If you're a developer in the financial services industry, you may not want to embrace remote working with too much enthusiasm. Credit Suisse's research team suggests that the trend for working from home is likely to expedite a move to the kinds of no-code system that will reduce the need for engineers in the long term.
In their long presentation last week on the fintech industry, Credit Suisse's researchers said that the shift to a remote workforce has made it increasingly difficult for financial institutions "to efficiently work in teams that are separated geographically." When people are working remotely, they say that it can also be "challenging to integrate different people from large teams efficiently."
Because of this, they predict that remote working will give no-code systems a short in the arm. These systems allow employees with no technology experience to work on technology solutions to business ideas, removing the need for "interdisciplinary team members" who can translate requirements. They make solution development faster and more agile as there's no need for developers to facilitate ideas. And they free-up the existing tech team and make it more productive.
Credit Suisse's researchers don't say so exactly, but no-code systems also cut the need for engineering talent. And although their comments relate to fintechs, no-code systems have implications for Credit Suisse itself as it sets about cutting CHF600m from its technology budget in the next two years.
One low code platform, Genesis Global, was founded by Miami-based Stephen Murphy, a former equities trading developer at Goldman Sachs, and is focused on trade-related workflows. Last year, Murphy told us that Genesis can reduce development costs by 80% and that building applications there "requires very little coding experience."
Genesis isn't the only no/low code product marketed to financial services firms. In the fintech space, they note that there are others that also allow users to set up payment systems without coding at all. They include: WhenThen, TillyPay, ChargeBee, Payhere and PayRequest.
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