No Code is a groundbreaking approach enabling individuals without programming skills to develop applications through a visual interface, instead of writing code. Low code operates on a similar principle but includes some coding, providing developers with greater flexibility and control.
What Is Low Code & No Code?
No Code is a development approach that enables individuals to create applications using visual interfaces and pre-built templates without writing any code. It is designed for non-programmers, allowing them to build functional software easily.
Low Code is a similar approach that provides a visual development environment but also includes the option to write some code. This framework offers more flexibility and control, making it suitable for both developers and non-developers to build more complex applications.
These solutions enhance customer experience by making payments more relevant and accessible, while also simplifying the process for business users.
According to Gartner, by the end of 2024, low-code/no-code development will account for 65% of all application development, indicating that financial institutions are keen to integrate LC/NC platforms into their fintech software development processes.
What is the difference between no-code and low-code platforms?
| Basis of Comparison | No code app development | Low code platforms |
| Definition | Enables building apps purely through visual, drag-and-drop interfaces without writing any backend code | It uses visual interfaces and pre-built components but still requires some traditional coding. |
| Coding required | No programming is required at all | Requires some traditional coding in addition to visual development |
| Main users | Business users and non-technical citizen developers | Professional developers, with support for citizen developers |
| Learning curve | Very easy to learn | There is a steeper learning curve than no code development platform |
| Speed of development | Very fast – apps can be built in days or weeks | Fast but not as quick as pure no-code |
| Flexibility and customization | Limited flexibility beyond built-in options | More flexibility for customization with the ability to code |
| IT involvement | Minimal or optional | It provides oversight and builds complex integrations |
| Applications | Ideal for simple apps and workflows | Capable for more complex enterprise apps and projects |
| Examples | Appian, Quickbase, Zoho Creator | Mendix, OutSystems, Microsoft Power Apps |
| Governance | Requires oversight for data security, scalability | IT governance is still crucial, but lower barriers |
| Cost | It can be more cost-effective for simple use cases | It can require more training and developer resources |
| Migration to production | Typically needs IT review and involvement | Can enable direct production deployments |
| Integration | Pre-built connectors but more straightforward integrations | Broad enterprise application integration abilities |
| Scaling | Limited ability to scale complex apps | Better positioned for scalable solutions |
| Security | Preconfigured, but risks around governance | More flexibility to implement robust security |
| Openness and extensibility | Constrained customization beyond base platform features | Ability to incorporate custom code extensions |
| Developer productivity | Rapid prototyping but inability to optimize code | Optimized development with reusable components |
| Error diagnosis and debugging | Limited debugging capabilities | Traditional debugging capabilities |
| Access to source code | No ability to access or modify source code | Access to source for advanced customization |
| Market maturity | It is a growing market with new players, but adoption is still early | More established market with extensive tooling |
Citizen Developers
Factors Driving the Popularity of Low-Code/No-Code Platforms in FinTech
The adoption of low-code and no-code tools can significantly impact various aspects of the development process.
Reducing Workload and Stress
By utilizing low-code and no-code applications, organizations can delegate basic app-building tasks, thereby freeing up professional developers’ time and alleviating their workload and stress. This enhancement in the working experience allows fintech software developers to concentrate on more complex, high-quality projects.
Boosting Innovation
Low-code and no-code platforms facilitate rapid innovation by enabling developers to quickly create proofs-of-concept for complex software development tasks. This approach allows for the evaluation of ideas and solutions before committing substantial resources to full-scale fintech applications.
Creating New Roles and Opportunities
No-code platforms optimize processes and develop solutions, creating new roles and opportunities within organizations. Citizen developers without coding skills can explore new career paths and contribute to workflow automation and process optimization.
For instance, digitizing paper forms using no-code technologies can enable employees with minimal coding skills to develop mobile apps that enhance data collection, accuracy, and digital data sharing.
Enhancing Strategic Roles for Developers
With basic development tasks managed by business divisions, developers can focus more on new technologies such as mixed reality, quantum computing, and artificial intelligence. This shift allows developers to take on more strategic roles within the organization and work on the next major advancements in fintech mobile app development.
When to Choose Low-Code/No-Code Solutions for Your Software Development Project?
Low-code and no-code platforms offer practical alternatives to traditional software development for various scenarios. Choosing between these solutions and conventional coding depends on factors such as application complexity, timelines, customization needs, integration requirements, costs, and performance expectations.
Optimal Use Cases for Low-Code/No-Code:
- Simple Business Applications: Ideal for straightforward apps like departmental workflow automation and SaaS-style customer/employee portals.
- Mobile Applications: Suitable for rapid prototyping and non-mission-critical systems.
- Cloud-Native Apps: Effective for applications built on standard data models without needing significant customization or complex backend logic.
Advantages:
- Faster Delivery: Enables delivery timelines measured in weeks rather than months, making it ideal for projects with tight deadlines.
- Agility and Iteration: Matches well with Agile methodologies, allowing rapid adaptation and incremental development.
- Empowerment of Business Users: Democratizes app development, enabling business users and citizen developers to create applications without IT intervention.
- Integration Capabilities: Provides pre-built connectors and APIs to integrate with existing data sources and legacy systems.
Limitations:
- Complex Core Systems: Traditional custom development is preferable for applications requiring significant customization, specialized algorithms, high performance, and extreme reliability.
- Security and Compliance: Custom coding may be necessary for regulated industries or sensitive use cases demanding airtight security and governance.
- New Technology: Platforms may not support the latest technologies, making custom development the better option.
Decision Factors:
- Productivity vs. Flexibility: Weigh the productivity and speed of low-code/no-code against the customization and control of traditional coding.
- Cost and Timeline: Consider development costs, release timelines, and application lifespans.
- Long-Term Ownership: Assess the risks of vendor dependence and the need for internal skills development.
Low Code & No Code Revolution
In summary, low-code/no-code platforms are excellent for fast development of simple applications and prototypes, while traditional custom coding remains essential for complex, high-performance, and highly customized systems. Many modern environments benefit from combining both approaches to balance speed and flexibility.
If you’re considering integrating low-code/no-code solutions or need custom software development, contact us today. Our team of experts is ready to help you navigate the best approach for your specific needs and ensure your projects achieve optimal results.
