Banks using low-code platforms can speed up app development by 62%. Discover how top tools like Blaze.tech, OutSystems, and more can modernize your banking software.

Here’s what we’ll cover in this article:

• Overview
• Benefits
• 7 top low-code platforms

What is Low-Code and Why it Matters in Banking

Low-code platforms for banks are tools that allow teams to build apps by visually assembling components rather than writing lines of code. These platforms enable banks to create everything from customer portals to internal tools much faster than traditional development methods.

Need a new loan application system? Instead of months of coding, you can use pre-built components that already meet banking standards to assemble it in days. This approach streamlines development while ensuring compliance and scalability.

Key Benefits of Banking Low-Code Platforms

Low-code platforms are transforming the way banks develop software by making it faster, more efficient, and cost-effective.

Here’s why banks opt for low-code software development:

• Speed: What once took months now takes weeks — or even days. A mid-sized bank built an entire mortgage pre-approval system in just three weeks.
  
• Regulatory compliance: Easily adjust your apps to meet new compliance rules without complex coding. Update forms and workflows instantly without waiting on IT support.
  
• Cost savings: According to a recent whitepaper, development cycles are 62% faster for new applications and 72% faster for adding features. Banks using low-code tools have reported an additional $14.8 million in annual revenue and a 123% productivity boost.
  
• Better resource utilization: Your team can take on more projects without the need to hire extra developers, which is a big advantage when tech talent is scarce.

How to Choose the Right Banking Low-Code Platform

Choosing the right low-code platform for banking starts with understanding your bank's unique needs. Security, compatibility, and ease of use should be your top priorities. 

Here's a quick checklist to help:

• Robust security features: Look for built-in encryption, multi-factor authentication, and compliance with standards like SOC 2, PSD2, and GDPR.
  
• Audit readiness: Platforms should automatically log changes and user actions to support audit trails.
  
• Seamless integration: Ensure it connects smoothly to your core banking system, customer databases, and payment systems. The best tools come with ready-made connectors.
  
• Automated compliance tools: Simplify regulatory updates with built-in compliance checks and workflows.
  
• Scalability: Make sure the platform can handle growing transaction volumes as your bank expands.
  
• Ease of use: Some platforms require more coding knowledge than others—choose one that matches your team’s technical skills.

The 7 Best Banking Low-Code Platforms in 2024

Finding the right banking low-code platform can make or break your banking projects. Let's look at seven platforms that stand out in 2024, each with its special strengths.

1. Blaze.tech

Blaze is a no-code software-building tool that lets you create custom apps without coding. It comes packed with pre-built templates for common banking tasks, so you won't need to start from scratch. Plus, it has enterprise-grade security that requires no additional configuration.

What makes it stand out:

• Ready-to-use banking templates save you weeks of setup time
• Built-in security features that meet strict banking standards
• SOC 2 certification (your IT security team will thank you)
• An implementation team to help you build out the first version of your app

Perfect for: Larger banks that need to handle complex workflows while staying on top of compliance requirements.

2. OutSystems

OutSystems makes it easy to build both customer-facing apps and behind-the-scenes tools. You'll get a simple drag-and-drop interface that helps your team work faster.

What you can do with it:

• Build entire applications without jumping between different tools
• Connect smoothly with your existing banking systems
• Top-notch support when you need help
• Quick updates when regulations change

Perfect for: Banks that want to move quickly and need excellent technical support.

3. Mendix

Mendix is a low-code platform designed for banks to create mobile-friendly apps, streamline customer onboarding, and improve user experiences.

It offers tools for mobile banking, customer onboarding, and easy integration with existing systems.

Key features:

• Tools that help different teams work together
• Simple customer onboarding templates
• Mobile banking apps that work on any device

Perfect for: Banks focusing on mobile banking and smooth customer experiences.

4. Appian

Appian is a low-code tool that specializes in process improvement and operations. It's especially good at automating repetitive banking tasks that slow everyone down.

Key strengths:

• Streamlines complex banking processes
• Teams can collaborate in real-time
• Built-in tools for staying compliant
• Excellent at handling complicated workflows

Perfect for: Banks looking to automate their operations and improve efficiency.

5. Salesforce Lightning Platform

Salesforce Lightning provides tools for IT teams, sales teams, and administrative staff to help create custom banking tools that work seamlessly with your customer data.

What sets it apart:

• Creates personalized customer experiences
• Connects all your customer information in one place
• Works with many other banking tools
• Makes marketing and service more personal

Perfect for: Banks that want to focus on improving customer relationships.

6. Microsoft Power Apps

Microsoft Power Apps is a low-code platform that allows banks to quickly build secure, scalable apps with seamless integration into the Microsoft ecosystem, including Azure and Microsoft 365.

Main advantages:

• Simple interface that most people can pick up quickly
• Strong security features for banking data
• Ready-to-use banking templates

Perfect for: Banks already invested in the Microsoft ecosystem.

7. Pega Platform

Pega helps you make smarter decisions faster by automating routine work and providing quick insights.

Notable features:

• Creates personalized customer experiences
• Works well with older banking systems
• Automates repetitive tasks

Perfect for: Banks that need to modernize while keeping their existing systems running.

Challenges of Implementing Banking Low-Code Apps

While low-code platforms offer significant advantages, they come with challenges that require thoughtful planning. Here’s what to watch for:

• Legacy system integration: Many banks rely on decades-old core systems that can be difficult to connect with modern low-code platforms. Successful integration often requires middleware or APIs tailored to bridge the gap.
  
• Security concerns: Mixing low-code apps with traditional systems can create new vulnerabilities. Ensure clear protocols for testing, encryption, and compliance with banking standards like PSD2 and GDPR.
  
• Data migration complexity: Moving data between legacy systems and low-code apps can lead to errors or loss if not handled with precision. Use ETL (Extract, Transform, Load) tools to minimize risks during migration.
  
• Staff training: Low-code tools still require a learning curve. Start with a pilot project, train a small team, and gradually expand as they gain expertise and success stories to share.
  
• Scalability issues: While many platforms claim scalability, some struggle under high transaction volumes. Test load performance before committing to a platform for mission-critical apps.

Final Thoughts on Choosing a Banking Low-Code Platform

Picking the right banking low-code platform comes down to knowing your bank's specific needs. Consider what matters most: Is it the ability to create customer-facing apps quickly? Streamlining back-office operations? 

Blaze understands banking's unique challenges. Our platform combines simple visual development with bank-grade security features, helping you create everything from customer portals to internal tools –– without writing complex code.

What sets us apart? Our implementation team works alongside your staff to build your first application. You'll get hands-on experience while creating something valuable for your bank. This practical approach helps your team learn faster and see results sooner.

Want to see how your bank could benefit from low code? Our demo shows you exactly how to build banking apps that meet your security and compliance needs.

Schedule a Free Demo Today.‍