# Low code development tools are essential to unlock FS agility
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-10-15
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: How Low Code Development Revolutionised Financial Services
Meta Description: Discover how low code development is helping Financial Services firms adapt to the challenges of 2020, from pandemic-driven market conditions to new user
URL: https://financedigest.com/low-code-development-tools-are-essential-to-unlock-fs-agilityhtml

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_By **Chris McLaughlin,** Chief Product & Marketing Officer at [Nuxeo](http://www.nuxeo.com/?utm_source=sarum&utm_medium=byline&utm_campaign=lowcode),_

That 2020 has been a tough year in Financial Services (FS) is something of an understatement. [Nuxeo research](https://www.nuxeo.com/resources/finserv-future/?utm_source=sarum&utm_medium=byline&utm_campaign=lowcode) at the end of 2019 surveyed UK FS workers about their fears for the year ahead. Six in 10 said the aftermath of Brexit will be the biggest challenge the sector has to face.

Other challenges that emerged included: cybersecurity threats and information or data breaches (36%); physical branches closing down (26%); the burden of increasing regulation (24%); competition from Big Tech firms potentially moving into FS (21%), and competition from new [challenger banks](https://www.financedigest.com/the-rise-of-challenger-banks.html "challenger banks") (20%).

Few could have predicted how 2020 would turn out and that none of the above would be the biggest [challenge facing](https://www.financedigest.com/how-to-overcome-the-current-challenges-facing-your-fintech-business.html "How to overcome the current challenges facing your fintech business") FS this year. [Covid-19 has been hugely impactful](https://www.financedigest.com/predisposition-biomarkers-market-future-trends-segmentation-strategies-to-boost-growth-applications-with-covid-19-impact-till-2028.html "Predisposition Biomarkers Market Future Trends, Segmentation, Strategies to Boost Growth, Applications with Covid-19 Impact till 2028") to FS. With very different market conditions brought about by the lockdown and gradual easing, [banks and other FS providers have needed to launch new services](https://www.financedigest.com/why-banks-need-to-embrace-ai-first-customer-service.html "Why Banks Need to Embrace AI-First Customer Service") that met changing requirements and could not spend months doing so. It is in this context that ‘low code’ development has risen the FS agenda, with firms all over the world becoming increasingly aware of how low code can help them become more agile and responsive.

**Content digitalisation**

The most notable point of difference for the businesses that continued to thrive in 2020 was that 100% of their critical processes were digital – supported by on-demand, anywhere access to whatever information or content [people needed](https://www.financedigest.com/people-need-people-humanising-the-digital-banking-experience.html "People need People – Humanising the digital banking experience"). Not only that: these organisations also benefited from the ability to spin out new use cases for that content on the fly. So, while the [pandemic was putting pressure on many companies’ ability to function even at a basic level](https://www.financedigest.com/uk-job-vacancies-fall-to-post-pandemic-levels-rec-says.html "UK job vacancies fall to post-pandemic levels, REC says"), others were able to turn the unprecedented market conditions to their advantage.

Take the plummeting [interest rates](https://www.financedigest.com/boes-pill-sees-need-for-further-interest-rate-rises.html "BoE’s Pill sees need for further interest rate rises") triggered by the pandemic. Here was a chance for mortgage and loan [providers to roll out something special for customers](https://www.financedigest.com/verasity-joins-the-brightcove-marketplace-to-provide-customers-with-proprietary-ad-tech-technology.html "Verasity Joins the Brightcove Marketplace to Provide Customers With Proprietary Ad-Tech Technology") that found themselves financially challenged during the pandemic. Historically, gearing up for peak [demand for borrowing would have required advance warning](https://www.financedigest.com/uk-consumer-industries-warn-curbing-energy-support-will-hit-demand.html "UK consumer industries warn curbing energy support will hit demand"), exceptional resourcing and staff training. Those FS providers that could switch on a virtual workforce, on the other hand, giving them [secure remote access to all of the information they needed](https://www.financedigest.com/the-three-must-haves-of-cyber-security-that-you-need-to-stay-cyber-safe.html "The three “must haves” of cyber security that you need to stay cyber safe"), would have been able to fulfil demand spontaneously.

Other businesses, finding themselves compromised in their ability to respond to the [evolving market](https://www.financedigest.com/how-the-global-insurance-market-will-keep-pace-with-evolving-risks-through-data-analytics-and-technology.html "How the global insurance market will keep pace with evolving risks, through data, analytics and technology") conditions, are likely to have lost out. Certainly the [importance of being able to construct new products](https://www.financedigest.com/insurance-products-growing-in-importance-in-2021-and-beyond.html "Insurance products growing in importance in 2021 and beyond") or user/customer experiences quickly and relatively effortlessly will have been driven home hard.

