Low-code Has Truly Arrived!
If 2014 was just the beginning of the low-code era, then 2024 has to be the year of the 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 globally reckon low-code application development (LCAP) platforms to unlock organizational efficiency, speed, and agility. According to Forrester, “low-code has the potential to make software development as much as ten times faster than traditional methods.”
Understanding Low-code Application 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 application development software can be one of the best business choices you ever make 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 application development platform:
Banking Sector
- Hassle-free Account Opening: A low-code application development 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 application development system 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 application development solution can strengthen integration among bank branches, payment gateways, and other third-party systems to enable a seamless banking experience.
Insurance Sector
- Automated Policy Underwriting: An automatic policy underwriting rule engine built through a low-code application platform can help ensure zero underwriting errors. It can further automate the end-to-end policy issuance process, deliver a superior user experience, and provide a shorter prospect to the customer lifecycle.
- Seamless Claims Processing: A low-code application development software 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 the web. Such a portal facilitates real-time registration of customer claims and tracks the status of submitted claims.
Government Organizations
- Streamlined Grants Management: A low-code application development system 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.
Shared Services
- Holistic Data Management: A 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: A low-code application development solution 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 application development platform can help you build complex business applications with speed and agility.
You might be interested in
