Ensuring compliance with ever-evolving regulations is not only a legal obligation but also crucial for maintaining trust and reputation. Low-code development can simplify and strengthen compliance efforts in several ways by:
- Automation: Low-code platforms can automate compliance-related processes, such as data validation, reporting, and audit trails. This reduces the risk of human error and ensures that regulatory requirements are consistently met.
- Rapid Updates: When regulations change, financial institutions must quickly adapt their systems to remain compliant. Low-code development allows for rapid updates and modifications to applications, reducing the compliance burden and minimizing business disruption.
- Transparency: Low-code platforms offer built-in transparency and traceability, making it easier to demonstrate compliance to regulators and auditors. This transparency helps build trust and simplifies the audit process.
Cyber attacks pose a major threat to businesses. Low-code development can help to strengthen security in several ways:
- Standardised Security Practices: Low-code platforms often come with built-in security features and best practices. These include data encryption, access control, and vulnerability scanning, ensuring that applications adhere to industry standards.
- Automated Security Updates: Security threats are always evolving, and timely updates are critical to safeguarding applications. Low-code platforms facilitate the automatic deployment of security patches and updates, reducing the window of vulnerability.
- Reduced Human Error: Human error is a common cause of security breaches. By automating manual processes and incorporating security measures into the development process, low-code development minimizes the risk of security lapses.
Low-code development is a valuable tool for innovation and growth. It reduces development costs and expedites time-to-market, ultimately enhancing business agility and competitiveness. Is it time for your organisation to harness its full potential?