Excerpt from forbes.com
As issues resulting from heavy reliance on IT professionals began to reveal themselves, including staffing shortages, slow turnaround rates, application backlogs and assignment overload, the adoption of low-code and no-code platforms or tools has proliferated across industries. Although these development tools are not new, the rush to undergo digital transformation amid the pandemic has led to the creation of an ocean of platforms and microservices to address the ever-changing demands and needs of many industries, including financial markets.
But anyone leading a digital transformation understands this intuitively. We’ve all heard tales of the “magical powers” of low-code and no-code platforms, and many of us have seen just how far from reality those promises can fall.
Key Considerations For Financial Firms
The fact is that these tools should never have been considered a one-size-fits-all panacea to all of our IT woes. Like any other tool, we must understand not only what it’s good for but also what our goals are. What’s the specific need to be addressed? What industry are we deploying to? What are the technical, regulatory and systemic hurdles we need to overcome?
In other words, we need to get more specific in our expectations for this “magic” technology — and nowhere is this more true than in financial markets. To start, here are some key considerations for financial firms amid digital transformations:
- Lack of Strategy
- Legacy Traps
- Evolving Customer Needs
- Budget Constraints
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