The digital world moves fast, and the financial application must move even faster. People rely on it not only to be safe, but also reliable. We live in a world where FinTech’s ability to build and maintain a secure application on time is seriously questionable, given the talent shortage.
This puts pressure on the financial institutions that build these apps to not only build them efficiently, but to be able to provide advice on what the ideal financial app should be without the technical skills to build it themselves.
As the need for innovative FinTech app development services has increased, innovations have emerged with the power to make app development easier and more affordable: no-code development and low-code development.
Our focus is on development without coding, what it is, what it means for financial application development and where it can go next.
What is No-Code?
No-code is a software development idea based on allowing anyone with little or no programming skills to build an application. As the name implies, it does not involve viewing or writing any code. The backend of any application is a mystery to the average user without programming skills.
No-coding application development is seen as a way to enable business employees who have an institutional background and understand what an application should be, but do not necessarily have the skills to write code for it, to create software applications and add functionality as needed.
It’s a way to let those who know the company and its audience best to build the app. For FinTech, the application is an indispensable part of the business model. It must be available and reliable. Letting FinTech experts build it is a great way to ensure that business and user needs are taken into account, to create a harmonious in-app interaction.
Codeless development separates programming language from syntax and logic and instead relies on visual design elements and natural language to create functionality and quickly deliver your vision.
The difference between no-code development and low-code development is in the name: low-code will require you to know a programming language and is intended for professional developers who want to reduce delivery time.
Without definitions, let’s get down to how this revolutionary technology is transforming the development of FinTech applications. Has it really become democratic out there?
How no-code platforms are changing the FinTech application development landscape
The concept of democratization comes into play when you consider how codeless development works. You and anyone who knows how to use a mouse and keyboard can create an application. Before this, you had to not only understand the basics of development, but also learn programming languages to even begin to bring any app idea you had to life.
How does this newfound freedom transform the development of FinTech applications?
As we mentioned earlier, the ability for anyone to build an app means that FinTechs no longer have to go through the tedious process of providing detailed descriptions of what they need, risking the possibility of getting results that don’t quite hit the mark.
Experts in the field who know what the app needs to be for optimal service delivery can simply build the app themselves and leave the background work to platforms/developers that support the technology.
The benefits of having an app built by experts in the field mean it can be customized to represent what users expect while meeting strict industry regulatory standards and delivering new additions faster.
With that said, let’s talk about the main benefits of using no-code platforms in FinTech.
Benefits of using no-code solutions in FinTech
These benefits don’t just apply to FinTech, but to non-coding app development in general. For FinTech CEOs, here’s what you can expect to enjoy when you move to a no-code paradigm:
- Accelerating the development process
Development in the traditional sense is a long-term process with many moving parts. While you may need an expert to clean up the output of what you create, given the platforms that make it possible, the time it takes for your idea to go from your head to an app that people can use is much shorter.
With the speed of development without coding, you could have a simple application completed in a few hours and take only a few weeks to complete a sophisticated enterprise user application. Compared to traditional time frames, it takes months on the low end.
- Expense reduction
There is no better way to reduce costs than by reducing the number of people and time required to build an application. The speed at which you can develop an app will mean not only that you don’t have to pay as much in the end, but that you need to pay fewer people to complete the app.
- Enabling faster prototyping
Traditionally, it takes some time to present an idea and go back to what it will look like when it is ready to be implemented into the main application. In codeless development, you can build all the prototypes from scratch and make updates over time, in a short amount of time.
Rapid prototyping allows FinTech to test ideas in a timely manner and deliver new functionality that users want much faster
- The focus is shifted to the core of the application
A no-code app development platform means spending more time getting to know users and creating an app they’ll love using. With time constraints and a quick turnaround on ideas and prototypes, you can experiment with the app as much as you want without much effort.
Focusing on the app and how well it works for your business and users means more satisfaction across the board, which is great for metrics like user retention and, therefore, FinTech profitability.
- Updates are easy
FinTech applications and infrastructure are obvious targets for cybercriminals who want to steal data or make life difficult for these companies in extortion schemes. This often boils down to app bugs or other glitches that, in more cases than anyone should be comfortable with, could easily be fixed with an update.
Traditional development requires a lot of time to develop and implement fixes for flaws that can potentially expose user data to criminals. With codeless development, FinTechs can roll out updates quickly before anyone has time to exploit a bug.
Cyber-attacks and other serious security incidents are some of the worst blows a FinTech reputation can take as people’s trust is eroded, leading to a migration of the user base to other options.
- Flexibility
With codeless development, you can quickly move away from or towards a new idea, allowing you to test it and get feedback in less time. Since it’s not expensive to try new things, it’s easy for a business to implement or roll back something without negatively impacting the customer relationship.
What no coding means for the future of fintech innovation
Did we mention that times are changing? There will also be no-code development. It will become better, faster, easier to use and more capable in the hands of anyone who has a clear idea of what FinTech application they want to build.
In the future, this is what no coding will mean for FinTech innovation:
- The ability to create more than just apps
Codeless development is not limited to building apps. You can also use them for other things, including:
- Websites and web applications
- Databases and data management tools
- Workflow automation tools
- Social media tools.
The only thing that limits you is your imagination. You could do the entire IT department that runs your FinTech without code and take advantage of being able to build whatever you want on short notice.
- Everything will speed up
At the time of writing, 2023 is coming to an end. So far, large language models are capable of writing clean, usable code by interpreting instructions written in a natural language (like English) and turning them into code that you can integrate into your development process.
The speed these tools bring will increase what you can build on codeless development platforms, meaning your app can always be on the cutting edge.
But if you can use these tools, so can cybercriminals. It’s hard to predict what hackers can do with such speed and ability, and how many people who couldn’t attack you before are now able to.
However, this means that codeless development, which is the fastest way to build apps, will be your best chance of providing a secure experience for your users. The message is clear: the future is without coding!
- There will be more opportunities for innovation
If this point seems to be repeating itself, it is because it is even more true. The limitations of needing an app and waiting for someone else to hopefully build it the way you want it will free up more space for FinTech companies to innovate internally and in collaboration with their users.
With codeless development, there is room for more people to be heard, regardless of their technical programming abilities.
Stop coding and use your current capabilities to do more
Leveraging a company’s internal expertise to create an app that works for everyone is not only a fun experience, but one that encourages innovation by finding ideas from different perspectives.
As the digital age changes rapidly, FinTech that does not change with it is left behind. If you can’t innovate fast enough, iterate quickly, and change with the times within a reasonable timeframe, chances are you’ll struggle not only to acquire users, but also to retain those you may have convinced.
Going codeless is a great way to future-proof your FinTech against any rapid changes the market may throw at you, as you can change with them and continue to serve your customers at a premium level.
Given how quickly you can bring any idea presented to life, it makes collaboration a more seamless process.
Learn how to go the no-coding route today and see the benefits for yourself. Contact us today.