Volume- 12
Issue- 2
Year- 2024
DOI: 10.55524/ijircst.2024.12.2.8 | DOI URL: https://doi.org/10.55524/ijircst.2024.12.2.8 Crossref
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)
Article Tools: Print the Abstract | Indexing metadata | How to cite item | Email this article | Post a Comment
Deepa Ajish
This study provides a comprehensive examination of the influence of low-code development platforms in the risk management area within the banking sector. This research delves into the tactical utilization of low-code automation in the realm of risk management, with a particular emphasis on compliance monitoring, fraud detection, credit risk evaluation, and operational risk management. Additionally, the study centers on the metamorphosis of software design, development, and deployment processes, made possible by the easy accessibility of low-code platforms. The objective of the study is to illustrate how the digitization and automation of manual tasks in these domains augment service. provision, expedite the identification of compliance violations, and simplify credit risk evaluation, thereby conferring advantages to both banks and their clientele. Through meticulous analysis, this investigation seeks to furnish important perspectives on the uptake and influence of low-code development platforms in the banking sector, illuminating the potential for improved operational efficiency, regulatory adherence, and superior risk management.
[1] E. Sahinaslan, O. Sahinaslan, and M. Sabanc?oglu, "Low-code application platform in meeting increasing software demands quickly: SetXRM," AIP Conference Proceedings, vol. 2334, no. 1, pp. 070007, Mar. 2021.
[2] J. Metrôlho, R. Araújo, F. Ribeiro, and N. Castela, "An approach using a low-code platform for retraining professionals to ICT," in EDULEARN19 Proceedings, IATED, 2019, pp. 7200–7207.
[3] P. Vincent, K. Iijima, M. Driver, J. Wong, and Y. Natis, "Magic quadrant for enterprise low-code application platforms," Gartner report, 2019.
[4] J. Viljoen, M. Nguyen, M. Kauschinger, and A. Hein, "Fostering scalable citizen development in organizations: towards a guiding framework," in 29th Americas Conference on Information Systems, 2023, pp. 1802–1811.
[5] The London Institute of Banking & Finance, "Risk management in banking," [Online]. Available: https://www.libf.ac.uk/news-and-insights/news/detail/2022/09/08/risk-management-in-banking. Accessed May 6, 2023.
[6] McKinsey (December 2015) The future of bank risk management [Online]. Available: https://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/risk/pdfs/the_future_of_bank_risk_management.pdf. Accessed May 06, 2023.
[7] Appian (November 2021) How Low-Code Platforms Are Democratizing Financial Services Automation [Online]. Available: https://appian.com/blog/2021/low-code-platforms-democratizing-financial-services-automation.html. Accessed May 07, 2023.
[8] FintechOs (February 2022) Why banks need to know about low-code/no-code [Online]. Available: https://fintechos.com/blogpost/why-banks-need-to-know-about-low-code-no-code/. Accessed May 07, 2023
[9] C. Y. Hyun, “Design and implementation of a low-code/no-code system,” International journal of advanced smart convergence, vol. 8, no. 4, pp. 188–193, 2019.
[10] T. Margaria and B. Steffen, “Extreme model-driven development (xmdd) technologies as a hands-on approach to software development without coding,” Encyclopedia of Education and Information Technologies, pp. 732–750, 2020.
[11] R. I. Strømsted, M. Marquard, and E. Heuck, “Towards low-code adaptive case management solutions with dynamic condition response graphs, subprocesses and data,” in 2018 IEEE 22nd International Enterprise Distributed Object Computing Workshop (EDOCW), IEEE, 2018, pp. 12–16.
[12] B. Adrian, S. Hinrichsen, and A. Nikolenko, "App Development via Low-Code Programming as Part of Modern Industrial Engineering Education," in Advances in Human Factors and Systems Interaction, I. L. Nunes, Ed., Cham: Springer International Publishing, 2020, pp. 45–51.
[13] R. van Engelen, D. Whalley, and X. Yuan, “Automatic validation of code-improving transformations on low-level program representations,” Science of Computer Programming, vol. 52, no. 1–3, pp. 257–280, 2004.
[14] Code or No Code (January 2023) Low Code History [Online]. Available: https://codeornocode.com/no-code/low-code-history/. Accessed May 07, 2023
[15] R. Sanchis, Ó. García-Perales, F. Fraile, and R. Poler, “Low-code as enabler of digital transformation in manufacturing industry,” Applied Sciences, vol. 10, no. 1, p. 12, 2019.
