Top 8 Benefits of No-Code Low-Code Platforms for BFSI Industry

Quixy Editorial Team

April 28, 2024

For decades, the BFSI industry has had two options for application creation: purchase pre-made apps from a third-party vendor or have professional developers and coders create and modify them from scratch. But as time goes on, low-code no-code (LCNC) development alternatives are becoming increasingly popular. The benefits of No-Code Low-Code Platforms for BFSI Industry are significant they enable users throughout the company to benefit from the power of application development.

Low-code development minimizes the need for traditional or pro-code writing by utilizing graphical tools and embedded functions for program design and development. While pro-code writing is an integral aspect of the development process, low-code development provides an enhanced and streamlined interface to enable users to begin producing content rapidly.

While low-code and no-code offer comparable user experiences, no-code development goes above and beyond by enabling non-technical business people to create apps without writing a single line of code.

Low code vs No-code 

Understanding the fundamental idea behind no-code Vs. low-code development is nearly necessary to fully appreciate its advantages.

“No-code” and “low-code” are extremely similar ideas. Both strategies, after all, were developed as alternatives to conventional application development, and they facilitate your company’s ability to give citizen developers the authority to create new apps.

However, there are a few significant differences. While the low-code approach requires at least some basic understanding of programming, the no-code approach allows business users to create apps without prior coding knowledge. It works especially well for developing focused, straightforward apps that don’t need to be integrated with other apps. 

Also Read: Low-Code or No-Code Which Solution Best Fits Your Needs?

Undeniable Benefits of No-Code Low-Code Platforms for BFSI Industry

You should be able to predict the advantages of low-code platforms by now. Even while there are undoubtedly a lot, it would only be just if we could explore them further to ensure that you are completely convinced.

Advantage 1: Huge Cost Reductions

On paper, the formula for developing a potent custom application is rather straightforward. Your goal is to minimize expenses while employing top-notch developers. Although that sounds fantastic in theory, it’s actually quite difficult to find excellent developers, and even if you can, the expenses involved are, to put it mildly, staggering. Indeed, a recent study found that employing a full-time developer may run your company as high as $28,584.

Fortunately, one of the main advantages of low-code software is enhanced cost savings. This is due to the fact that these tools simplify and make sense of many of the intricate parts of the app development process using a “drag-and-drop” interface. Based on the aforementioned statistic, that is an incredible cost savings!

Incorporating the maintenance expenses that come with developing without following low-code guidelines could make the previously mentioned cost savings even more significant. Just consider all of the operational and corporate objectives that you may accomplish with those savings.

Advantage 2: Enhanced Productivity

When reduced to its most basic form, the issue of increased operational efficiency essentially comes down to time management. Fortunately, one of the main advantages of low-code software is that.

Other team members can now focus on more urgent, mission-critical tasks since they are not as reliant on individuals with formal programming knowledge.

Your development crew undoubtedly spends a few hours creating beautiful, interactive user interfaces and linking form fields, even with their extraordinary skills. All of this is streamlined by low-code platforms like PowerApps and Quixy, which makes development incredibly effective and a real value to your business.

Advantage 3: Elevate the Client Experience

Nowadays, a consumer hardly ever accepts the minimal. They’ll be gone in an instant if you make even the slightest mistake. To put it briefly, they’re always striving for perfection; thus, a consistently subpar client experience is rather off-putting.

One of the most evident advantages of low-code no-code is that it enables businesses to develop apps more quickly and effectively, which is a huge plus for the client.

In fact, citizen developers can create and release customer-facing apps up to 80% faster with some low-code platforms. While a typical strategy for automating essential business activities can take nine to twelve months, firms can do the same in a few weeks by using a low-code approach.

For example, you may use the Common Data Service (CDS) and a library of connectors to integrate all of your data sources from within your CRM. The ability for your staff to update information in your database instantly and from any place is undoubtedly helpful, but it has a significant influence on the client experience as well.

Also Read: Enhancing Efficiency and Security: Tracking IT Assets in Banking Branches 

Advantage 4: More Effective Teamwork

The confidence low-code no-code instills in your software and processes is one of its most underappreciated advantages.

Traditional software development is, as you are aware, by its very nature a siloed process. Development teams find it difficult, at best, to inform other business teams about their activities. In the worst-case scenario, teams deliberately omit facts in an effort to be proactive.

This leads to a “siloed process.” This implies that the development team leaves the project unfinished for several months before returning with a finished result. This undervalues the importance of tight collaboration in the development process and keeps everyone else in the dark. That is precisely the goal of low-code.

