What banks should be looking for in a digital low code solution | Expert guidance

How low code platforms are reshaping digital banking

With the rapid evolution of technology, traditional financial institutions are faced with the challenge of keeping up with new forms of digital banking. To stay competitive and drive business growth, financial organizations should look for ways to optimize their development processes in order to quickly implement new technologies to meet their customers’ needs.

As Head of Technology, I understand the vital need for CTOs to devise strategies that maximize efficiency within their financial institutions. The rise of low-code platforms offers a compelling solution to meet these demands effectively.

Key benefits of using low-code tools

In the past, developers were burdened with the manual creation of projects, juggling various tools, databases, and technical know-how. However, the advent of low-code solutions has revolutionized this process, allowing for streamlined workflow through visual programming and minimal coding expertise.

Discover 6 compelling advantages of integrating low-code tools into your development process. 

1. Speed

2. Automation

3. Agility and scalability

4. Customization

5. Cost efficiency

Streamlining innovation with a digital low-code solution

Businesses across various industries are on the lookout for agile and effective methods to foster innovation while staying ahead of the competition. Low-code development platforms present a game-changing approach, empowering organizations to swiftly design, develop, and implement robust digital solutions with minimal manual coding.

Let me shed light on the impressive capabilities of low-code tools to assist you in determining the best fit for your business.

1. Speed - Create a project in less than 10 minutes

Accelerate the development of your banking applications, whether it is BFO, IB, Android, or iOS, in just 5 easy steps. Define projects, select modules, create simple or standard transactions using pre-built templates, and effortlessly customize menus with a drag-and-drop motion.

Thanks to this technology, you can have an application up and running in under 10 minutes. The speed of this development process allows you to bring new digital banking features and services to market more quickly and in-house.

2. Automation - Reduce manual work

Enhance efficiency and productivity for your banking team by utilizing low-code tools that minimize manual steps, reducing the risk of human errors through automated task execution.

Optimize operations that efficiently generate and manage databases, streamline workflows, and decrease the need for human intervention. This optimization allows banks to allocate resources effectively and enhance operational efficiency.

3. Agility and scalability - Implement only what you need!

More companies are adopting a composable model which gives them the freedom to organize and configure their tools to be modular and interchangeable to better adapt to rapid changes in the market.

A low code platform allows financial institutions to choose which modules they wish to implement in their applications, depending on their business strategy.

By adopting a composable mindset, it would dramatically accelerate your digital transformation and position your financial institutions far better for the challenges to come.

4. Customization - Save time with ready-made templates

ebankIT Low code solution has pre-designed templates that are easily customizable through visual programming, allowing even non-technical banking personnel to create applications efficiently.

Configure menus without the need to modify lines of code and personalize transaction pages. Set project currencies, language preferences, and more without the necessity of coding.

With the help of a drag-and-drop tool, your team can easily select the components they desire for their application and seamlessly assemble them using a visual interface or a wizard. This eliminates the arduous and repetitive tasks involved in data preparation and algorithm design.

5. Cost efficiency - Minimize time, costs, and IT backlogs

To stay ahead in this competitive and fast-paced sector, businesses must adapt swiftly. Low-code platforms not only provide a significant financial edge by reducing development time and overall costs but also foster innovation, making financial services more accessible and affordable for consumers. 

Empowering banks with a new level of productivity, low-code tools offer a solution amid the challenges of talent acquisition and developer shortages. With visual programming, even those with minimal knowledge can utilize low-code technology to bridge tech gaps, accelerate operations, and alleviate IT backlogs.

By enabling self-service for day-to-day tasks, automation free up IT teams to focus on strategic priorities, driving efficiency and innovation in financial institutions.

Low code + AI: The combination for success

The past year saw significant advancements in AI technology. When we merge low-code tools with AI, the possibilities are endless. Here are three ways AI can further enhance your operations when integrated with a low-code platform.

