Who've just joined low-code users? Top industries that opted for low code
In this Article:
1.3 Inflation
3.1 Telecom
3.2 Finance
3.3 Insurance
Low code became a proven alternative way of software development for various enterprises representing different industries. The most dynamic and competitive ones, such as retail or manufacturing, were the first that tried to simplify the process and see what would happen.
Fortunately, rapid development practice is blossoming so that even the most conservative domains, such as finance and insurance, started their low code journey. Scroll down to explore the reason for this shift and how low code can help enterprises in these industries handle their daily challenges.
You may also like: Low Code, No Code, Fast Code, or RPA. Full tutorialWhy low code? Core reasons for migration from the traditional software development approach
Highly-competitive environment
Today even small businesses with narrow offerings might face fierce competition. What to speak of insurance and finance giants. They also felt this pressure and tried to cover weaknesses with new digital products. Competition here is a driver to launch more tools and features. Meanwhile, each enterprise has limited financial and human resources. Therefore, enterprises in these sectors started working with low code to save a competitive advantage and develop software with high speed.
Complete digitization
You will agree that each company now is an IT company regardless of the services it offers. Enterprises need to build their entire operation around a digital nucleus, starting with back-office procedures and ending with customer interactions. This way, all the companies want is software development at a fraction of the cost and time. Development from scratch is not an option here since demand is dynamic, and businesses want to jump into a carriage when the train is on the platform. Therefore they opt for low code development despite all myths around its safety and reliability.
Inflation
Deloitte made a sad prediction that inflation is here to stay, at least by 2024. It means that enterprises are in a hurry, looking for ways to simultaneously cut development budgets and save software quality. Since it's not a piece of cake regarding development from scratch, they master low-code solutions.
You may also like: How To Use Enterprise Low Code Platform Business benefits of low code development for enterprises
In most linear and even no-linear cases, low-code platforms can cover business demand owing to ready-to-use templates, designed integrations, hosting, etc. Vendors collect best practices and provide access to them to let companies uplift business performance and productivity. Consequently, with low-code platforms, enterprises can achieve:
Faster time-to-market
Fewer development costs
Wide talent capacity
Quick issues coverage
What industries choose a low code approach over the development from scratch
Telecom
This industry is among the most competitive. Telecom enterprises always experience rush hour. Initially, thousands of communication service providers deliver a limited range of services. So they want to open a blue ocean and offer something unique to surprise customers and increase sales.
The scale of low code usage can be different here. They say this approach applies to standard issue-solving. But what about the recent T-Mobile's billing system migration with low code? It seems that the low code approach in telecom evolves with business demand and does it by leaps and bones.
So why did communication service providers opt for low code?
They can launch new services faster
Telecom enterprises can build well-designed and mature BSS without deep IT-team involvement
Companies might reduce development costs and get full-fledged products with broad functionality
Businesses become more flexible regarding software development and make launched products or services more client-oriented
Finance
The finance domain is now at the migration stage to the digital world. The composition of finance and tech innovation led to the fintech area development. Banks prefer to move from on-site branches to an easy-accessible online mode or transform to neo-banks.
Consequently, companies in this domain strive to supercharge customer experience with innovations. Banks try hard to ensure opening an account in minutes due to a user-friendly interface, offer new opportunities for loans, and boost integrations of payment systems with a core banking system to ensure seamless interaction. The variety of options capable of putting business beyond competition creates a demand to work on new features continuously.
Fortunately, these and other initiatives in the finance sector can be covered by a proven low-code platform. Earlier, enterprises here felt suspicious of digital opportunities since the last ones created room for fraud and information leaks (which are a nightmare for each bank or fintech company). Meanwhile, vendors now comply with high data security standards and follow strict data protection requirements. It allows companies to remain confident that sensitive customer information can be saved.
Insurance
The insurance companies' needs are similar to banking and fintech. To stay afloat, they need to serve users online, open more options for self-service and ensure an immediate response to any arising issue. Meanwhile, the core blocker there was data security as well. Its elimination helped enterprises apply the low code development method to most projects they have. This way, insurance businesses can accelerate time-to-market and cut costs for development.
What low-code solution is suitable for enterprises
Low code development provides enterprises with an anti-crisis way to evolve with the digital world and implement best practices to drive customer experience. However, this method is often about vendor lock-in, limited scalability, and lack of flexibility in building fully custom solutions. Fortunately, it doesn't apply to each platform in the market since some of them, like the XME.fast code platform, offer a low code development toolkit without the above obstacles.
XME.platform is an open-source environment that can help you create software of any complexity 2 times faster than developing it from scratch. Working with this solution, you can apply customizable templates, ready-to-use architecture, and broad opportunities to build integrations effortlessly to roll out your services on a tight schedule and count on high ROI.
Looks promising?
Contact our sales team to explore how the XME.fast code platform can cover your demand and boost your business performance.