[16]Outsystems (December 2021) Artificial Intelligence [Online]. Available: https://success.outsystems.com/documentation/11/extensibility_and_integration/artificial_intelligence/. Accessed May 20, 2023
[17] Outsystems (October 2023) 2023 Gartner Critical Capabilities for Enterprise Low-Code Application Platforms [Online]. Available: https://www.outsystems.com/1/gartner-low-code-platform-critical-capabilities/. Accessed November 20, 2023
[18] Outsystems (2023) The Forrester Wave™: Low-Code Development Platforms For Professional Developers, Q2 2023 [Online]. Available: https://www.outsystems.com/1/low-code-development-platforms-wave-/. Accessed November 20, 2023
[19] A. Sahay, A. Indamutsa, D. Di Ruscio, and A. Pierantonio, “Supporting the understanding and comparison of low-code development platforms,” in 2020 46th Euromicro Conference on Software Engineering and Advanced Applications (SEAA), IEEE, 2020, pp. 171–178.
[20] Appian Low-code application development [Online]. Available: https://appian.com/products/platform/low-code.html. Accessed July 15, 2023
[21] Appian (2023) Appian Named a Leader in the Low-Code Gartner Magic Quadrant for 2023 [Online]. Available: https://appian.com/learn/resources/resource-center/analyst-reports/2023/gartner-magic-quadrant-for-low-code-2023.html. Accessed November 20, 2023
[22]Appian When to Use AI and ML [Online]. Available: https://docs.appian.com/suite/help/23.4/ai-use-cases.html. Accessed July 15, 2023
[23] Salesforce, Quickly build AI-powered apps for employees and customers on a complete artificial intelligence platform [Online]. Available: https://www.salesforce.com/products/einstein/features/. Accessed July 15, 2023
[24]Microsoft Power Apps, Low-code platform guide [Online]. Available: https://powerapps.microsoft.com/en-us/low-code-development-guide/. Accessed July 16, 2023
[25] Microsoft Power Apps, Low-code vs. traditional development [Online]. Available: https://powerapps.microsoft.com/en-gb/low-code-vs-traditional-development/. Accessed August 20, 2023
[26] Microsoft (2023) Low-code: One of the best investments for IT departments in 2023 [Online]. Available: https://www.microsoft.com/en-us/power-platform/blog/2023/04/13/low-code-signals-2023/. Accessed July 16, 2023
[27] Microsoft Power Automate (2021) Enhancing AI for Low Code Development with AI Builder [Online]. Available: https://powerautomate.microsoft.com/en-us/blog/enhancing-ai-for-low-code-development-with-ai-builder/. Accessed July 22, 2023
[28] ServiceNow, Accelerate innovation with low-code app dev [Online]. Available: https://www.servicenow.com/solutions/hyperautomation-and-lowcode/low-code-app-development.html. Accessed July 22, 2023
[29]ServiceNow (2022) App Engine [Online]. Available: https://www.servicenow.com/products/now-platform-app-engine.html. Accessed July 22, 2023
[30]ServiceNow (2023) AI at ServiceNow [Online]. Available: https://www.servicenow.com/standard/resource-center/infographic/ai-infographic-layout.html. Accessed July 22, 2023
[31] Isaca (January 2022) Cybersecurity and Technology Risk in Virtual Banking [Online]. Available: https://www.isaca.org/resources/isaca-journal/issues/2022/volume-1/cybersecurity-and-technology-risk-in-virtual-banking. Accessed July 22, 2023
[32] Mckinsey (August 2022) Creating a technology risk and cyber risk appetite framework [Online]. Available: https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/cybersecurity/creating-a-technology-risk-and-cyber-risk-appetite-framework. Accessed August 12, 2023
[33] M. Firoozi and S. Mohsni, “Cybersecurity disclosure in the banking industry: a comparative study,” International Journal of Disclosure and Governance, vol. 20, no. 4, pp. 451–477, 2023.
[34] Deloitte (2022) Beneath the Surface: Technology-driven systemic risks and the continued need for innovation [Online]. Available: https://www.deloitte.com/global/en/Industries/financial-services/analysis/beneath-the-surface-technology-driven-systemic-risks-and-the-continued-need-for-innovation.html. Accessed on August 12, 2023
[35] M. Woo, “The rise of no/low code software development—no experience needed?,” Engineering (Beijing, China), vol. 6, no. 9, p. 960, 2020.
[36]ABA Banking Journal (June 2023) Low-code no-code: A visual approach to tech innovation for banks. [Online]. Available: https://bankingjournal.aba.com/2023/06/low-code-no-code-a-visual-approach-to-tech-innovation-for-banks/. Accessed August 13, 2023
[37]Infopulse (August 2022) Low-code Development in Banking. https://www.infopulse.com/blog/low-code-benefits-use-cases-banking. Accessed August 19, 2023
[38] T. Kanchu and M. M. Kumar, “Risk management in banking sector–an empirical study,” International journal of marketing, financial services & management research, vol. 2, no. 2, pp. 145–153, 2013.