### The rise of low code development

![Chris McLaughlin](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/chris-mclaughlinnuxeo-450x600-1736838804335-compressed.jpg)

Chris McLaughlin

This has all helped accelerate the rise of [low code](https://www.financedigest.com/digital-democratisation-through-low-code-the-future-of-finance-success.html "Digital democratisation through low-code – the future of finance success") development, especially in the context of content access, management and re-use. Low code is about giving companies the ability to create and roll out new user experiences without having to engage in long development projects, making it highly [attractive for FS CIOs and the broader business](https://www.financedigest.com/california-attractions-smart-entrepreneurs-use-to-attract-business.html "California Attractions Smart Entrepreneurs Use to Attract Business").

The idea is to make developers more efficient, by allowing them to re-use existing components and templates to speed up application delivery, drawing on vast libraries of proven constituent software assets. Rather than doing away with the need for developers, [low code allows IT teams to make smarter and more efficient use of their time](https://www.financedigest.com/sterling-plunges-to-all-time-low-in-scathing-appraisal-of-fiscal-plan.html "Sterling plunges to all-time low in scathing appraisal of fiscal plan") and skills, accelerating the delivery of new functionality.

The realisation that this low-code [development approach can be applied specifically to content-based applications is particularly exciting](https://www.financedigest.com/southampton-development-continues-to-excite-local-investors.html "SOUTHAMPTON DEVELOPMENT CONTINUES TO EXCITE LOCAL INVESTORS"). It [paves the way](https://www.financedigest.com/increasing-awareness-of-infant-health-is-paving-way-for-baby-sleeping-bags-market-sales.html "Increasing Awareness Of Infant Health Is Paving Way For Baby Sleeping Bags Market Sales") for companies to create new content-based services at high speed. Whereas it might have taken up to 12 months to create a new [customer experience](https://www.financedigest.com/solving-the-customer-experience-conundrum-how-fs-organisations-can-use-data-to-level-up.html "Solving the customer experience conundrum: How FS organisations can use data to level up") the traditional way, development teams with access to a low-code development platform for delivering new content-based services and experiences, can do so within just a few weeks.

**Sprinting from idea to execution**

This ability to sprint from idea to execution is transformational, for both [innovation and development](https://www.financedigest.com/research-and-technological-innovations-to-bolster-developments-in-animal-model-market.html "Research and Technological Innovations to Bolster Developments in Animal Model Market") teams, and puts banks in a very powerful position relative to their competitors. It is no coincidence that [Big Tech](https://www.financedigest.com/startups-spring-from-ashes-of-big-tech-purge.html "Startups spring from ashes of Big Tech purge") companies like Amazon and Google work in this way, to bring out new early versions of new products or user experiences at speed.

Using an iterative, low-code approach to development, they are able to combine already-proven functions and features to create something new, which they can then test with customers in a live [environment – giving them something to refine and build](https://www.financedigest.com/how-financial-services-can-secure-data-and-build-trust-in-todays-modern-environment.html "How financial services can secure data and build trust in today’s modern environment") on in subsequent releases.

Crucially, shortening the gap between idea and launch gives these companies [critical market](https://www.financedigest.com/aquaponics-market-critical-insights-key-trends-global-outlook-forecast-till-2031.html "Aquaponics Market Critical Insights, Key Trends, Global Outlook & Forecast Till 2031") advantage. Then they can go about evolving the application or [service to deliver the best possible customer experience](https://www.financedigest.com/getting-customer-experience-right-in-financial-services.html "Getting customer experience right in financial services") – one which they can keep tweaking and embellishing over time.

For all the challenges 2020 has brought to FS, there is also opportunity. Agility is perhaps the most highly prized quality in any business, and while it is not practical to [try to conceive and build the perfect FS application](https://www.financedigest.com/five-ways-bad-bots-are-trying-to-crack-your-virtual-vaults-by-erez-hasson-strategist-application-security-at-imperva.html "Five Ways Bad Bots Are Trying To Crack Your Virtual Vaults") right from scratch, with a low-code development approach this is much more viable. Low code allows for the unforeseeable and provides FS [firms with the agility to create new content-based services](https://www.financedigest.com/how-financial-services-firms-can-mitigate-against-their-top-data-security-threats.html "How Financial Services Firms Can Mitigate Against Their Top Data Security Threats") at high speed and to improve them on an on-going basis, according to changing market requirements.


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