First of all, it is essential to learn what is intended by low banking codes. Low code is an approach that is used for software development purposes. It helps in enabling the delivery of various applications in a much faster manner. Also, it utilizes minimal hand-coding aspects. Various platforms use a low code approach as a collection of tools in order to enable the visual development aspect of the application through either graphical interface or modeling.
Banking low codes and ISVs financial app development allows the developers to skip using hand-coding methods. It will also help to speed up the process of taking the application towards the production point. Transactions are made comparatively very easy and get accelerated through this approach.
Role of Low code for banking and financial services
- Development of new apps in a swift manner –Low Banking code accelerates the development of applications to approximately 50 percent. In this same manner, it also helps in reducing the cost of the development drastically. It is considered a game-changer for banks and other financial institutes, especially those who wish to provide innovative services to their audience.
- Modernization of existing applications –technical debt is known as one of the highest costs that are associated with the trends of development. As technology advances, customers expect to be provided with the most enjoyable and sleek experience while using an application. With the usage of low codes, banks can easily modernize their applications to provide a high-end service experience to their customers.
The role of ISV in financial app development
There are various companies that claim to work as independent software vendors (ISV) who develop and sell products and applications. However, it is one separate thing to develop a product or application and a totally different thing to be successful in it. It has been more than three decades that ISVs are considered as the go-to technology partners for banks for developing applications used either internally or by the customers.
Banking low codes and ISV financial application development has a great chance and opportunity to help the banks get accustomed to the new emerging trends of the market. A great Independent Software Vendor is Wavemaker, as it provides banks with all the help that can satisfy their customers. It works in a modern ecosystem and with great agility, innovation, and speed so that banks can tackle all the different customer needs easily.