Low-code platforms are software development tools that allow users to create applications with minimal or no coding. They enable faster, easier, and cheaper development of digital solutions for various business needs. Low-code platforms are especially useful for the banking industry, which faces many challenges such as increasing customer expectations, regulatory compliance, legacy systems, and competition from FinTechs.
In this blog post, we will explore the benefits of low-code platforms for banking and review some of the best low-code platforms available in the market. We will also provide some tips on how to choose the right low-code platform for your banking needs.
Benefits of Low-code Platforms for Banking:
Low-code platforms offer many advantages for banks that want to digitize their processes, products, and services. Some of the main benefits are:
- Speed: Low-code platforms allow banks to build applications faster than traditional coding methods. They use visual interfaces, drag-and-drop components, pre-built templates, and integrations to simplify and accelerate the development process. Low-code platforms can also enable rapid prototyping, testing, and deployment of applications.
- Agility: Low-code platforms allow banks to adapt to changing customer needs, market trends, and regulatory requirements. They enable banks to modify and update their applications easily and frequently without affecting the existing functionality or performance. Low-code platforms can also support agile methodologies and collaboration among business and IT teams.
- Cost: Low-code platforms reduce the cost of development by minimizing the need for skilled developers, complex infrastructure, and maintenance. They also lower the risk of errors, bugs, and security issues that can result in rework, downtime, or breaches. Low-code platforms can also increase the return on investment (ROI) by delivering value faster and improving customer satisfaction and retention.
- Innovation: Low-code platforms enable banks to innovate their offerings and differentiate themselves from competitors. They allow banks to leverage data, artificial intelligence (AI), and advanced analytics to build intelligent applications that offer predictive insights and personalization. They also allow banks to create digital ecosystems using APIs, microservices, and Cloud-native functionalities to integrate with FinTechs and other third-party providers.
List of Top 7 Low-code Platforms for Banking:
There are many low-code platforms available in the market, but not all of them are suitable for banking applications. Here are some of the criteria that you should consider when choosing a low-code platform for banking:
- Industry-specific: The low-code platform should have features and functionalities that cater to the specific needs and challenges of the banking industry. For example, it should support compliance with regulations such as GDPR, PSD2, KYC, AML, etc. It should also have templates and components for common banking processes such as customer onboarding, account opening, loan origination, etc.
- Scalable: The low-code platform should be able to handle high volumes of transactions and users without compromising on performance or reliability. It should also be able to scale up or down as per the demand and growth of the business.
- Secure: The low-code platform should have robust security measures to protect the data and transactions of the bank and its customers. It should have encryption, authentication, authorization, auditing, logging, backup, recovery, etc. It should also comply with security standards such as ISO 27001, PCI DSS, etc.
- Customizable: The low-code platform should allow banks to customize their applications according to their branding, workflows, preferences, etc. It should also allow banks to extend or enhance their applications with custom code or integrations.
- Compatible: The low-code platform should be compatible with the existing systems and infrastructure of the bank. It should be able to integrate with legacy systems as well as modern technologies such as Cloud services, APIs, microservices, etc.
Based on these criteria, here are some of the best low-code platforms for banking that we recommend:
1. Kovaion’s Low-Code Platform:
Kovaion’s Low-Code Platform is a cutting-edge tool that enables businesses to swiftly create and deploy applications with minimal coding. This platform is designed for the agile creation of personalized and enterprise-ready applications.
1. Generative AI App Builder
The platform boasts a Generative AI App Builder, which is a user-friendly interface fostering seamless collaboration between IT professionals and business users in the development process.
2. Simple Application Builder & Advanced Dashboard
Kovaion’s low-code application development system is a web-based platform optimized exclusively for small businesses to enterprise companies. It offers a simple application builder and an advanced dashboard for easy management.
3. Drag and Drop Workflows
The platform provides a drag-and-drop interface for building workflows, making it easy for users to design and implement business processes.
4. Third-Party Integration
Kovaion’s platform supports third-party integration, allowing businesses to connect their existing systems and enhance their capabilities.
5. Email Notifications & Personalized App Experience
The platform also includes features like email notifications and the ability to create a personalized app experience.
