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Credit Suisse says remote work could speed developers' demise

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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Photo by Jon Butterworth on Unsplash

 

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AUTHORSarah Butcher Global Editor
  • Ty
    Tyrana Rex
    18 July 2022

    the biggest problem for banks is the overpaid incompetent and political tech managers and executive, who know nothing about programing or software. most of these guys have such roles due to social connections.
    in some banks like Wellsfargo, failed traders become tech executives.

    banks cannot motivate its employees, not any one trust anyone, they all know its transactional. that's why they want people in offices.

    Coders do better alone without distractions. The question is are they motivated.

  • Ma
    Matt Street
    13 July 2022

    What is a "short in the arm" does it hurt?

  • Da
    DanHydra
    13 July 2022

    So.. who is going to write and maintain the no-code solution?

  • As
    Asahi
    12 July 2022

    "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."

    I have close to zero coding knowledge, but this sounds like absolute BS.

  • Ru
    Rutika More
    12 July 2022

    Seriously? Don't know why organizations are so much interested in schooling their employees. Typical master slave attitude 🙄
    IT industry has clearly been in profit in wfh, recruitments have increased tremendously...
    Its as if world no more accepts change...
    WFA is the future ...no developer likes to be a slave in AC box.

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