Where is fintech headed? Learning from low-code apps


Despite the revolution brought by open banking, the fintech sector still struggles to have a significant impact on our daily lives. We start seeing new possibilities rising in payment and personal finance, but it feels like the existing solutions don’t cut it yet. The open banking technology seems to be inaccessible to many. Even within the traditional financial sector. So where is fintech headed? And what will change the way technology is adopted?

To know where fintech is headed we look at how low-code apps have impacted similar sectors before. Our bet is that low code can revolutionize fintech too.

A technology not spread yet

Data shows that the majority of consumers are willing to use open banking functionalities, yet open banking is not very used yet.

According to a survey from Mambu, 57% of consumers said they would be more likely to use open banking if their bank had more successfully implemented and promoted it.

There are two problems we see behind this:

  • Too many companies are trying to do everything themselves
  • Not enough fintech providers focus on enabling open-banking yet.

This means that open-banking is proceeding slower than it could. It also means that the benefits of open banking haven’t moved beyond the banking sector. While the possibilities of open banking can change many different industry sectors, it is for now a theme only for the financial industry.

We believe that the missing part is not having solutions that help to leverage the benefits of open banking without a robust technology background. This could push the benefits of fintech and open banking far beyond the financial industry. Think for example of the process of buying a house, or renting a car. Sectors like real estate or car rental could use fintech as an enabler of better processes without having to know the recipe of the sauce, so to say.

A look at low code apps

There has been a generational transformation in technology and behavior.

Until some years ago it was mainly human beings using apps and services in general. Now the services have multiplied. We’re not using a dashboard for every single one of our services or apps. So what’s now important is that the apps we use can talk to other apps we use. Low code enables this.

According to Forbes low-code apps are gaining traction because they enable the development of new solutions and MVPs at a fraction of the time. Companies don’t need to deploy large IT arsenals anymore. That’s why low code apps have radically transformed many industries.

One of the most known solutions that uses low code is Zapier. It allows you to create tasks in an app that are triggered automatically by events in another app. The marketing sector is perhaps the most advanced when it comes to low code integration. Think of how all your marketing platforms can exchange information with each other: Mailchimp, WordPress, Google Analytics, Facebook pixel, Yoast SEO etc.

Where is fintech headed? Can low code apps accelerate the transformation?

Fintech will sooner or later digitize the way we do many tasks that are now manual. The speed of this process can be massively sped up by solutions that “democratize” the understanding of technology. This means making fintech accessible to the many and the less tech savvy. 

Low code apps applied to fintech can catalyze this process. They’ll make it possible to ideate and launch solutions based on open banking in a few days, test these ideas and validate them with the end user. Companies won’t need to have a license before even thinking of going live.

This could boost the way fintech is adopted and bring its benefit far outside fintech.


Article written together by: Federico Spiezia – Design Accelerator | Remco VeenenbergPerfinal


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