Benefits of Kovaion Low-Code Platform
1. Faster Time to Market
With Kovaion’s Low-Code Platform, businesses can accelerate their app development, resulting in quicker time-to-market.
2. Reduced Cost
The platform allows businesses to build applications with minimal coding knowledge, reducing the cost associated with traditional development methods.
3. Increased Productivity
Kovaion’s Low-Code Platform improves productivity by enabling businesses to streamline their development process.
4. Premium Customer Experience
The platform is designed to provide a premium customer experience, with its user-friendly interface and advanced features.
5. Use Cases in Banking
In the banking sector, a key advantage of the Kovaion Low-Code Platform is the quick development of custom applications, streamlining crucial functions like customer onboarding, loan processing, and fraud detection.
Whether you’re an entrepreneur launching a startup or an enterprise-level company looking to accelerate your app development, Kovaion’s Low-Code Platform can be your partner to achieve your business goals.
Mendix is a leading low-code platform that enables banks to build out digital ecosystems using composable, reusable components. Mendix offers industry-specific solutions for banking such as customer onboarding, native banking applications, digital lending, etc. Mendix also supports Cloud-native development, AI-assisted development, multi-channel deployment, etc.
OutSystems is another leading low-code platform that enables banks to build enterprise-grade applications with speed and agility. OutSystems offers industry-specific solutions for banking such as digital account opening, omnichannel banking, fraud detection, etc. OutSystems also supports Cloud deployment, AI-powered automation, DevOps integration, etc.
Appian is a low-code platform enabling banks to automate their processes and workflows easily and efficiently. Appian offers industry-specific solutions for banking such as customer due diligence, commercial lending, trade finance, etc. Appian also supports Cloud deployment, AI and machine learning, business process management, etc.
Unqork is an online platform that enables banks to build complex applications without writing any code. Unqork offers industry-specific solutions for banking such as consumer banking, wealth management, insurance, etc. Unqork also supports Cloud deployment, data integration, security, and compliance, etc.
6. Betty Blocks
Betty Blocks is a low-code platform that enables banks to build applications with drag-and-drop functionality and visual modeling. Betty Blocks offers industry-specific solutions for banking such as online banking, payment processing, mortgage calculator, etc. Betty Blocks also supports Cloud deployment, API integration, data security, etc.
Creatio is a low-code platform that enables banks to build applications for customer relationship management (CRM), sales, marketing, and service. Creatio offers industry-specific solutions for banking such as retail banking, corporate banking, customer loyalty, etc. Creatio also supports Cloud deployment, AI and analytics, business process automation, etc.
8. Zoho Creator
Zoho Creator is a low-code platform that enables banks to build applications for data management, automation, and collaboration. Zoho Creator offers industry-specific solutions for banking such as loan management, expense management, invoice management, etc. Zoho Creator also supports Cloud deployment, API integration, data security, etc.
How to Choose the Right Low-code Platform for Banking
Choosing the right low-code platform for banking depends on your business goals, requirements, budget, and preferences. Here are some steps that you can follow to make an informed decision:
- Define your objectives: What are the problems that you want to solve or the opportunities that you want to seize with low-code? What are the expected outcomes and benefits of using low-code?
- Assess your needs: What are the features and functionalities that you need from a low-code platform? What are the technical and business constraints that you have to consider?
- Evaluate your options: What are the low-code platforms that meet your needs and fit your budget? What are the pros and cons of each option? How do they compare in terms of performance, usability, scalability, security, etc.?
- Test your choices: How can you test the low-code platforms that you have shortlisted? Can you get a free trial or a demo? Can you build a prototype or a proof of concept?
- Select your partner: Which low-code platform can best support your banking application development? Which low-code platform can offer you the best value for money? Which low-code platform can provide you with the best customer service and support?
Low-code platforms are powerful tools that can help banks transform their digital capabilities and deliver superior customer experiences. By choosing the right low-code platform for banking, banks can reap the benefits of speed, agility, cost-efficiency, and innovation. Low-code platforms can also enable banks to create digital ecosystems that integrate with FinTechs and other third-party providers.
If you are interested in learning more about low-code platforms for banking or want to start building your banking applications with low-code, contact us today. We are experts in low-code development and can help you find the best solution for your banking needs.