Innovative Low Code Strategies for Financial Services
The financial services industry in South Africa and the UK, like much of the world, is undergoing rapid transformation. The convergence of technological advancements, evolving regulatory landscapes, and shifting consumer expectations is creating a complex environment for companies within this sector. To remain competitive and agile, financial institutions need to address these challenges head-on. One of the most effective ways to do so is through low code agencies like riivo who are leading the charge and leveraging the efficiency of low code platforms in South Africa and the UK.
Challenges Facing the Financial Services Industry
Before exploring the solutions, it’s crucial to understand the key challenges that financial services companies face.
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The regulatory landscape is complex and constantly shifting. Financial services firms are required to comply with various regulations like the Financial Advisory and Intermediary Services Act (FAIS), Financial Conduct Authority (FCA), Data Protection Act, Protection of Personal Information Act (POPIA), and the Financial Intelligence Centre Act (FICA).
Ensuring compliance while remaining agile is a significant challenge.
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Many financial institutions are burdened with legacy systems that are not only outdated but also expensive to maintain. These systems hinder innovation and make it difficult to integrate new technologies that could improve efficiency and customer experience.
See our case study on unifying disparate systems for an insurance company.
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With the rise in cyber threats and stringent data protection regulations, financial institutions are under immense pressure to safeguard sensitive customer information. Balancing data security with accessibility and usability is a delicate task.
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Today’s consumers demand fast, personalised, and seamless digital experiences. Financial institutions need to innovate continually to meet these expectations, offering services like instant payments, mobile banking, and automated customer support.
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The need for cost reduction and efficiency improvements is ever-present in the financial services sector.
Automating repetitive tasks, streamlining processes, and reducing manual intervention are critical to achieving operational efficiency.
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There is a scarcity of skilled developers who can manage and innovate on traditional software platforms. This talent gap exacerbates the difficulty of modernising systems and delivering new solutions quickly.
How Financial Services Companies Overcome Challenges with Low Code Solutions
Given these challenges, CIOs of financial services firms need to adopt innovative strategies to stay ahead. Low code development, provided by pioneering agencies like riivo, offers a compelling solution to many of these issues. Here’s how.
Rapid Development and Deployment. Low code platforms enable the quick development and deployment of applications, which is crucial in a fast-paced industry like financial services. These platforms use visual development interfaces and pre-built components, allowing developers to build complex applications without extensive coding. riivo, as South Africa’s first Bubble-certified low code agency, exemplifies this capability. Our expertise in low code solutions ensures that financial institutions can roll out new services or update existing systems rapidly, without the delays associated with traditional development methods.
Enhanced Compliance Management. Low code platforms are designed to be flexible and easily adaptable to changes in regulatory requirements. This means that as new regulations are introduced, financial institutions can quickly update their systems to remain compliant. riivo’s experience in the South African and UK markets, combined with our understanding of local regulatory requirements, makes us a valuable partner for financial services firms. We help institutions design and implement systems that are not only compliant but also adaptable to future regulatory changes.
Legacy System Modernisation. One of the significant advantages of agencies that use low code platforms is their ability to integrate with and modernise legacy systems. This integration allows financial institutions to retain the core functionalities of their existing systems while enhancing them with new capabilities. riivo’s track record in low code development includes successful projects where we have helped financial institutions modernise their legacy systems. By building on top of existing infrastructures, we ensure institutions can innovate without the massive costs and risks associated with full system overhauls.
Improved Data Security. Low code agencies design with security in mind, offering built-in security features such as encryption, user authentication, and role-based access control. These features help financial institutions protect sensitive data while maintaining the flexibility to scale and adapt their systems. riivo’s deep understanding of the security needs within the financial sector allows us to design solutions that not only meet but exceed the required security standards. Our solutions help institutions safeguard customer data while enabling secure, efficient operations.
Personalised Customer Experiences. When choosing the right low code agency, financial institutions can develop and deploy customer-facing applications that are highly personalised and user-friendly. These applications can integrate with various data sources to provide customers with tailored experiences, whether through mobile apps, online banking platforms, or automated customer support systems. riivo’s expertise in creating user-centric applications ensures that financial institutions can meet and exceed customer expectations. By leveraging low code platforms, we build applications that are not only functional but also engaging and intuitive.
Operational Efficiency and Automation. Low code agencies provide tremendous automation capabilities, which allows financial institutions to automate repetitive tasks and streamline operations. This reduces the need for manual intervention, cuts costs, and improves overall efficiency. riivo’s experience in workflow automation for financial services firms means we can help institutions identify areas for automation and implement solutions that drive efficiency. Whether it’s automating loan processing, customer onboarding, or compliance reporting, we deliver solutions that make a tangible impact.
Bridge the Talent Gap. The talent shortage in the tech industry is a significant barrier to innovation. Low code agencies help bridge this gap without the expensive staff bill. riivo’s position as a pioneer in the low code space means we have the expertise to quickly deploy your ideas and projects. Our skills and guidance reduces your dependency on scarce external talent.
It's Time to Innovate with Confidence
The financial services industry in South Africa and the UK faces a myriad of challenges, from regulatory pressures to the need for modernisation and innovation. Riivo offers a viable solution to these challenges. As the first Bubble-certified company in South Africa and a pioneer in the low code space servicing the UK and RSA, we bring unparalleled expertise and a proven track record to the table.
By partnering with a low code agency like riivo, you can accelerate your digital transformation, ensure regulatory compliance, enhance customer experiences, and achieve operational efficiency. In an exceptionally challenging and competitive industry, these capabilities are not just advantages—they are necessities for staying competitive and resilient in the face of change.
As CIOs and decision-makers in the financial services industry face the challenges of today’s market, embracing low code strategies like these will be key to unlocking new opportunities and ensuring long-term success. And with riivo as a partner, the journey to innovation is not just possible, but well within reach.