With an utmost requisite of remote working globally due to Covid-19 outburst, it has become essential for organizations to accept these transitions and continue to deliver without any disruptions.
We are not just battling a health outbreak, but also an economic one which commands enterprises to respond swiftly.
In order to keep the transition smooth through this phase, business operations needs to transform into becoming digital. Which in turn requires building applications, systems and linking them with legacy ones for better information sharing and updates in real time along with being responsive enough to retain customer satisfaction.
Maintaining business agility in IT systems and applications requires a great deal of effort and time from IT staff. In such times, when the teams are leaner and our responses needs to be faster, we cannot rely on building new systems or applications by traditional methods where development cycles go into months followed by days of testing and deployment in a vicious circle.
We need a solution that can help resolve business challenges in a few days, so we can be far more responsive to current situations without any major economic impairment in the organizations.
For such quick resolutions, “Low Code Development Platforms” have been gaining traction globally, not just due to Covid-19 restrictions, but for rapid digital transformation benefits.
Between 2018 – 2023, more than 500 million Business Apps will be created - IDC
Low-code market is expected to increase from $6.5 billion in 2019 to $21.2 billion in 2022 - Forester
More than 65% of application development in 2024 will be from low-code - Gartner
What is Low Code Development?
Low Code technology offers a platform that simplifies the development of enterpise applications by using a visual drag and drop interface instead of writing numerous lines of codes. These platforms provide modern user interfaces and simple integrations with all kinds of legacy systems and databases and reduces time and cost of developing applications.
Low code platforms extend a modern way of transforming conventional application development and management. Using the visual drag and drop feature of this technology, you could build all kinds of applications rapidly and deploy them in weeks. Even after deployment, making customizations is fairly simple as compared to traditional methods of development.
What drives Low code Development?
Adoption of low code platforms has globally gained momentum and is majorly driven by a need of faster application development and speed to market in critical focus areas of operational efficiency and customer experience.
How Low-Code platforms can support Banking and Financial Industries?
Banking and Financial services sector have to deal the most with market volatility that demands a lightning pace to adapt and address the changing business and customer needs.
Traditional methods of building in-house large legacy platforms or applications will not work anymore because today business needs quick reaction to market changes and resulting customer needs. A nimble response to these changes is needed the most for survival and competition. Adoption of low code platforms has soared because organizations have witnessed huge benefits in terms of business agility resulting in rapid and successful digital transformation.
Areas in banking and financial industry where low code platforms have proven beneficial
What can you accomplish with low code platforms?
Rapidly create fit-for-purpose applications
Generate complex business rules custom to every business requirement
Integrate applications with any legacy system or database
Flexible deployment options - Cloud or on premise
Get Mobile ready applications by default
Low Code No Code at time of COVID-19 crisis
One of the worst COVID-19 hit cities in the world today is New York. To quickly act through this crisis they developed a crisis-management software platform in a quick span of time that to without writing computer code via visual drag-and-drop tool i.e, Low Code No Code platform. To fight against this pandemic, they built a crisis-management portal to identify virus hot spot and connect citizens to critical services and also serve real time accurate data to management at the back end, built in just 72 hours with No code platform.
A co-space for Technical and Business Teams!
As low code platforms are driven by drag and drop style of development, this technology motivates the citizen developers (or business users) to actively participate in the application development cycle and convert their business ideas into reality. Traditionally, application development was a highly technical task where only developers would understand and execute the requirement and business users would only see the end result.
However, with the induction of low code platforms it has become easier for business users to get involved during the development phase and actively contribute. This onset of low code platforms and increased involvement of Non-IT members has led to swift application development cycles, simple integrations and customizations, consequently resulting in sophisticated DevOps and Agile practices.
NSEIT has been provisioning its customers with quick resolutions to modernize their IT application development and management strategy and enabling them to focus on their core business areas by addressing custom business requirements in highly aggressive timelines.
Kindly Check out Digital Transformation to explore our solutions!