In 2017, I was recruited to help a regional U.S. bank embark on a digital transformation. The goals were lofty but clear: Improve the function and user experience of our digital products and differentiate ourselves from regional and national competitors.
Like most in my field, I approached the challenge from my comfort zone and started researching off-the-shelf solutions. So we searched for a COTS vendor, and 3.5 years and $3.5 million later, a commercial-use COTS product was in place. End of story, right?
Yes, but it could have been different. When I learned about low-code application development in early 2021 and joined Mendix a few months later, I realized that low-code isn’t just something that sounds nice but won’t apply to banks. It can solve many problems and drive digital transformation strategy for any financial institution.
My first instinct was to select a traditional off-the-shelf solution because I believed that was the only option. Custom in-house development wasn’t feasible, so it made sense to go with a pre-built solution.
If I had known about low-code application development sooner, we could have accomplished more, reached our bank’s goals faster, and stretched our development dollars further. Low-code application development gives banks access to technology they’ve never had before. Here are some of the things I wish I had known.