2020 saw a wide variety of trends in the technology sector due to this pandemic and now that we have seen these many organizations even adopt the same, digitized processes, there is no momentum for this to slow down. Dr. Vic Arulchandran, CPO at nirvana shared his views about these trends. He said, “Two predictions that I think gained momentum in 2020, but will come to fruition in 2021, are the adoption of low-code tools and the digitalization of capital markets.”
In the past couple of years, the low- code/ no- code movement has been gradually gaining momentum behind the scenes. Last year, it was seen that this movement stepping into the spot light. The demand for the digital products and services has suddenly increased from the time of Covid- 19. He shared, “Organizations that already utilized low-code platforms found themselves in a far better position to efficiently digitalize and automate service offerings and operations than competitors who had not yet embraced low-code. Indeed, Forrester has predicted that by the end of 2021, 75% of application development will use low-code platforms, up from 44% in 2020.”
“What we’ll see in 2021 is a wave of new entrepreneurs. By this, I mean we’ll see founders who are not developers creating their own applications. Low-code platforms make services and applications available, so that any eager entrepreneur can put together services to create an entirely new offering”, Arulchandran conveyed.
He says that there are three main reasons why the tech savvy entrepreneurs are sure to leverage this trend. First is that this low code trend is like build blocks, which makes it easy to assemble and create applications. It also means that any past can be added or removed with just a click of a button if and when necessary. Compared to full time coding, where the parts and bits are required when there is any modification to be done or even if the event needs to completely re written because of the proposed changes to the end product. Low code tools just seems to be more efficient for these applications. Secondly, because of their building block type of nature, there is no need for the entrepreneurs to learn special programs to create their own products or applications. This also helps those who are well versed only in a certain format of coding and not in the others, removing restrictions on developers who are skilled in some coding languages but less so in others. And at the last, it presents the opportunity to automate the tasks which are time consuming and repetitive. Through machine learning and RPA many organizations have already started to tackle the issues.
The Financial services in particular have remained unchanged while many sectors embraced digitization. Being the final frontier for digitization in the financial industry and it is said to change in 2021. Many projects are already being completed, developing AIs and use cases for dramatically reducing the time and the human capital requirements for activities such as bond issuances. The risk associated with human interventions in the transactions with these automated processes.
He concluded saying, “Developing dynamic workflow tools that employ low code / no code principles and utilize AI will have huge benefits for primary markets, not only enabling the generation of deeper insights and delivering increased efficiency to a multitude of tasks, but ultimately democratizing access to liquidity.
This extends in many other sectors too, including healthcare – where AI will be used to assist with diagnostics and procedures, sales – through AI recommendations and Chatbot’s, and entertainment gaming uses AI to create human-like challenging opponents that dynamically adjust to the environment and the user skill level.”