According to Forrester’s research, low-code development platforms demonstrate a significant speed advantage, being 10 times faster compared to conventional platforms. There is no doubt that low-code/no-code solutions in banking are the future. But how to choose the best solution among the multitude of available options?
Low-code and no-code frameworks are groundbreaking development methods that provide unparalleled efficiency and simplicity. Through the utilization of low-code or no-code platforms, banks have the ability to swiftly develop digital products in a matter of days, rather than the lengthy timeframe of months or even years.
Perhaps you have been wondering for a while which solution to choose, comparing available platforms, and attending numerous meetings. If you still haven’t made up your mind, read on to discover why our platform is the best fit for your needs.
On our blog, we have repeatedly written about the benefits that banks can achieve by using low-code and no-code solutions for the development of their mobile applications. Today, we are presenting the competitive advantages of our no-code platform, Extentum.
EXTENTUM – competitive advantages
Extend any existing banking app
Most of the no-code/low-code tools available on the market have been developed to build applications from scratch. Extentum, in contrast, is a tool mainly designed to extend any existing banking/fintech application. The platform is easy to integrate with applications already used in the bank: iOS, Android, and web.
Designed exclusively for the financial industry
Extentum is a tool fundamentally built for the financial sector based on the company’s (Finanteq) know-how, previous experience from deployments in banks and clients’ feedback. Finanteq’s expertise focuses on custom development and strongly emphasises top-notch user experience.
Easiness of implementation
With Extentum, it is very easy to implement services most commonly used in banks based on their business logic.
Platform independence
Extentum is platform-independent – the script is written once and runs on all platforms: iOS, Android and the web.
Extremely fast turnaround time
Extentum enables changes to be made extremely quickly – in this respect, it outclasses other solutions available on the market:
- It allows building features into the application without developing them from scratch – making it possible to extend an existing application. New features can be added almost in real-time, allowing the bank to respond quickly to emerging needs and trends in mobile technology.
- Creating functionalities in Extentum does not require graphic or UX design – it is sufficient that each functionality is described from the business logic side, and the interfaces will always display correctly, offering consistent UX for a given bank. This is possible thanks to predefined visualisation rules (in line with the look&feel of the given application and the bank’s image branding).
- The tool’s potential described above eliminates almost 99% of work devoted to testing the designed solution on different hardware platforms, significantly reducing the costs of preparing and implementing the functionality and allowing immediate 1-click deployment (visualisation types are tested only once during Extentum implementation).
- The new feature can be made available to users immediately as it does not require releasing a new version of the banking application.
Native solution
Extentum is a native solution, unlike many other tools that operate on a web-view basis. It allows:
- integration and cooperation with other applications on the customer’s device,
- adaptation of the appearance of the interfaces to user preferences,
- making the most of the technological capabilities of the device.
Mobile and web channel go hand in hand
Extentum makes it possible to support the web channel (online banking) based on the same process definitions as the mobile channel without requiring UX design.
Extentum’s Strengths
- A user-friendly interface for configuring processes and front-end logic using drag-and-drop elements.
- A very favourable (in relation to time) learning curve for using the tool.
- The ability to experiment/test on a selected group of business hypotheses.
- The ability to release production features quickly, which would be completed much later in the classic development model. This allows a certain degree of independence from hard-to-reach and expensive development resources, which can be redirected to more important and complex tasks. The ability to work directly on the tool helps turn the business staff’s attention from how to take care of application development to what exactly can be changed in the application.
- The potential for creating both simple and highly complex scenarios with the ability to program business logic as necessary.
- The ability to integrate with other applications, such as natural language processing (NLP) engines or products from the Finanteq portfolio (e.g. Pocket Branch).
It’s easy to succumb to temptation and choose the first available no-code solution. I hope that after reading this article, the choice for you is clear and straightforward. Contact us and schedule a demo to explore the whole potential of Extentum.