Rather than having technical and non-technical departments operate in isolation, no-code app development unites disparate teams and establishes a shared vocabulary and set of objectives. To get the process started, a brief meeting with each of the relevant stakeholders is all that is necessary. Following the initial brainstorming session, everything else will just sort of fall into place. Furthermore, anyone can sit down at a computer and construct the app in real time because you don’t need to be an expert programmer to make one.

This degree of intimate collaboration helps your business in two main ways. First, low-code apps allow non-programmers to accomplish more. Second, because it takes less time, seasoned programmers can accomplish significantly more.

Also Read: Why Choose Quixy as Your Digital Process Automation Software?

Advantage 5: Accelerated Time-to-Market

Technology is becoming increasingly significant in the commercial world. Business owners desire robust, tailored solutions and want them implemented more quickly than before.

The issue is that developers aren’t true sorcerers. They are unable to launch complex apps in a matter of minutes.

If you’ve ever been in that situation, you can relax knowing that one advantage of low-code platforms is a quicker time to market. With these platforms, your team can deliver enterprise-grade applications in as little as two to three days! Indeed, if Forrester’s projections are to be believed, low code can accelerate software development up to ten times above conventional techniques. 

With low-code, your app’s time to market can be greatly shortened thanks to its drag-and-drop flexibility, prebuilt templates, and data models. These save time when establishing project needs and business goals.

In the overall scheme of things, time-to-market may not seem like much, but it is. Getting your application before the competition gives you a significant marketing edge and can position you as a thought leader in the field.

Also Read: Top 10 Financial Management Software to Look Out For

Advantage 6: Invent Largely

It would be impossible to discuss low code without also discussing innovation.

If your IT team could create creative apps fast and adaptably, just think of how quickly you could meet growth targets, enter new markets, or complete scope-intensive projects. Well, that’s no longer just a fantasy in the no-code low-code world.

The one thing that traditional development methods cannot accomplish is simplify application development, something that a minimal code platform can. Your IT staff will worry less about technical complexities and more about high-value development specifics when things are simplified. These could include important user-related elements like functionality, design, and usability—the differentiators that add value.

Still, creativity isn’t just dependent on how quickly your IT department creates unique applications. This bonus is also applicable to other departments.

Everyone will be more open to sharing ideas if they all understand exactly what it takes to create a unique app. This information is necessary to create an application that is really beneficial. As they say, we can accomplish much more when we work together than when we work alone.

Also Read: Why Choose Quixy as Your Business Process Management Software

Advanatage 7: Enhance Growth

We’ve covered the complexities of app development in great detail. As you are aware, developing apps has a well-deserved bad reputation for being extremely time-consuming and inefficient.

This is due to the fact that conventional, code-heavy platforms don’t always solve the issue of “too many cooks in the kitchen.” Put another way, rather than releasing people from the development process, they draw them farther in. However, would you think that instead of focusing on “low-value” development chores, low-code platforms actually enable individuals to accomplish more work?

All of this is related to the previously described “drag-and-drop” feature. One person may easily complete most of the code by dragging and dropping, which is a simple task.

Although certain team members may assist with tasks like product rollout and quality assurance along the road, the majority of your team won’t have to deal with the details. This maximizes the effectiveness of your entire development cycle and frees up important staff to complete important work.

Advantage 8: Greater Adaptability

Perfectly performing the same task repeatedly can bring a certain amount of enjoyment. Low-code platforms enable your team to pursue perfection precisely in that way.

The programmers on your team may be experts in their own right. Some people may even be born with the capacity to quickly identify mistakes in code by scanning it. If there’s one thing they can’t do, though, it’s work with daily productivity and efficiency.

Your team produces accurate, concise, and error-free code on a regular basis while using low-code platforms. This is due to the intelligent algorithms and artificial intelligence (AI) driving these platforms, which, as you are well aware, hardly ever make mistakes.

Additionally, you immediately bring in a very special benefit when you use AI to automate and improve coding processes: greater flexibility.

Increased adaptability translates into more free time. It indicates few or no human errors. It equals extra business value because you and your team can change course swiftly and confidently.

When combined, these increased options for flexibility can help your company become well-known before you think. More significantly, they can assist you in implementing an almost flawless development process that will cause your clients to recite the name of your product for years to come.

Also Read: How Financial Management Systems Save You Time & Money 

Explore Limitless Advantages of Low-Code Development with Quixy 

This paper makes it rather evident that low-code development has several advantages that cannot be disputed. There are several advantages, such as faster time to market, more flexibility, and extreme efficiency, and they shouldn’t be ignored. However, are there any concrete platforms that you are aware of that could assist you in finally getting over your growth problems?

There is no need to search any further. Quixy was designed just for that. The Power Platform, led by the dependable PowerApps, includes low-code and no-code development tools in its comprehensive and dynamic business structure.

Frequently Asked Questions(FAQs)