Low Code Has Truly Arrived!
If 2014 was just the beginning for low code, then 2022 has to be the year of low code boom. The pandemic necessitated the digital transformation of enterprises, and low code stood out as the best tool to make it happen.
Today, leading research groups and analysts across the globe reckon low code platforms to unlock organizational efficiency, speed, and agility. According to Forrester, “low code has the potential to make software development as much as 10 times faster than traditional methods.”
Understanding Low Code Platforms
In simple words, low code is a visual and interactive method of application development to help developers translate complex business needs into intelligent applications through minimal coding. A low code platform can be one of the best business choices you ever made if you’re looking to –
- bridge operational silos,
- enable rapid application development,
- respond to dynamic business needs with speed and agility
- unlock organizational efficiency and innovation.
This brings us to our compilation of the top 10 ways enterprises across industries can leverage a low code platform:
- Hassle-free Account Opening: A low code platform can help banks deploy an intelligent and easy-to-use account opening interface for customers. This interface empowers customers to initiate and complete their applications across various channels without losing their data.
- Flexible Loan Origination Solutions: Banks can leverage a robust low code platform to create flexible and futuristic loan origination solutions. It can help improve compliance with regulations and streamline lending at banks by automating related processes and unifying front and back offices.
- Integrated Core Banking System (CBS): Today, banking and payment systems are tightly integrated into a core banking system (CBS). A low code platform can strengthen integration among bank branches, payment gateways, and other third-party systems to enable a seamless banking experience.
- Automated Policy Underwriting: An automatic policy underwriting rule engine built through a low code platform can help ensure zero underwriting errors. It can further automate the end-to-end policy issuance process, deliver a superior user experience, and ensure a shorter prospect to the customer lifecycle.
- Seamless Claims Processing: Low code platform enables automation of end-to-end claims journey from first notice of loss to final claims settlement. Insurance companies can use low code to deploy solutions like auto-retrieval of policy information, claims duplicity prevention, intelligent case routing, and allocation.
- State-of-the-art Customer Portal: The low code platform can be leveraged to build a state-of-the-art customer self-service portal, accessible through mobile and web. Such a portal facilitates real-time registration of customer claims and tracks the status of submitted claims.
- Streamlined Grants Management: A low code platform can help streamline the complete grants lifecycle from supporting online application submission to real-time project monitoring. It can help automate time-sensitive disbursements and communication with authorities for planning future grant requirements.
- Omnichannel Citizen Services: Citizens can now avail a range of public services across multiple channels through innovative e-governance tools built on a low code platform. Government organizations can use these tools to bridge operational silos, strategically control data, and deliver contextual citizen services.
- Holistic Data Management: Low code platform can enable centralized data management by enforcing uniform data policies across the organization. It can help ensure holistic data governance and information consistency across all applications, channels, and third-party systems, thereby standardizing critical enterprise data.
- Enhanced HR Operations: Low code platforms can enhance organizational efficiency and empower employees by automating various HR processes. The platform can facilitate modern HR-specific applications to streamline processes like employee onboarding, appraisals, and offboarding.
Read this whitepaper to understand further how a low code platform can help you build complex business applications with speed and agility.