Global fintech and funding innovation ecosystem

Will the No-Code Revolution Transform These Industries?

Digital CxO | Syed Hamid | Apr 25, 2023

Unsplash Adi Goldstein everyone can code - Will the No-Code Revolution Transform These Industries?

Image: Unsplash/Adi Goldstein

With the challenges brought by the pandemic, the subsequent recession, and now industry-wide staffing cuts, organizations of all sizes are tasked to do more with less. And they’re turning to no-code to get it done.

FINANCIAL SERVICES AND BANKING:  With dwindling access to developers, the retirement of old technology and the pressure to increase time-to-market, this is changing due to the benefits of low/no-code options that help:

  • Accelerate the introduction of financial products to the market by leveraging the rapid prototyping and visual user interfaces provided by no-code platforms, facilitating alignment among developers, designers, and subject matter experts. Consequently, this will lead to a notable reduction in time-to-market.

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  • Transition away from outdated legacy systems becomes imperative for numerous financial institutions, even those relying on COBOL programs running on mainframes. With the diminishing availability of skilled professionals to maintain such technologies, organizations will increasingly turn to adopting no-code frameworks.
  • Significantly decrease development costs by embracing no-code development, which requires less specialization and entails fewer requirements for oversight and built-in compliance measures.
  • Late last year, SAP introduced SAP Build, a low-code/no-code solution that empowers anyone to build applications and automate tasks on the SAP Business Technology Platform. SAP, like other organizations, recognizes that the future of work is changing. All industries, including the financial industry, must adapt.

“The number of students currently pursuing an IT degree is not enough to produce the number of software experts to meet the projected demand of businesses worldwide. As a result of the labor shortage and the proliferation of low-to-no code, 70-80% of applications will be built by non-technical people by 2024, according to leadership at SAP TechEd.”

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GAMING: Gaming saw huge growth during the pandemic. It is estimated that the global gaming market will be 268.8 billion U.S. dollars annually in 2025, up from 178 billion U.S. dollars in 2021. No-code platforms have been laying the foundation for teams of non-coders to create entirely new games with industry-leading software.

  • Game development is placing an emphasis on composability – the ability to assemble something from pre-built components. We see this taking place in games like Minecraft and Roblox, where the community of players can build their own lands and even create marketplaces.
  • Companies like Buildbox offer no-code platforms that allow you to easily build mobile games. It includes a library of pre-built game components like characters, backgrounds and sound effects, all constructed with a simple drag-and-drop interface.  These tools enable game developers to swiftly experiment and create prototypes for immersive game concepts, thus democratizing the field of game development and driving down the associated costs.

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NCFA Jan 2018 resize - Will the No-Code Revolution Transform These Industries?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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