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Low/No Code Vendors in Banking

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28 September 2021
Stephen Greer

2021 Spectrum Report: Powered by VendorMatch

Abstract

The growth in demand for digital has created a long tail of applications which traditional IT struggles to build or maintain. The backlog is growing, and the IT gap is widening. Low/no code offers a way to gain developmental leverage. Platforms are the backbone.

Defining

Low/No Code

A development methodology that leverages prebuilt building blocks, enabling developers and even business users to develop, integrate, and make changes to applications rapidly.

Low-Code Platforms

Low-code platforms are generally focused on the developer experience, streamlining application development by automating tasks from initial design to iteration. The focus is to eliminate pain points and maximize reusability, allowing skilled dev resources to work effectively.

No-Code Platforms

No-code platforms move further away from the underlying code by increasing abstraction through a graphical user interface. Platforms include drag-and-drop widgets and prebuilt components, which can be leveraged by a business user without any software development experience.

There are several broad classes of low-code platforms for code creation, for mapping specific workflows from industries and specific functions from a visual mapping. A key to the usefulness of these solutions is their offering of speed, agility, integration, ease of API creation, and ability to connect with key vendors and systems.

This report provides a description of IT vendors and their offerings in the low/no-code platform area. It profiles 12 IT vendors across the globe. Each solution is detailed using the same structure, starting with a synoptic table presenting the company and its solution. Celent describes the product's features and functions, the customer base, and technology as well as the initial installation model. While the list of vendors covered in this report is nonexhaustive, it covers some of the most important platforms in banking today.

Celent expects the ecosystem around low/no code to boom in the coming years. For most banks, the advantages will be paramount to creating a competitive edge in the post-pandemic digital world.

This report should be read in conjunction with its companion piece, Low/No Code in Banking: A Primer for the Technology and Platform, which dives deeper into the technology and its evolution.

Vendors Mentioned: 3Forge, Appian, Caspio, FlowForma, Innoveo, Intellect, Mendix, ServiceNow, SS&C, Veritran, Vermeg, WaveMaker

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