siliconindia | |OCTOBER 202119fying code integrity, ensuring that coding standards are adhered to, and worrying about maintenance. Building on a no-code platform re-duces such worries since there is no code written at an application level. · Lower total cost of ownership (TCO): TCO has been a thorn for financial institutions and despite their best efforts,often end up bearing high TCO post implemen-tation. No-code platforms reduce vendor dependencies and allow for frequent enhancements cheap-er and faster.· Quicker outputs: Approximately 70 percent of digital transforma-tion projects are known to fail or stall due to long delivery cycles. This leads to making interim changes in vision and require-ments leading toloss of project momentum. Quicker output of smaller applications enables great-er engagement and success in ac-tual utilization.· Smaller is better: In a micro-ser-vices world, smaller applications trump large legacy applications. In a traditional roll-out, base costs like project management, code-validation, and infrastructure pro-visioning irrespective of size made it impractical to build smaller applications. No-code platforms reduces TCO on roll-outby ena-bling nimbler micro-services to be rolled out much quicker.Are all no-code platforms equal?Firstly, are all no-code platforms re-ally no-code? Several platforms have claimed to be no-code or low-code. These have reduced coding in certain areas like reporting, visualizations or rendering HTMLs. These are not no-code platforms but merely a step in the right direction. To assess if a platform is truly no-code, a few questions have to be answered:· Can Iundertake full-fledged data management without having any knowledge of SQL?· Can I write complex computations like I do on spreadsheets?· Can I create work flows as if I am making flow charts?· Can I enable API based connec-tions with third-party providers without writing code for each con-nection each time?· Am I getting a visualization layer directly from the platform or only via third-party visualization tools?· Can I create and distribute applica-tion-like packages?· Does it allow for multi-tenanting, multi-environments and support for sharing and unifying data across environments?If the answer to any of these is NO, the platform is merely a portion of no-code perhaps more low-code. Recognizing that all platforms claiming to be no-code are not equal is very important in ensuring that the benefits of speed and low TCOare realized. How should financial insti-tutions start their journey?It is preferable to use no-code plat-forms to overlay and not displace ex-isting legacy infrastructure. Start with building non-core customer/ employee focused applications,which won't dis-rupt the legacy infrastructure but builds on it. Once such applications have built enough functionality to replace the existing ones, it is then easy to dispenselegacy applications while re-taining legacy data. Replacing legacy applications in a big-bang approach creates large projects with larger over-heads. Another area for using no-code platforms is in applied analytics. Ana-lytics has matured from post-event fact dissection to now adata-driven decision-support. No-code platforms are best suited to decision support ana-lytics.The possibilities for financial insti-tutions are infinite. No-code platforms will inevitably replace legacy technol-ogy. The faster financial institutions adopt it, the more they can reduce the technology gap with fintechs and neo-banks. No-code platforms allow financial institutions with an opportunity to break out of this vicious cycle and move to a path of optimized innovation
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