A Comprehensive Review of the Significance of Low-code Automation in Risk Management for Banks

Abstract

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.