Is Low Code the Answer to Accelerating Payments Processing? | Icon Solutions

A new report from Icon Solutions and Celent reveals the enormous opportunity presented by low code technology for financial institutions.

Low code and no code are growing in popularity and the burgeoning market is anticipated to grow further to $77.49 Billion by 2030. Many also feel that it will work hand in hand with AI to democratise software development and speed up organisational and product enhancements.

Naturally, it could also play a role in transforming mission critical areas of banking and payments.

Low code tools and applications usually provide a visual, sometimes “drag and drop”, interface to enable software development without the need for significant amounts of manual coding. The potential for employees of a financial organisation to quickly deploy new systems to take advantage of new revenue streams and swiftly align with changing regulations is huge.

Icon Solutions teamed up with technology research firm Celent, to find out more about the scale of the opportunity and produced a comprehensive and insightful report on the topic. In the interview above, we spoke to Kieran Hines from Celent and Toine Van Beusekom, Strategy Director at Icon Solutions to find out more.

The report, which surveyed senior executives from Tier 1 banks across Europe and North America, has a number of must-know findings and suggests there are particular developments to be made in the area of payments processing. In the video Hines hints at a few of those findings, including what they found as the potential lost revenue from not meeting product demands quickly enough. The most common causes of this are shortages of developer capacity and other resource constraints that continues to be a frustration to enterprising organisations.

The report also shows that 55% of Tier 1 banks would prefer to develop their own payment processing software, often to maintain control of the project, but also because few large banks see credible off-the-shelf options.

Low code could provide the answer, allowing banks to seamlessly create meaningful change to their business, whilst holding onto their IP.

It’s a fascinating area of innovation, and one that is only going to grow in significance.

The video above gives you a great taster of what to expect from the report, which you can read by clicking the link below and heading to the Icon Solutions website.