1. Chatbots

AI chatbots integrated into low-code platforms streamline the process for banking staff to access product information effortlessly. By utilizing available resources such as documentation and user guides, these chatbots efficiently respond to inquiries, saving valuable time for staff members who would otherwise need to search for the information themselves.

Leveraging the information in the documentation, chatbots can swiftly and accurately provide answers to queries, enhancing overall efficiency.

2. Language and translations

Effortlessly create language resources without the need for manual input. AI technology can seamlessly utilize existing resources in one language, like English, and effortlessly adapt them to any other language - whether it's Spanish, French, German, or any other, eliminating the need for individual resource allocation for this process.

3. Automatically generation of Transactions

Harnessing the power of AI and low-code technology allows for the seamless creation of simple or standard transactions through natural language processing. The unique selling point lies in the AI technology empowering the low-code platform to efficiently navigate multiple steps and stay on course to complete software engineering projects.

Imagine needing to set up a national transfer transaction - simply write down your requirements, and the solution automatically gathers, comprehends, and executes the task without the need for manual intervention.

This innovative approach opens doors to creating applications that leverage machine learning in groundbreaking ways. Whether it is crafting web services, customer-facing apps, or orchestrating sales and marketing endeavors, diving into the realm of AI has never been more accessible.

Embrace a low-code solution with ebankIT Studio

ebankIT Studio has filled a void that the market was unable to fill. Although we are talking about a low-code IDE tool, which by definition allows for the creation and management of projects like others on the market, it is intended to be more vertical and oriented towards the banking business, specifically the generation and management of omnichannel digital banking projects, on which ebankIT products are based.

Unlike other low-code tools on the market, starting from a blank sheet of paper every time one wants to create a new project, ebankIT aims to deliver value to financial institutions in a much faster way than is usually possible when using generic tools, which includes "generic” or business-agnostic IDEs, whether they are low-code or not. 

ebankIT studio has come to fill a need that "conventional" IDEs do not solve and neither do low-code IDEs. Extending and customizing what the ebankIT platform already provides out-of-the-box in its product.

By leveraging visual interfaces and pre-built components, low-code solutions enable faster time-to-market, reduced development costs, and increased flexibility for customization.

Mobile teams have the flexibility to develop mobile components for projects using the ebankIT solution and utilize ebankIT Studio to create specific mobile components for both iOS and Android. Additionally, ebankIT Studio enables the generation of a complete mobile solution for iOS and Android, including tailored functionalities for these devices. However, the final step requires the use of generic IDEs such as Android Studio for Android and Xcode for iOS to compile the solution and the generated code.

ebankIT Studio stands out as a cutting-edge tool designed to address specific needs that traditional IDEs fail to meet. It is tailored to generate and manage digital banking projects, including transactions and functionalities within the ebankIT solution, from a specialized business perspective.

By abstracting the intricate technical complexities of the platform, ebankIT Studio empowers project development teams, partners, and integrators to create cohesive and uniform solutions without the need to start from scratch. This innovative approach ensures a seamless and efficient development process across different projects and teams.

ebankIT studio guarantees that these new functionalities will benefit from all the elements of security, authentication, authorizations, control of limits, recording of transaction history, etc., that the ebankIT platform provides, without having to write a single line of code in this regard.

There are no equivalent low-code tools on the market from the point of view of combining logic specific to the banking context with low-code development itself. Those that do exist tend to be generic, not specialized in a business area.

This specialized approach presents ongoing challenges that set it apart from other solutions, as highlighted in the assertion that “low-code technology is firmly established in the industry.” The distinctive nature of the code produced by ebankIT Studio goes beyond mere architectural frameworks or UI design. It serves as a pivotal factor in ebankIT’s competitive edge when delivering tailored solutions to clients. Unlike starting from scratch with traditional low-code methods, Studio leverages an already robust and functional platform, enabling efficient customization processes.

With ebankIT’s digital low-code solution, organizations can unleash their creative potential, accelerate innovation cycles, and stay ahead of the curve in a dynamic and competitive market environment.