Developer shortage and the power of no-code

The pain points around hiring engineering talent have also led to faster adoption of no-code tools globally across multiple industries.


Developer shortage and the power of no-code

According to the United States Bureau of Labor Statistics, we are in the middle of a developer shortage that’s leaving 1 million jobs unfilled in the US alone. Similar trends in other regions like Europe have already arrived or are currently arriving. While there are various reasons for the skill shortage in each region, the result doesn’t change for startups that need engineers:

  • Increasing attrition/turnover rates in engineering due to increased demand
  • Limited hiring pipeline
  • Long hiring processes
  • Onboarding new hires and cold start penalty

The pain points around hiring engineering talent have also led to faster adoption of no-code tools globally across multiple industries. According to finextra.com, the Fintech industry is a good example where non-programmer employees can build and manage software applications without any coding knowledge. Forrester predicts that the no-code market will grow to $21.2 billion in 2022. That’s around 600% growth in a five-year period.

Fintech startups benefit from no-code tooling in various ways:

  • Eliminate the dependency on engineering teams for each and every change.
  • Increase agility and efficiency in operations.
  • Decrease human errors due to better-controlled, user-friendly software.
  • Enable hiring from a larger talent pool for lower cost as coding skills aren’t required.
  • Give direct control to operational teams and eliminate communication overhead.
  • Enable innovation by bringing the operational teams closer to technology and direct decision-making.

How Flagright can help

AML compliance technology is one of the areas that’s been ignored for a long time. Most startups still build these solutions in-house as a lesser evil instead of buying one of the suboptimal, costly enterprise solutions available. Flagright provides a compliance-as-a-service platform for fintech startups with no upfront fees and a transparent pay-as-you-go model. The solution includes risk scoring, transaction monitoring, anomaly detection, suspicious activity reporting (SAR), and sanctions screening. All no-code, all real-time. None of our solutions require a single line of code or any coding skills to use. Everything can be configured in real-time on the Flagright Console back office portal for an unlimited number of users.

Drop us a message to learn more here.

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