New Delhi, April 17, 2024 – Comviva, a global leader in customer experience and data monetization solutions, has unveiled its groundbreaking Low-Code/No-Code platform. This platform will redefine the development landscape for financial institutions including banks, FinTechs, and digital wallet providers.
The Comviva Low-Code/No-Code platform, an extension of its existing mobiquity® platform, empowers financial institutions to swiftly adapt to market changes, regulations, and evolving customer demands. By enabling users to visually build user journeys and workflows while seamlessly integrating with third-party systems, this platform promises to enhance innovation and streamline operations. It allows for quick adaptation to emerging requirements, significantly reducing time to market with the rapid release of new features. Moreover, with a potential 3-40% reduction in deployment time, it will decrease development costs and increase productivity.
Commenting on the launch, Srinivas Nidugondi, EVP and Chief Operating Officer of Digital Financial Solutions at Comviva, explained: “Our new Low-Code/No-Code platform represents a pioneering advancement in the banking and digital wallet space, revolutionizing the design and implementation of services for banks, financial companies, and digital wallet providers. Today’s organizations face the challenge of rapidly assimilating new technologies and the substantial investment required to introduce new services. Our innovative platform offers a simplified development cycle that significantly enhances productivity, accelerates innovation, and reduces time to market. The new platform enables organizations to seamlessly meet growing customer demands through intelligent native services and to quickly and effectively develop and deploy new digital applications.”
Comviva’s next-generation low-code platform goes beyond configurations to simplify the process of system connectivity, data field mapping, and user journey and workflow definition. It incorporates features such as the Service Flow Composer, Channel Composer, and Integration Flow Composer. These tools assist users with varying technical expertise in creating/modifying services, building applications, and integrating with third-party systems without the need for coding.
Comviva’s mobiquity® platform is a global leader in digital payments. With over 90 deployments in more than 50 countries, processing $250 billion annually, it serves consumers, merchants, businesses, and banks worldwide, empowering telecommunication companies and FinTechs. The platform offers a wide range of functionalities, from digital integration to bill payments and commercial transactions.
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The article introduces Comviva’s Low-Code/No-Code platform for financial institutions, highlighting its potential to redefine development processes and enhance innovation in the banking and digital wallet space. However, the article does not provide specific facts about market trends, forecasts, or key challenges associated with the platform.
To address these aspects, it is worth noting that low-code and no-code platforms have gained significant momentum in recent years. Market trends indicate a growing demand for faster development cycles, reduced costs, and increased productivity in the financial sector. This is driven by the need to keep up with evolving customer demands, regulatory changes, and emerging technologies.
Analysts forecast that the low-code development market will continue to expand, with a CAGR of over 25% during the forecast period. This growth is attributed to the advantages provided by low-code platforms, such as accelerated app delivery, improved collaboration between business and IT teams, and enhanced agility in responding to market changes.
One of the key challenges associated with low-code platforms is the trade-off between ease of use and customization capabilities. While these platforms allow non-technical users to build applications without coding, they may have limitations when it comes to complex or highly customized requirements. Another challenge is the need for proper governance and security measures to ensure compliance and data protection.
In terms of advantages, Comviva’s Low-Code/No-Code platform offers several benefits. It enables financial institutions to adapt quickly to market changes and customer demands, reducing time to market for new features. The platform’s visual interface and integration capabilities streamline operations and enhance innovation. Additionally, the potential reduction in deployment time and development costs can lead to increased productivity and cost savings for organizations.
However, it is important for financial institutions to carefully evaluate the suitability of low-code platforms for their specific needs. They should consider factors such as their existing IT infrastructure, level of customization required, and the scalability of the low-code solution.
For more information on low-code development trends and challenges, interested readers can refer to the following link: Low-code and no-code development trends.