Imagine launching new financial products in days instead of months while providing a seamless customer experience. 

Finance low-code platforms make this possible by enabling rapid development, automating workflows, and integrating data with ease. 

Read on to learn: 

• What is Low-Code, and Why is it Gaining Traction in Finance?
• Top 5 Game-Changing Applications
• Real-Life Examples
• Why Blaze.tech is a Leading Low-Code Platform for Finance
• How to Get Started with Low-Code
• Practical Tips

Let’s start with the basics. 

Understanding Low-Code: The Basics for Finance Professionals

Financial institutions are turning to low-code development platforms to accelerate digital transformation and meet evolving market demands. This approach is reshaping how finance and IT teams collaborate, promising faster application delivery and increased agility.

Low-code platforms provide a visual development environment where creating applications is more akin to assembling building blocks than writing lines of code. Here's what makes them unique:

• Visual development: Drag-and-drop interfaces allow developers to design application workflows visually.
  
  
• Pre-built components: Libraries of pre-coded elements speed up development for common functions like data input forms or API integrations.
  
  
• Automated code generation: The platform translates visual designs into functioning code automatically.
  
  
• Custom coding options: Developers can still write custom code when needed, offering flexibility for complex requirements.

This combination of visual tools and traditional coding bridges the gap between finance and IT professionals, empowering both teams to collaborate effectively and develop custom solutions rapidly.

The result is a powerful blend of speed, flexibility, and customization that's particularly valuable in the financial industry.

Top 5 Game-Changing Applications of Low-Code in Finance

Low-code platforms have completely transformed the way that financial institutions approach technology. Here are five key areas where low-code is making the biggest impact.

1. Rapid Product Development

Low-code platforms are accelerating the launch of new financial products. This speed-to-market advantage is crucial for companies that need to stand out in an otherwise crowded marketplace of products. Here are some examples:

• Loan products: Banks can quickly create and modify loan application processes, credit scoring models, and approval workflows.
  
  
• Investment tools: Wealth management firms are using low-code to build custom portfolio analysis tools and risk assessment calculators. These tools can be quickly adjusted to reflect changing market conditions or new investment strategies.
  
  
• Customization at scale: Low-code allows for rapid customization of products for different market segments or geographical regions, enabling financial institutions to tailor their offerings more precisely.

2. Automated Workflows

Manual, error-prone processes no longer limit financial institutions. Low-code platforms can turn complex, multi-step financial workflows into streamlined, automated systems.

• Client onboarding: Banks are using low-code to create seamless onboarding experiences.
  
  
• KYC (Know Your Customer): Low-code platforms enable the creation of dynamic KYC workflows that adapt to different customer types and regulatory requirements. This flexibility is crucial in an ever-changing regulatory environment.
  
  
• Compliance checks: Automated compliance checks built with low-code can significantly reduce manual errors and processing time.

3. Enhanced Customer Experience

Low-code platforms enable banks to quickly develop and iterate on customer-facing applications, improving digital experiences.

• Mobile banking apps: Banks are using low-code to quickly iterate on their mobile apps, adding features like biometric authentication or personalized financial insights in weeks rather than months.
  
  
• Self-service portals: Insurance companies are building comprehensive self-service portals where clients can manage policies, file claims, and access personalized information. Low-code enables rapid updates to these portals based on customer feedback.
  
  
• AI-powered chatbots: Financial advisors are using low-code platforms to create chatbots that can handle basic customer queries, schedule appointments, and even provide preliminary investment advice.

4. Data Management and Analysis

Low-code platforms help do away with siloed data and month-long reporting cycles. Financial companies can now connect different systems and transform raw numbers into actionable insights in real time.

• Finance low-code data integration: Low-code platforms offer pre-built connectors to various data sources, making it easier to integrate data from legacy systems, third-party providers, and new digital platforms.
  
  
• Real-time dashboards: Firms are using low-code to create dynamic dashboards that provide real-time insights into market trends, customer behavior, and operational metrics. These dashboards can be quickly customized for different user roles.
  
  
• Predictive analytics: Low-code platforms can facilitate the integration of pre-built predictive analytics tools for credit scoring, fraud detection, and market analysis.

5. Regulatory Compliance Automation

In an industry where a single compliance misstep can cost millions, low-code platforms help reduce risk by continuously adapting to regulatory changes and minimizing human error.

• Automated reporting: Banks are using low-code to create automated reporting tools that can adapt to new regulatory requirements. This reduces the risk of non-compliance and frees up resources previously dedicated to manual reporting.
  
  
• Dynamic rule engines: Financial institutions are building flexible rule engines that can quickly incorporate new compliance rules or policy changes. This allows for rapid adaptation to regulatory changes without extensive code rewrites.
  
  
• Audit trails: Low-code platforms often include built-in features for creating comprehensive audit trails, which are crucial for demonstrating compliance with regulators.

Real-Life Examples: How Finance Leaders are Using Low-Code Tools

There are many benefits to building software through low-code in finance and banking. It allows banks, credit unions, and fintech companies to rapidly develop custom applications, automate processes, and improve customer experiences. 

