Harnessing Low-Code Platforms and BREs for Future-Ready Banking Operations

Innovation without the wait—low-code platforms let you go from concept to deployment in weeks. 

Bankers can now turn on rapid prototyping, lower development time by as much as 50–90%, and dominate the speed-to-market game with low-code platforms that come with: 

• Drag-and-drop functionalities 
• In-built code components 
• Intuitive visual UI 
• Pre-designed templates   

The increasing adoption of breakthrough technologies like Low Code and No Code has impacted the cost and speed dynamics of delivering digital customer experiences. 

What’s interesting is that low-code technology has moved the computing power away from the mainframe and into people’s hands. 

In this article, we will go over how low-code coupled with advanced Business Rules Engines (BREs) can help bankers: 

• Roll out products in record time 
• Boost business and underwriting profitability  

Record-time launches

Low-code platforms are ensuring faster market launch of purpose-built solutions.

Backed by cross-platform support, data integration, and robust security capabilities—low-code helps financial institutions build secure and advanced products with great functionalities.

Take the case of a regional bank that launched a lending product within weeks. 

Now, here's the clincher—the bank was able to speed up solution deployment with reduced configuration and implementation time (this means without the backing of a full in-house development team or months of coding). They could create different loan programmes with ease and expedite underwriting processes backed by a BRE. 

How did they manage to pull this off? Low-code application platforms. 

• Low-code platforms are enabling software development environments that empower people with little or no coding experience to build and modify products. 
• It relieves them of the need to write bulk code as in traditional programming like Java, C++, and SQL.  
• As a result, organisations can now quickly and easily deliver new capabilities on demand, without having to rely on hard-pressed development teams.  

As a result of the growing number of enterprise-wide hyper-automation and composable business initiatives—low-code technologies are expected to nearly triple by 2025, with 70% of new platforms expected to be developed using low-code.

Pioneering financial breakthroughs with low-code

Low-code platforms are enabling bankers to “get more done faster with few resources.” 

This has brought about a paradigm shift in banking, with 98% of financial institution leaders now turning to low code to simplify complex financial systems. 

Investing in low-code platforms is a conversation that’s making its way to the forefront of boardroom discussions. Chances are that your competitors are most likely on board with low-code platforms. 

By offering pre-integrated software components in a plug-and-play model, banks can speed up their product development processes with low-code platforms, allowing them to adapt quickly to changing customer needs.

What are bankers increasingly looking to tap into? 

• Low-code platform’s ability to develop fast and flexible solutions, unlike many commercial off-the-shelf options in the market. 
• Their modular components are reusable and composable, unlike Java or hand-coding.   

Here’s where the benefits really start to shine: 

• Develop first, deploy fast: By far the most compelling feature of low-code application platforms is that it has led to the rise of citizen developers launching mission-critical financial solutions with on-the-fly customisations at a record pace.  
• Supercharge your team's productivity: By minimising the need for in-depth coding knowledge, banks can focus their skilled tech teams on more complex tasks while non-tech users can drive innovation. 
• Smooth integrations with existing platforms: Backed by readily available APIs and pre-existing platform connectors—ensure seamless integration with third-party platforms like AWS, Google Cloud, and Microsoft Azure and software platforms like Oracle, SQL databases, and SAP. Integrated services include GST data fetch, bank statement analysers, credit bureau checks, and BRE for credit score evaluation. 

Business Rules engines have become an integral part of the financial services world, especially in areas like lending, where the complexity of solutions offered and the number of variables demand meticulous attention.

Staying competitive with low-code and BREs 

Combining the prowess of low-code platforms with BREs offers financial institutions unparalleled agility in smarter, more scalable decision-making.

The synergy of low-code and agile BREs allows banks to automate and refine onboarding workflows in real-time. By automating KYC checks, banks can verify customers quickly while having the flexibility to immediately update KYC procedures, ensuring compliance and customer verification processes are both thorough and quick.

BREs also enable banks to assess credit scores effectively. Banks can run pre-defined business rules during underwriting, considering rule names, parameters, desired criteria, and actual outputs to aid in credit decision-making. 

How low-code and BREs are unleashing next-level banking efficiency: 

• Unlock on-the-fly customisations 

With low-code, banking teams can easily design and tweak workflows to accommodate changing business rules. This flexibility enables real-time updates to credit scoring policies and loan criteria—ensuring the system adapts quickly to regulatory changes or market shifts. 

• Facilitate quicker decision-making  

Backed by the powerful capabilities of BREs, bankers can create complex rules for credit scoring and loan approvals—speeding up and automating tasks that were previously in need of manual interventions. By embedding these rules within a low-code platform, banks can ensure quick, data-backed decisions without heavy development work. 

• Minimise errors and uphold consistency 

BREs enforce consistent logic across all decision points, minimising human error. Paired with low-code’s easy-to-build interfaces, this ensures that even complex decision frameworks can be maintained with minimal effort. 

• Simplify compliance updates 

In the current environment of increased regulatory scrutiny, BREs with low-code enable bankers to respond to regulatory updates faster, such as the RBI mandate to extend the Key Fact Statement rules to all retail and MSME borrowers. Any regulatory change can be implemented on the go with BREs, removing the need for system overhauls. 

Embrace low-code for future-ready banking operations

The path to becoming future-ready is certainly not linear. We must remember that the end goal is—to provide exceptional business outcomes at scale, anywhere, anytime. 

How do we achieve this? 

To become future-ready, organisations need a flexible low-code operating model, one that is powered by a powerful combination of multidisciplinary teams and ‘technologies on demand’ that work together across a broad ecosystem of partners.  

Leveraging low-code applications enables banks to reduce their IT costs by 50% and deliver impressive ROI, ranging from 150% to 300%. As a result, ​​financial services businesses lead the low-code revolution, with adoption rates reaching close to 50% across the industry.

Banks adopting low-code platforms and BREs can meet customer demands faster, reduce operational complexity, and outpace competition. 

With credit supply to MSMEs growing 20% year-on-year, making borrower journeys smooth is the need of the hour. CredAble’s advanced low-code lending suite is designed to reduce borrower journey drop-offs and deliver a seamless experience from application to approval.

• Personalise loan journeys and tailor them to fit any loan product 
• Build and launch lending solutions within weeks 
• Minimise borrower drop-offs with smooth processes from start to finish

Think Working Capital… Think CredAble!