Is no-code technology the future of WealthTech? – FinTech Global
No-code technology is quickly becoming a major trend in software development. As wealth managers continue to increase their exposure to digital services, will no-code technology be their go-to solution?
According to research company Gartner, 70% of new applications developed by enterprises by 2025 will use no-code or low-code technology, up from less than 25% in 2020.
So, what exactly is no-code technology? It describes software products designed for fast, easy implementation without the need for programming skills. Leveraging graphical user interfaces and prebuilt configurations, these solutions are often drag-and-drop and can quickly digitise processes with significantly fewer IT resources. No-code is designed to allow businesses to customise products, without needing to hire a team of coders.
Another report from Gartner predicts that by 2024, 80% of technology products and services will be created by those who are not technology professionals.
With the current emphasis on digital transformation and personalisation, it is easy to see the appeal of the technology.
The question is, will no-code be the future for WealthTech solutions? Put simply, Stefan Willebrand, founder and CEO of SaaS financial services platform Bricknode, said “As with most things there is no silver bullet.” Willebrand stated it all depends on the problem that needs to be solved.
“I have always liked to combine working with no-code platforms with building my own custom components through coding. If you are only using no-code solutions, you will have a hard time creating unique experiences so I think that there are only so many shortcuts that you can take.”
For example, Willebrand said he would utilise a no-code solution when building a new website or building a company’s first customer portal within wealth management. This will help get experience with development and a taste of what can be done. Once this has been operational for a while, Willebrand would use the gained knowledge to create a unique customer experience from the start with his own code.
Moving even further away from the benefit of no-code technology, Fredrik Davéus – co-founder of financial analytics API developer Kidbrooke – sees little value in the technology. Davéus said, “I’m sceptical of low/no-code solutions overall. You can only do what the platform allows you to do. Few people have training on each solution vs more general programming languages. It does not take away the need for skills associated with software development since any large project will require classic dev ops.”
Is no-code better for scalability?
As mentioned, there is clearly a rising interest for no-code and low-code technology. Willebrand believes this is also happening in the wealth management space, with firms seeing the technology as an easy way to start a business without needing …….