Jorge Garcia
CEO & Founder

The financial industry is constantly evolving. Customer expectations are rising, and institutions must adapt quickly to stay relevant. This demand for agility aligns with the rise of low-code and no-code development platforms.

As highlighted in the Bank Director 2023 Technology Survey, banks budget a median of $1.5 million to technology, likely due to the lengthy timelines associated with development road maps, recurring needed integrations and staffing requirements. However, building custom software solutions for your bank doesn’t require months of coding, hefty budgets or a team of developers. That’s the reality promised by low-code or no-code software. This isn’t just about efficiency; it’s about democratizing innovation. But how do these tools work?

No-code relies on prepackaged modeling and configuration tools as well as pre-integrated software components that can be easily combined in a plug-and-play configuration. Low-code offers a middle ground between traditional coding and no-code development. This balance allows for faster development while still providing flexibility.

These tools can create sophisticated software for financial institutions, covering the full cycle of banking app development from production to deployment and includes design, testing, debugging and integration. But the benefits extend far beyond development. Low-code, no-code development significantly reduces time to market, simplifies integrations, optimizes resource allocation and democratizes innovation, making it accessible to non tech users.

Oyster, a global human resources company, exemplifies this power. Using Webflow, a low-code platform, they achieved a six times faster website launch and saved $1.4 million through website speed optimization.

Banks traditionally have been faced with lengthy development cycles, high costs and rigid systems that restrain innovation. These factors may be contributing to the 15% of banks planning to reduce their technology spending in 2024, according to the “What’s Going On in Banking” report.

Building custom solutions for financial institutions requires significant technical expertise and resources, putting smaller players at a disadvantage. However, these tools are democratizing fintech by enabling rapid prototyping at a lower cost and empowering banks of all sizes — including credit unions, community banks, small banks and startups.

Streamlining development and reducing the reliance on extensive coding lowers barriers to entry, allowing these institutions to compete on a level playing field and challenge the dominance of established institutions. Moreover, these tools can encourage collaboration between business stakeholders and IT teams, better ensuring that software development aligns closely with organizational objectives.

While the benefits are clear, security and compliance remain a concern for banks. Well-created low-code or no-code platforms prioritize robust security features and compliance standards, which allows applications built with these tools to adhere to industry regulations and safeguard sensitive financial data. However, banks must implement best practices to mitigate potential risks and ensure applications are secure throughout their lifecycle.

With digital banking being key for choosing a financial provider, low-code, no-code development offers banks the agility to meet changing customer demands. By embracing these tools and fostering a culture of innovation, banks can unlock a significant competitive edge in a crowded marketplace. The low-code development market itself is booming, and those institutions that can leverage this technology will be best positioned to thrive in the digital age of banking.


Jorge Garcia

CEO & Founder

CEO & Founder of Linker Finance, a Techstars-backed startup that empowers community banks to take back control of their digital banking experience through a secure and holistic mobile and online digital banking platform. A mission-driven serial entrepreneur with over 20 years of experience, Jorge has a proven track record of launching successful global applications for renowned multinationals.