Coast2Coast Mortgage: Automating Sales Tracking

Coast2Coast Mortgage used Blaze's low-code platform to create a comprehensive automated sales and commission tracking app. The solution includes:

• API connections to QuickBooks for invoice data
• Integration with Arive Loan Origination Platform
• Detailed sales reports

Regions Bank: Secure Document Management

Regions Bank developed a tailored cloud application using Blaze to manage confidential client documents. Key features include:

• Automated workflows for data collection
• Secure document sharing and sending
• Signature request functionality
• Configurable document expiration settings

How To Get Started With Low-Code in Your Finance Role

Introducing low-code into your finance operations is more than just adopting new technology. It has the potential to change how teams work. Here's a roadmap to get you started:

1. Identify Opportunities

Before diving in, take a critical look at your current processes. Ask yourself:

• Which tasks consume the most time but add the least value?
• Where do you see the most errors or bottlenecks?
• What processes frustrate your team or clients the most?

Review these areas to see if they could be improved with a low-code solution:

•  Manual data entry or reconciliation tasks
•  Repetitive report generation
•  Client onboarding processes
•  Compliance documentation
•  Risk assessment workflows
•  Portfolio rebalancing

Pro tip: You could shadow team members for a day. You'll often spot inefficiencies they've grown accustomed to.

2. Choose the Right Platform

Here’s where you can choose Blaze to move forward. If you’re still deciding, consider these factors:

• Security: Does it offer end-to-end encryption? How does it handle data segregation?
• Compliance: Can it adapt to your regulatory environment? Does it provide audit trails?
• Integration: Will it play nicely with your existing systems? Think core banking, CRM, and ERP.
• Scalability: Can it handle your peak transaction volumes? What about future growth?
• Finance-Specific Features: Does it understand financial calculations out of the box?

You can create a weighted scoring system based on your priorities. Here's a starter template:

3. Build a Pilot Project

Start small, but think big. Your pilot should be:

• Impactful enough to demonstrate value
• Small enough to complete quickly
• Visible enough to gain stakeholder attention

Pilot project ideas you can try:

• Automated daily P&L report
• Client onboarding workflow
• Regulatory filing assistant
• Quick loan approval calculator

Key metrics to track:

• Time saved vs. traditional methods
• Error reduction percentage
• User satisfaction (both internal and external)
• Cost savings (don't forget to factor in opportunity costs)

Stakeholder buy-in tip: Create a before-and-after video demonstrating the old process vs. the new low-code solution. Visual impact is powerful.

Practical Tips To Maximize the Impact of Low-Code in Your Organization

Using low-code tools is a great start, but to get the most out of them, you need a smart plan. Here are some helpful tips to make your low-code projects really successful:

• Start with customer-facing applications: Build apps your clients will use right away to quickly show the value of low-code. This could include simple tools like loan calculators or account overview dashboards.
  
  
• Get tech and business teams working together from day one: When everyone collaborates from the start, you'll create better solutions that meet real needs. Try joint planning sessions and regular check-ins to keep everyone aligned.
  
  
• Use all the resources your low-code platform offers: Take advantage of tutorials, pre-made templates, and expert support to speed up your progress. Many platforms offer finance-specific resources to jumpstart your projects.
  
  
• Begin with small projects, then tackle bigger ones: This step-by-step approach helps your team learn comfortably and build confidence over time. Start with a simple process automation before moving to more complex applications.
  
  
• Try out the AI features in your low-code tool: These can help make your apps smarter and improve them automatically as you go along. Look for features like predictive analytics or AI-assisted development tools.

Why Embrace Low-Code Now With Blaze.tech?

The adoption of low-code platforms in finance isn't a matter of if but when. As these tools rapidly mature, they're becoming essential for staying competitive in an increasingly digital financial landscape.

Financial institutions that use Blaze's low-code platform can create new products faster, quickly adapt to changing regulations, and spend less time on basic coding. This frees up resources for big-picture planning and innovation.

Blaze offers a suite of specialized features designed to meet the unique needs of the financial sector:

• Finance-specific templates and components: Jumpstart development with finance-ready templates. Blaze provides pre-built components for common financial applications, such as risk assessment tools and regulatory reporting dashboards.
  
  
• Advanced security and compliance tools: Ensure compliance with built-in security features. Leverage Blaze's role-based access controls, audit trails, and encryption tools to meet strict financial industry regulations.
  
  
• Robust data integration capabilities: Seamlessly integrate with your existing systems. Blaze offers powerful APIs and connectors designed to work with popular financial software and core banking systems. 
• AI-powered analytics and reporting: Use AI for smarter financial applications. Blaze's advanced analytics capabilities simplify tasks like fraud detection, credit scoring, and predictive analytics.
  
  
• Scalable architecture for enterprise-level deployment: Scale your solutions as your institution grows. Blaze's cloud-native architecture ensures your applications can handle increasing transaction volumes and user loads.

A demo will show you firsthand how Blaze's finance-specific features can streamline your processes, enhance compliance, and accelerate innovation. Start your journey to faster, more efficient financial technology solutions.

Schedule a Free Demo Today.