This past week FintechOS Nabed $60M to help traditional banks fix some of their legacy infrastructure with pre-built low code approaches. Here’s the article
The promise of this low-code approach is that it makes it easier for legacy institutions to more quickly roll out and test new services. Essentially being more agile to compete with the Neobanks.
Also, interesting to see Rapyd mentioned in this article as one of the players.
What do you think? Is low-code the future in banking and payments?
Hi there @Dev_Macy1 and thanks for opening up this discussion around low-code. What I am about to say is my opinion and I forsee others will weigh in on this subject in the days ahead.
I have always been a fan of thinking of and creating easy and simple solutions for the end-user. In this case, a low-code solution tailored for those of us in fintech that today write code by adding a payment stack to an existing application – which can be time-consuming.
Low-code isn’t new, a classic example might be WordPress. Adding drag-and-drop and plug-and-play logic to payments and fintech will be amazing.
But your question was is it the future… I am going to say no. Low-code has a place the same way WordPress has its place. There will always be a need for true integration and custom development at least in the near future in my opinion. Long live APIs.
Hosted solutions such as checkouts are great but have limits. This will be the same for continued growth in low-code fintech as well I speculate. But what a great way to reduce your solutions PCI scope and stay away from other potential compliance and regulatory issues – letting the low-code maintainer manage those headaches for you.
This is my take, and curious what others will say.
I think the idea of Low-Code Fintech sounds good on the surface for a large enterprise bank, but too often they can’t get out of their own way. Internal Compliance will weigh-in with a set of requirements, Security will have their issues, then there will be 10 reasons why from the Ops team it won’t work with the way internal systems work. By the time they get around to figuring it out, they’d been better off creating it from scratch.
Do agree low-code does have it’s place for limited use-cases like Checkout or possibly even onboarding.
I think FintechOS will find better markets in the Fintech and maybe even the smaller community bank segments than Enterprise-level banks.