With growing customer demands and the rapid evolution of information technology, banks need to adapt their systems almost immediately to changing market conditions. In this context, the low-code approach is gaining popularity, as it allows for a significant reduction in the app development process while enhancing the speed and efficiency of creating applications. This eliminates the need for advanced programming.
Low-code is an approach to software development that minimises the need to write code by replacing it with visual interfaces and pre-built components. As a result, applications can be developed more quickly and do not require advanced programming skills to maintain or modify. In banking, where rapid response to market demands and compliance with the highest security standards are critical, low-code enables more efficient implementation of innovation and adaptation of systems to current user needs.
Due to the relatively low entry barrier for low-code developers and the lower maintenance costs of this model in enterprises, it is becoming a fast-growing segment. Forrester predicts that its value will grow by more than 20% between 2024 and 2034, reaching $82.4 billion.
The adoption of this approach in organisations is also steadily increasing. It is estimated that by the end of 2025, organisations will rely on low-code and no-code approaches for 70% of new IT solution development – an increase of 25% compared to 2020.
It is no surprise that more and more financial institutions are choosing to adopt low-code platforms. But how exactly does low-code benefit banks? Low-code platforms offer significant cost efficiency, enhancing digital capabilities while providing benefits such as speed and agility.
A practical example of this need occurred when, due to government decisions, banks had only a few days to provide their customers with applications to access government support programmes. With a low-code approach, banks can seamlessly adapt their systems to new regulatory requirements and quickly implement changes in urgent situations.
Adopting low-code technology in banking offers financial institutions numerous benefits – from optimising costs and deploying new solutions faster to improving the customer experience.
One of low-code’s greatest strengths is its ability to rapidly build and deploy new solutions. The drag and drop feature simplifies workflow creation and application development, making it easier for teams to design and implement business processes. Pre-built components and automated processes significantly shorten the application development cycle. Banks can respond flexibly to changing regulatory requirements, market demands and customer needs, and introduce innovation in a much shorter timeframe than with traditional development approaches.
Low-code enables the creation of personalised applications and services tailored to the needs of bank users. Low-code platforms streamline customer onboarding, enhancing user experiences by making the process more efficient. This allows banks to deliver services with intuitive interfaces while ensuring consistent customer service across multiple communication channels – from mobile applications to online platforms. This approach increases customer engagement and loyalty to the financial institution.
Traditional software development methods require significant financial investment for development, maintenance and regular system updates. Low-code platforms help modernize legacy systems, thereby facilitating digital transformation and reducing costs. The low-code approach reduces the costs associated with hiring and maintaining in-house development teams. It allows banks to manage their budgets more efficiently while accelerating digital transformation.
The decision to implement low-code technology in banking involves selecting the right platform to meet the specific needs of the financial sector. Robust security features are critical for low-code platforms in the banking sector, emphasizing the need for data encryption, secure authentication, and stringent access controls to protect sensitive financial data and comply with regulations. There are several leading solutions on the market, such as Mendix, OutSystems, Appian and Eximee, that enable rapid development and deployment of banking applications.
To safely and effectively implement the low-code model within an organisation, it is essential to consider the following aspects:
To realise the full potential of low-code in banking, it is essential to follow best practices in the development and implementation of this tool, while ensuring high performance and scalability of the resulting solutions.
To achieve the full potential of low-code technology, it is essential to understand how these applications work and what mechanisms influence their efficiency.
By addressing these issues, banks can make informed decisions that support process development and optimisation.
Low-code platforms such as Eximee are widely used in the banking sector, enabling financial institutions to accelerate digital transformation, automate processes and improve customer service.
Using a visual editor, banks can design, implement and automate complex processes. The Eximee platform also ensures seamless integration with existing systems, enabling rapid adaptation to changing requirements.
Eximee enables easy and secure integration of different communication channels such as desktop applications, mobile applications, branch service systems and call centres. This allows customers to access banking services in the way they prefer, regardless of the channel they choose.
The platform provides pre-built process templates and essential components that accelerate the creation of applications tailored to banks’ needs. Low-code platforms streamline and accelerate the software development process by using visual interfaces and pre-made components, reducing the need for extensive hand-coding. This solution enables the rapid deployment of new services without the need for extensive development resources.
Eximee allows bank staff to track case status and generate statistics, enabling financial institutions to continuously analyse operational efficiency and optimise ongoing processes.
An intelligent form builder enables banks to design intuitive and consistent user interfaces, ensuring a seamless experience across all service channels.
Eximee provides an advanced task management tool for bank employees, enabling efficient monitoring and execution of ongoing tasks. This solution improves process control and streamlines workflow within the organisation.
The future of low-code in banking will be closely linked to automation, the implementation of artificial intelligence (AI) and the use of flexible system architecture. The driving force for banks will be the increasing expectations of customers, who value fast response times and the adoption of modern solutions.
The integration of AI with low-code will enable banks to automate decision-making processes – from data analysis to risk assessment and offer personalisation. This will allow them to respond more efficiently to customer needs and improve service delivery.
The combination of low-code and robotic process automation enables automation at scale, reducing the need for manual intervention by employees. Banks are using this approach to speed up customer service, minimise errors and reduce operational costs.
Cloud-native solutions will enable banks to flexibly scale services and rapidly deploy new solutions. Composable banking, based on modular components, will make it easy to implement changes without affecting the entire infrastructure.
The low-code approach brings many benefits to banks – from reducing costs and delivering new services faster to improving the quality of customer service. It also enables process automation and rapid adaptation to changing regulatory requirements. In addition, low-code platforms can be seamlessly integrated with financial institutions’ core banking systems.
The future of the banking industry will be increasingly tied to low-code solutions, which will become a key tool for driving innovation and digital transformation in financial institutions.
Do you want to know how the Eximee low-code platform can support your bank in customer service, process optimisation and operational cost reduction? Book a meeting with one of our experts!