[39] E. Losiewicz-Dniestrzanska, “Monitoring of compliance risk in the bank,” Procedia Economics and Finance, vol. 26, pp. 800–805, 2015.
[40] BIS (April 2005) Compliance and the compliance function in banks [Online]. Available: https://www.bis.org/publ/bcbs113.pdf. Accessed November 12, 2023
[41] McKinsey (January 2016) A best-practice model for bank compliance [Online]. Available: https://www.mckinsey.de/~/media/McKinsey/Business%20Functions/Risk/Our%20Insights/A%20best%20practice%20model%20for%20bank%20compliance/A_best_practice_model_for_bank_compliance_2.pdf. Accessed November 12, 2023
[42] R. J. Bolton and D. J. Hand, “Statistical fraud detection: A review,” Statistical science, vol. 17, no. 3, pp. 235–255, 2002.
[43] N. Chen, B. Ribeiro, and A. Chen, “Financial credit risk assessment: a recent review,” Artificial Intelligence Review, vol. 45, pp. 1–23, 2016.
[44] W. S. Frame, P. McLemore, and A. Mihov, “Haste makes waste: Banking organization growth and operational risk,” Available at SSRN 4412401, 2023.
[45] SC Magazine (February 2022) How low-code automation can help security teams mitigate phishing attacks [Online]. Available: https://www.scmagazine.com/perspective/how-automation-can-help-security-teams-mitigate-phishing-attacks. Accessed November 12, 2023
[46] G. González-Granadillo, S. González-Zarzosa, and R. Diaz, “Security information and event management (SIEM): analysis, trends, and usage in critical infrastructures,” Sensors, vol. 21, no. 14, p. 4759, 2021.
[47] RedHat (September 2023) What is security information and event management (SIEM)? [Online]. Available: https://www.redhat.com/en/topics/security/what-is-SIEM. Accessed November 19, 2023
[48] G. Armstrong and C. Gilge, “Make it, or break it-reimagining governance, people and technology in the construction industry: Global construction survey 2017,” KPMG International, 2017.
[49] Projectmanagers (December 2023) Top 10 Cons & Disadvantages of Low-Code No-Code Platforms [Online]. Available: https://projectmanagers.net/top-10-cons-disadvantages-of-low-code-no-code-platforms/. Accessed December 16, 2023
[50] S.pro (May 2023) Exploring Low Code Development Platforms: A Comprehensive Guide [Online]. Available: https://s-pro.io/blog/exploring-low-code-development-platforms-a-comprehensive-guide. Accessed August 20, 2023
[51] Outsystems (January 2023) Measuring Scalability: How Scalable Is a Low-Code Platform? [Online]. Available: https://www.outsystems.com/blog/posts/measuring-low-code-scalability/. Accessed August 20, 2023
[52] M. B. Gunjal and V. R. Sonawane, “Multi authority access control mechanism for role based access control for data security in the cloud environment,” International Journal of Intelligent Systems and Applications in Engineering, vol. 11, no. 2s, pp. 250-264-250–264, 2023.
[53] Kyanon (March 2022) How Low-Code Automates Processes In The Banking Industry [Online]. Available: https://kyanon.digital/how-low-code-automates-processes-in-the-banking-industry/. Accessed August 20, 2023
[54] Finextra (February 2021) Banking on Low-Code: The Secret Sauce of Digital Banking Systems That Are Crushing It [Online]. Available: https://www.finextra.com/blogposting/19904/banking-on-low-code-the-secret-sauce-of-digital-banking-systems-that-are-crushing-it. Accessed August 26, 2023
[55] Fisglobal (August 2022) Low-code, no-code: Building apps for digital and mobile banking [Online]. Available: https://www.fisglobal.com/en/insights/what-we-know/2022/august/low-code-no-code-building-apps-for-digital-and-mobile-banking. Accessed August 26, 2023
IT Security and Compliance, ServiceNow Automation, Los Angeles, California, USA
No. of Downloads: 71 | No. of Views: 1273
Anmol Chauhan, Sana Rabbani, Devendra Agarwal, Nikhat Akhtar, Yusuf Perwej.
July 2024 - Vol 12, Issue 4
Dr S. A. Talekar, Shravani A. Lajurkar, Divya S. Patil, Rutika A. Benke, Pranjal A. Kunde.
May 2024 - Vol 12, Issue 3
Dr. Deepika Rani.
May 2024 - Vol 12, Issue 3