Inside banks, internal applications have to balance several competing forces. On one side, there are requirements for rigorous security and regulatory control, and on the other, you have the fast-changing demands of customers, clients and internal stakeholders. To be able to satisfy both sides, you need to be adaptable. The problem with legacy solutions that banks have traditionally used is that they are slow and challenging to iterate, as well as being expensive.
What banks need in today’s volatile environment are solutions that allow them to unlock the in-depth knowledge, innovation and capability – at pace – in their existing teams. They need low-code powered solutions.
In this article, we’ll look in more depth at low-code. What new capabilities does it give to banks and in what ways?
Low-code - a new level of innovation
Low code platforms, like ours at LemonEdge Software, give financial institutions a trusted and standardised platform which their teams can use without specialist technical knowledge, to accelerate the development of custom-built internal applications.
With platforms like these, business experts and developers can work together to build tailor-made solutions that add value to their specific team and company. With drag-and-drop functionality, it is possible to create even the most complex solutions. What’s more, you can do it up to 80% faster than you would using traditional suppliers. That could bring significant cost savings.
Underpinning the platform, are a suite of specialist financial services tools which can be accessed quickly through the low-code development of these custom solutions.
Use Case: Tax Modelling and Managing Currency Risks
Managing matters such as currency risks and tax issues in volatile markets are continual concerns in financial organisations. In legacy systems, it is almost impossible to model the highly detailed, specific scenarios and determine implications, without manual, error-prone intervention. Most of the time, you create an Excel sheet.
Quickly being able to build specific financial structures and see the potential implications of change can bring enormous advantages. The low-code capability enables this to happen and instantly connects with the underlying toolset, such as LemonEdge’s Canvas technology. Canvases give teams an instant and most importantly, isolated snapshot of their entire dataset. Once you have this snapshot, you can change any data item, run an unlimited number of scenarios in real-time, without impacting your live system. Canvas can be available to any application created on the LemonEdge platform.
Use Case: Conduct risk and transaction management
Positions change regularly for many reasons, and quite often, you need to go back and reliably access the history of these transactions and the underlying data. This requirement for the past is driven by adhering to conduct risk and compliance, or building insightful patterns for future strategies.
On the LemonEdge platform, we offer the Usable History tool. This lets teams access their complete datasets as of any point in the past. You can see your entire position at any given moment, making analysis, reporting and auditing faster and simpler.
Teams recreating these historical situations on legacy software used to be a drain on time and resources. Low-code makes it easy.
Find out more from LemonEdge
LemonEdge is a low-code platform with financial market DNA at its core. We created a suite of tools that underpin the fast-paced development of core accounts and data management applications.
With LemonEdge you no longer need to build tools from scratch, across unrelated systems, prone to errors, or allocate precious time and resources, or deal with antiquated legacy providers. Instead, you can use those resources in ways that genuinely bring value.
Click here to arrange a free personalised demo with LemonEdge.
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