Digitalization in financial services has seen a positive growth curve over time. Now, traditional banks are re-thinking their strategies for an enhanced customer relationship. At the end of the day, banks aim to fulfil the ever-changing customer expectations. This means that banks have to proactively meet the customer needs while ensuring regulatory compliances and their overall profits. This perspective of the banking industry has opened the need to have a low-code approach for their digital services.
Why Low-code approach?
As and when the generation evolves, customer needs also changes. With different circumstances calling for different requirements frequently, it is cumbersome for banking channels to adopt a flexible environment. Every time the needs change, banks have to spend a fortune to build software from scratch, test its sustenance with the changing environment simultaneously taking care of all the security compliances.
Nevertheless, financial institutions have to still be in the race to provide quality services, which fulfil customer requirements all the time. The best way to do that is to upgrade the existing software to meet the goal rather than building whole new software from scratch. And that is precisely what low-code approach does in software development.
Developers use drag-and-drop elements in low-code approach and model-driven logic through a graphic user interface to develop web and mobile applications. This means that for the existing software, additional features are implemented when necessary, which results in faster and cheaper deployment.
Benefits of Low-code platform
Here are some reasons why Low-code platform is in demand for banking applications:
1. Flexible updates
Increase in digital transformation calls for frequent updates and releases. With low-code approach, the software can be flexible with all the updates and developers will only have to change specific elements of the software.
2. Agile and pocket-friendly
Being agile is the main factor which decides the efficiency of any software. Making small changes in existing code component is easier and faster which is precisely what low-code approach follows.
3. Enhanced customer experience
We say it again and again- customer requirements are not constant. Therefore, building a potentially dynamic software keeping in mind the changing customer needs will reward you with reinforced customer relationship.
4. Secured Automation
The obvious question in low-code approach is the security issues. To ensure a secure channel, automating the software, which is capable of understanding the low-code approach and being resilient to vulnerability will strengthen software security.
5. Easy Maintenance
In low-code approach, existing code module is pre-tested therefore, it requires low maintenance. Also, the software that is built will be compatible with additional features.
Kony’s Low-code Approach
Kony’s low-code approach provides drag-and-drop visual environment to build mobile, web, and PWA applications. The key features are:
- Quick and Innovative mobile-first approach.
- Creating deep features which value user experience.
- Flexibility of external tool usage and support for development process and governance.
- Rapid digital innovation of the software with flexible low-code modules.
- Enhanced Security and Protection.
- Modern UX to engage the customers.
With its excellent low-code features and challenging capabilities, Kony is a leading platform for low-code development.
When Aspire’s digital banking partner, Temenos, acquired Kony Inc, they integrated all the functional capabilities of Kony including the Low-code approach and launched Temenos Infinity. Now, Temenos Infinity along with Aspire’s technical expertise has proven abilities to digitize a bank in just 60 days!
Know the journey of Going digital in 60 days with Temenos Infinity here:
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