Connected Banking for a Connected World, and Why Low-Code is the Key to Realizing This Vision

Why Low-Code Is the Fastest Path to Realizing the Modern Banking Vision?

The banking industry has always led digital innovation. From self-service ATMs to mobile payments, banks have shaped how people engage with money. But decades of advancements have left behind a heavy burden of technical debt. Banks are now expected to offer seamless digital experiences at a time when their systems are more complex and fragmented than ever.

Customers want to bank anywhere, anytime, on any device. They expect instant updates, simplified onboarding, transparent services, and personalized financial support. All of this has to be delivered faster and with fewer fees, placing immense pressure on banks to increase operational efficiency while continuing to innovate.

This whitepaper discusses the concept of connected banking and explains why low-code platforms are becoming the most effective way for financial institutions to keep up with digital demands and continuously adapt to consumer expectations.

What Connected Banking Really Means?

Connected banking goes beyond a multichannel or digital banking setup. It creates a unified experience that bridges every interaction, process, and system, ensuring customers access banking services without friction or delay.

A fully connected bank delivers:

• Seamless customer journeys across channels
• Rapid product innovation and rollout
• Efficient end-to-end operations
• Secure governance and compliance visibility

Instead of customers navigating banks’ complex systems, banks shape experiences around the way customers already live and connect.

Customers Already Expect a Connected Experience

Today’s consumers spend a significant portion of their daily lives interacting with applications that integrate flawlessly with data networks behind the scenes. Music, retail, healthcare, travel, and communication services are all consistently connected. As a result, customers believe this level of fluid, always-on access should extend to their finances.

Digital banking success therefore depends on one critical question:

Are banking systems connected enough to support customer expectations in real time?

Those that fall short risk customer dissatisfaction and new business loss to digitally advanced competitors.

Where Banking Systems Struggle Today?

Despite the desire to innovate, most financial institutions operate with legacy core systems and fragmented digital add-ons. This architecture creates:

• Slow development cycles
• Limited ability to launch new offerings quickly
• Difficult and costly system integration
• Manual workarounds for customer or regulatory changes
• Inconsistent service quality across regions and products

Modern personalization and agility become impossible when technology cannot respond quickly to market shifts.

Why Low-Code Is the Cornerstone of Connected Banking?

To keep up with digital expectations, banks need a platform approach that makes change faster and easier. Low-code platforms offer the required flexibility by enabling process design, application development, and system integration with minimal coding effort.

Banks benefit from:

• Rapid delivery of new features
• Faster adaptation to regulatory updates
• Reduced dependency on scarce IT skills
• Ability to experiment and improve continuously
• High collaboration between business and IT teams

Low-code helps institutions evolve at the pace customers demand.

How Low-Code Speeds Up Transformation?

Low-code enables banks to:

• Build and modify applications visually
• Integrate with existing core and third-party systems
• Reuse components to accelerate launches
• Maintain consistent rules across workflows
• Deliver better user experience with unified interfaces

Instead of waiting months for change, banks respond within days.

This allows transformation to happen without ripping apart systems that are already working well.

Three Non-Negotiable Characteristics of a Low-Code Platform for Banking

To unlock the vision of connected banking, the whitepaper highlights three essentials every platform must provide:

1. Purpose-Built Banking Integrations
   The platform must include pre-built connectors for core systems, payments, KYC, LOS, fraud services, and more. Configurability and extensibility ensure banks can build on top of existing investments instead of replacing them.

2. Banking Playbooks and Pre-Designed Components
   Common banking processes like onboarding, servicing, and lending should be available as template blocks. Teams can tailor workflows while still benefiting from proven industry patterns.

3. Financial Domain Expertise
   Beyond technology, banks need implementation guidance shaped by real banking experience. Understanding risk controls, compliance, governance, and operational realities speeds successful transformation at scale.

Without these characteristics, modernization becomes slow, costly, and inconsistent.

Why Speed Is the New Competitive Advantage?

Digital-first competitors are pushing established banks to operate faster. Connected experiences influence:

• Conversion rates
• Customer satisfaction
• Relationship engagement
• Cross-sell opportunities
• Market leadership perception

Speed without stability risks compliance or operational exposure. Low-code provides both, helping banks innovate confidently.

From Vision to Execution

To bring connected banking to life, banks must:

• Define a clear customer-led digital vision
• Build from strong core transactional capabilities
• Orchestrate journeys that span products and channels
• Adopt technology that supports flexibility and scale
• Enable business users to drive transformation
• Govern change through secure and compliant architecture

This creates a sustainable model where innovation becomes routine.

How Newgen Helps Banks Achieve Connected Banking?

Newgen supports financial institutions with a unified low-code platform that connects processes, content, and communication across the banking value chain. The platform simplifies application rollout, improves workflow automation, and enhances visibility from onboarding to servicing. Banks modernize operations confidently while improving customer experience and compliance readiness.

The Future of Banking Is Connected

Customers are not waiting for institutions to catch up. Their expectations are already shaped by connected digital experiences. To lead in a world where operational agility defines success, banks must choose platforms that support continuous adaptation.

Connected banking is no longer a strategy for the future. It is the foundation of banking today. The institutions that act now will be best positioned to deliver personalized, secure, and efficient services in an increasingly connected world.