The banking, financial, and insurance (BFSI) industry is undergoing revolutionary upheaval due to the need for digitization. However, challenges such as legacy systems, intricate processes, rapid changes, and pricey development are inextricably intertwined with this transition.
Drivers of Low Code/ No Code Adoption
More and more businesses in the financial services industry (BFSI) are turning to low-code and no-code application development platforms to meet these difficulties. Quicker development, more agility, cost-effectiveness, reduced reliance on specialist individuals, and excellent room for creative problem solutions are all ways in which these systems contribute to addressing the issues at hand.
The BFSI industry has embraced low-code and no-code platforms for many compelling reasons:
- Low-code platforms shorten the time it takes to create an app for both developers and non-developers by making use of pre-built components and visual interfaces.
- The dynamic nature of the BFSI sector calls for adaptable solutions, which may be found in low-code platforms.
- The standard approaches to creating new software may take too long and cost too much. Low-code platforms save money since they cut down on the need for expensive bespoke coding.
- As a consequence, IT departments benefit from this trend since these platforms make app development accessible to those who aren’t developers.
By lowering the barrier to entry for creating applications, low-code platforms encourage exploration and the development of original solutions to domain-specific challenges.
What Are the Benefits of Low-Code Application Platforms?
There are many benefits of low-code application platforms for the BFSI industry. These are:
Speed up the process
Because of their visual interfaces and pre-built components, low-code platforms might potentially speed up the application development process. By simply dragging and dropping components, adjusting parameters, etc., developers may quickly and easily create completely functional applications. This quick progress may hasten the introduction of new applications to the market.
Ease the development process
Low-code platforms encapsulate the complexity of development, making it easier for both experienced developers and non-technical users to create applications. This reduces the time needed to start contributing to the development process and makes it easier for those with less coding skills to do so.
Improve collaboration and coordination
To facilitate real-time collaboration between business stakeholders, designers, developers, and other team members, many low-code platforms include collaborative solutions. The consequence is improved coordination, alignment of objectives, and shorter iterations of development cycles.
Fast response time
The rapid iteration and improvements made possible by low-code systems boost both speed and adaptability. Due to the relative simplicity of making adjustments, businesses may quickly respond to changing market circumstances, customer feedback, and government restrictions. The fast-paced BFSI industry places a premium on this kind of adaptability.
Saves money
Since low-code systems need less specialist coding and fewer technical employees for development and maintenance, they might end up saving money in the long term. This is particularly crucial in the BFSI sector, where updating antiquated systems and simplifying complex procedures may sometimes need substantial investments.
Positive effects on innovation and creativity
More individuals can become involved in app development because of low-code platforms. This promotes innovation in the highly competitive BFSI business by encouraging risk-taking and fresh perspectives on old challenges.
Easy to modify
Low-code programs are designed to be easily modified and expanded. As demand increases or new requirements are introduced, these applications may be easily expanded to meet the need.
Low-code systems often come equipped with tools for ongoing maintenance and upgrading. Doing so ensures that your applications are constantly up-to-date with the latest security, performance, and compliance standards demanded by your business.
Following are a few use cases across BFSI Industries:
5 Apps BFSI Companies Can Build in 4 weeks
With the use of low-code platforms, enterprises may be able to build the following top five BFSI apps in as little as four weeks:
1. Investment & Loan Management
The Investment & Loan Management App is the top tool on our list because of how simple it is to use. Users may see their investment portfolio balances, track their loan balances, make payments, and have access to informative financial resources. Integration with financial data APIs allows for the value of assets to be updated in real time.
2. Banking Portals and Services
Create a simple-to-navigate banking app with a wide range of features. Users should be able to do actions including seeing their account balance, transferring funds across accounts, and viewing their transaction history. Allowing for personalization might enhance the user experience.
3. Policy Issuance
Develop a smartphone app to simplify the issuance of insurance coverage. It is expected that when a user enters their information and selects the coverage options they need, the user will promptly get a copy of their policy. The chance of generating accurate estimates and hastening the policy-making process is both increased by integration with underwriting systems.
4. Claims Management
Potential users of this program to handle insurance claims are insurance policyholders. Users should be able to submit claims, attach relevant proof (such as images of damage), and follow the status of their shares in real time. Integrations with back-end systems may automate claims processing and communication with adjusters.
5. Customer On-Boarding
This app’s users should be able to electronically input data, upload supporting documents (such as government-issued photo identification or a utility bill verifying their address), and accept any relevant terms and conditions. The use of real-time verification methods has the potential to speed up the account approval process.
With just four weeks to complete development, it will be essential to focus on what matters most and make the most of low-code platforms’ advantages. Even though a four-week timeframe requires a focus on critical features, the iterative nature of low-code development allows for continuous refining and updates after launch. Businesses may first launch primitive versions of their apps to the public, then iterate on them based on feedback from users and shifting internal priorities.
Financial services and insurance companies may find iLeap’s Low-Code app development platform particularly useful. The characteristics of iLeap promote a culture of speed and agility in application development, which in turn helps firms adjust to the dynamic nature of the business environment.
Simplified Visual Design: iLeap’s visual interface is so simple, that even novice programmers may create their applications with it. By allowing for the quick creation of user interfaces that are both straightforward and interesting, the simplified drag-and-drop feature may boost user acceptability and improve user experiences.
Collaborate in Real-time: iLeap makes it easy for teams with varying expertise to work together in real time, which is essential for the creation of high-quality mobile applications. Corporate stakeholders, designers, and developers may work together to modify applications to fulfill strategic goals if they can agree on a single plan.
Seamless Integration with third-party applications: Finally, the BFSI sector highly values compatibility across apps. iLeap’s adaptability means that it may be used in tandem with a wide range of external application programming interfaces (APIs) and services. This provides a way for businesses to offer comprehensive solutions that create novel uses for well-established technology.
Rapid Deployment: The iLeap Low-Code app development platform might help businesses, financial institutions, and insurers throughout their digital transition. This all-encompassing solution allows businesses to meet their consumers’ ever-evolving demands by simplifying visuals, facilitating real-time communication, enabling seamless connection, and facilitating rapid deployment.
Since adopting iLeap’s capabilities not only speeds up application development but also sets apart businesses as pioneers in achieving low code’s full potential, they are a wise choice in today’s complex and competitive business climate. As the BFSI sector grapples with the challenges and seizes the opportunities given by digitalization, the iLeap Low-Code app development platform provides a welcome beacon of speed, efficiency, and openness to new ideas. Get in touch with us today.