Banking and financial sectors are facing numerous challenges as they are in need to enable services without any disruption in the post-pandemic situation. With customers being reluctant to step out like before, BFSIs are in need to find ways to fulfill customer expectations without compromising on security and other regulatory norms. It is next to impossible to adhere to the business-as-usual and to stick to the old business strategies anymore.
Though most BFSIs are partially automated with various applications, dis-connectivity across existing solutions and manual processes pose critical challenges for continued operations. There is a decrease in coherence and disruption of workflows due to less visibility on paper records, manually processed information and data from disconnected applications. Moving forward, BFSIs are already jaded with legacy solutions and are reluctant to adopt monolithic applications any further. While banking customers demand a high degree of personalized and quicker banking experience in the changing market scenario, BFSIs must be highly equipped with resilient solutions for effective and continued business operation.
As BFSIs are in the verge to rearrange their digital space towards updating legacy applications, an important factor to consider is building “composable enterprise applications”. Composable applications are those that can adhere to the changing requirements of the market and are scalable and flexible to adopt to advancements.
The emerging low-code platforms act as a right fit for establishing composable enterprise applications with its drag-drop creation of ad-hoc workflows and business processes. Also low-code platforms offers greater connectivity between independent applications, dispersed content, disconnected repositories and disparate sources.