Accelerating Open Banking ‘Super App’ Innovation with Low Code
The concept of a ‘Super App’ has gained significant traction, offering users a one-stop solution for various services and functionalities.
A Super App is a comprehensive mobile application that combines various services such as messaging, payments, shopping, transportation, and more into a single platform.
Users can access a wide range of functionalities without switching between multiple apps, making their daily tasks more streamlined and convenient.
Low Code Innovation
It’s an especially powerful concept when twinned with ‘Low Code’, software development tools that speed app innovation faster through plug and play, modular builders, and even more so when specialized to a particular industry use case, such as Open Banking.
As Joris Lochy writes for FinExtra a key technology trend impacting the banking sector is Low Code, an approach to app development that as the term suggests emphasizes a visual drag and drop metaphor versus code level programming.
Vendors like i-Exceed are applying this to digital banking, where their Appzillon micro-app and automated development approach helps banks in developing self-service and assisted service solutions that facilitate the entire customer onboarding process in a quick and efficient way.
Rodrigo Bernardine, Co-founder at Digibee Inc, believes Low Code is ideal for accelerating the transition to Open Banking, that it is ideal for addressing the complexity in setting up an API portal in order to connect part of their services to the system of other market participants, as these types of connections can be quite a challenge because the existing APIs can’t keep up with today’s fast-paced integration requirements.
Hydrogen enables businesses to configure and embed white labeled financial products without writing a single line of code. This is achieved through a catalogue of No Code components, small standalone software applications built on top of their APIs. All components can be embedded with a few lines of code and easily connected to client data.
These Embeddable Components are self-contained widgets built using modern Web Component or Mobile WebView technologies, performing complex API functions and orchestrations without you needing to write a line of code, that can be configured to your liking in their editor. The components can be used in isolation, or combined to build larger applications, and include functions such as:
- Card Issuance
- Card Activation
- Card Funding
- Card Balance
They also offer White Label Apps, which are fully built web applications that are connected to Hydrogen’s APIs and configurable through their no-code editor. White Label Apps are different than the Embeddable Components, because they contain full end-to-end user journeys with login/logout, sessions, sign ups, dashboards, and settings. Web apps are available on Hydrogen subdomains and are fully hosted by Hydrogen.
Conclusion
Low Code is a white hot technology trend in it’s own right, likewise so is Embedded Finance, therefore where they intersect presents an immensely potent opportunity for banks and fintechs.
Organizations seeking to embed banking services into a mobile super app strategy will ideally do so as quickly as possible to achieve a market first advantage, and the ability to plug and play together modular components, versus hard coding it from scratch, will greatly accelerate that ambition.
