In the good old days, when someone in a financial service company had an idea for a new bit of software, it meant hours, days, weeks, and months of meetings, sketches, designs and trials. Sales teams interfaced with marketing teams who then, together, did their best to get the message across to IT teams and coders. Then after months of miscommunication, redos, alpha testing and beta testing, you realise that your competitor had the same idea and beat you to the market anyway.
Then to add insult to injury, your compliance department and the regulator may have other ideas about your new amazing concept.
Then along came Low-Code Programming which has actually been with us for a number of years now. Low-Code enables companies to get software and applications out to the market faster and at less cost as they are a simpler and quicker alternative.
Low-code, as the name implies, is a development concept that requires little coding to create processes and applications. In place of employing complicated programming languages, a team can utilize visual interfaces with basic logic and drag-and-drop widgets. Low-Code has improved the time to market dramatically, especially in the areas of risk management and payments. However, in the financial services sector, there is still a barrier to non-technical individuals.
No-code environments are software development systems in which even non-technical and financial people can get involved. Processes and applications can be created without anyone composing a single line of code. These no-code programmes usually have a user-friendly interface and drag-and-drop capabilities, allowing the user(s) to envision the implementation process and describe the overall business logic with ease.
Before the COVID lockdowns, financial organizations were required to generate a lot of paper for reporting to the regulator among others. Almost overnight, they were forced to digitize for a remote workforce. The difficulty for managers to understand how well their workforce was performing could not be understated. We had to reinvent the wheel when determining what kind of support was needed. No-code platforms and widgets help managers change the way teams collaborate-in a matter of days or weeks, not months or years. No-code can play a big role in running a global, remote or hybrid workforce.
The simple answer: anyone! No-code systems not only cut out vast amounts of time in IT and development, but they also bring the magical world of application and software development to the man on the street...or rather the small business owner and entrepreneur on the street. Now, anyone with an idea or a need can jump onto a No-Code platform and start to see their idea come to life quite quickly. Sales and marketing teams can interface in real-time, with other departments like the dealing desk, compliance, and clients, right from the initial concept of an idea through to the completion of the project.
According to Harvard Business Review, no-code platforms have evolved from just facilitating function-specific tools to making it possible for a broader range of startups and business employees to truly own their automation and build new software applications with no coding while increasing organizational capacity.
According to Gartner, the global research firm, the no-code and low-code platform market grew by an average of more than $1 billion per year, from $3.47 billion in 2019 to $8 billion in 2022. It is forecasted that the no-code-low-code platform market will grow almost 20% in 2023 to $10 billion and to $12.3 billion in 2024.
Post-pandemic, Gartner also reported a 23% increase in the uptake of the use of low-code/no-code platforms.
We are already seeing the influence of Artificial Intelligence (AI) in the arena of low code and no code development. In fact, there are those who believe that AI will supersede any need for no code platforms as AI will be able to create the processes and software dreamed up by the user.
So, whether you are a financial startup or an existing enterprise, and your next great idea consists of a new way to manage risk, increase motivation for your IBs, or reduce fees for your payment gateway, take a look at No-Code programming environments. You just might be surprised.