Speaking to the TechGraph on “The possible setbacks that are faced by the entities transitioning to no-code platform’, Muzammil Patel, Global Head Strategy & Corporate Finance at Acies said, “The current commitments to maintaining legacy technology are the biggest hindrance to making the transition.”
Read the complete transcript here:
TechGraph: Why is fintech in the spotlight for predicted tremendous growth in the Indian market?
Muzammil Patel: FinTech continues to disaggregate traditional financial services players at a rapid pace. They can speak and address more directly a consumer’s need. With no legacy technology to worry about, they can move faster and with more conviction than traditional players.
While traditional financial services players have a more unified and integrated platform, slow speed of execution and bringing ideas and products to market make them ripe for disaggregation. Also, in the open API world, a unified and integrated platform has far less value to offer than availability and speed of service delivery.
TechGraph: Impact of disaggregation of tech segments in specialized operations from larger enterprises?
Muzammil Patel: While disaggregation from larger players is occurring, on one hand, a new form of aggregation is taking place where multiple FinTechs with an open architecture framework, can offer integrated offerings to customers. From pure cross-selling, FinTechs are moving to the aggregated platform and cross-vendor offerings i.e. from being only a B2C player to now a B2B2C player.
Partnerships with larger players are helping cement the disaggregated but single-window offering. As new challengers enter the FinTech space, white labeling of technology is likely to become more prominent especially for slower-moving and legacy players. Larger players are also likely to respond using no-code platforms to catch up on the lost ground and respond with equal if not greater nimbleness.
TechGraph: Future of No-code platforms in Indian enterprises?
Muzammil Patel: No-code platforms have only started making headway in the enterprise technology space. In this phase, the pre-architected true no-code players will get separated from the fringe claimants. As the initial phase of distinguishing true code gets over, no-code platforms are likely to proliferate the enterprise technology space. It would be fair to expect that every new technology investment in bespoke development will transition to the no-code way.
The next step will be to enhance legacy vendor tech with no-code extensions and wrappers. Soon thereafter, no-code is expected to lay direct claim to the legacy vendor tech space. This transition will truly start the no-code revolution and change the enterprise technology landscape forever.
TechGraph: How no-code program will enable the business to make the best of the technology and serve better in the marketplace?
Muzammil Patel: No-code platforms take away the dependency for coders. Good coders have become an increasingly rare commodity. More importantly, coding is fraught with longer delivery lead times requiring intensive testing and the architecting of individual components.
Taking away the need to code reduces delivery times by half and more often than not, it reduces the total cost of ownership (TCO) also by half. It also empowers the end business user to respond quickly to changing market needs. No-code will enable the removal of the current constraints on innovation caused by higher costs and long delivery lead times.
TechGraph: Why is this transition to the no-code platform essential?
Muzammil Patel: Transition to no-code is inevitable – It is no longer an option. Continuing to invest in coding is now the new legacy approach. No-code allows businesses to focus on what they are good at and are meant to do.
The distractions caused by technology maintenance, technology development, and testing will cause innovative businesses to fall behind the curve compared to those who use no-code.
It is also important to understand that no-code takes away the need to reskill the workforce. People with business skills can focus on what they are good at without worrying about any technology handicaps they may have. No-code shifts the focus from technology to business and business is ultimately what gets customers.
TechGraph: What are the possible setbacks and challenges faced by the entities transitioning to a no-code platform?
Muzammil Patel: The current commitments to maintaining legacy technology are the biggest hindrance to making the transition. Pre-committed budgets to legacy platform maintenance make a budgetary allocation to no-code difficult. There is also a significant mindset shift required in business and technology teams as they make the transition from being tech-centric to being business-centric.
With the return of power to business users, managing cultural changes in interactions between IT and business becomes imperative. The faster people address the budgetary allocation and cultural issues associated with this transition, the faster will they be able to reap the benefits.