LATEST INTELLIGENCE
LOW CODE IN THE FINANCIAL INDUSTRY :
TRANSFORMATIVE DISRUPTION AND ADAPTABILITY DURING CHALLENGING TIMES
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To say that the financial industry is experiencing disruptions and challenges is an understatement . The evolution of the industry and its customers has led to several concerns among business leaders in Wall Street and beyond :
INCREASED COMPETITION . Technology and interconnection of devices , communications , and more have become the norm both for businesses and the customers they serve . New , tech-savvy competitors have swept the market off of its feet , generating upwards of $ 4.7 trillion in revenue according to Goldman Sachs despite most being mere startups ; revenue that has been diverted from traditional organizations in the industry . This has given more established companies a wakeup call regarding what they need to do to stay competitive in the coming years .
BUSINESS MODEL CHALLENGES . Factors such as low interest rates , increased operational costs and unexpected challenges like the COVID-19 outbreak are putting business models to the test , with many legacy models no longer proving to be sustainable . New challenges like the virus are always around the corner , and most legacy systems simply cannot provide the agility needed to adjust business processes accordingly . Offices , departments and employees can often be separated whether geographically speaking or due to unforeseen circumstances like the recently introduced quarantine measures . This has made it imperative that financial institutions improve their operational efficiency and adapt quickly to market changes in a way that often requires a complete overhaul of their business models .
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