How to Boost the Digital Transformation of Your Financial Institution with Zero-Code in 2022?
Financial services digital transformation initiatives are incredibly difficult to complete. Companies across the sector are constrained by a lack of funding and antiquated, rigid core systems. Road mapping becomes a need rather than a nice-to-have as a result. When faced with a plethora of compliance- and maintenance-related obligations, innovation seems like a distant dream.
Due to a lack of knowledge, resources, and time when an IT project starts, many banks are forced to make the following hard decision: Either commit early to spending months or years (and countless sums of money) to reach the goal of seeing immediate and frequently incomplete results. It could be tempting to give up in frustration. However, low-code application development promotes corporate growth and digital transformation in financial services. Higher customer satisfaction is the outcome of providing value through simpler, quicker, and less expensive solutions. Enterprises today face unheard-of difficulties around the globe. Global economies have shrunk as a result of the COVID pandemic, and businesses have stopped or reduced production, which has falling wages and market volatility. Businesses are compelled to “do more with less” in this unstable economic environment. These businesses must continue to put innovation first to thrive in the already challenging industry. Enterprises are required to have access to the appropriate tools and solutions if they are to keep up with the competition, change with the times, and surpass customer expectations. Businesses must put procedures in place to convert their manual procedures into automated ones, whether problems arise with daily operations or long-term projects.
As an outcome, the requirement for goal solutions has increased dramatically, demonstrating that the time- and resource-consuming practice of coding has turned into a major bottleneck. As a solution, low-code and zero-code (or even no) programming tools have been developed to enable business users to create client-specific applications quickly and effectively using drag-and-drop tools.
A Zero-Code Solution: What Is It?
Many businesses have realized that writing apps in code take a lot of time, especially given the always-changing circumstances that drive product evolution, as they concentrate on digital transformation and operational efficiency. Business users need to wait for IT to make these modifications if they need a specific application to be established or even a minor upgrade to an existing app. This might be a big hurdle to releasing products or upgrades on schedule given the limited resources and lower IT budgets. Instead of relying on IT for updates, zero-code encourages business users to build and maintain applications for clients. IT teams may focus their resources on further innovation rather than waste hours creating and perfecting products.
Empowering Business Users
An enterprise can gain from a zero-code platform in several ways, including improved productivity and teamwork, cost savings, and a shorter time to market.
Efficiency and cooperation improvements
Zero-code solutions are developed quickly. By integrating pre-built, reusable modules, zero-code provides enterprise customers with interfaces that make it quick and simple to enable new features and design workflows. Enterprise customers can freely create and deploy better technologies or features that meet the demands of their clients rather than waiting for IT staff to make changes. Enterprise customers can go straight to the visualizer and make the necessary modifications whenever updates to the business rules or concerns need to be handled. Furthermore, no-code builds on the framework that already exists in existing APIs.
Companies can anticipate higher IT productivity as developers concentrate on higher value-added tasks like conceptualizing and creating cutting-edge applications that bolster sales and expand market share. Instead of wasting time waiting for others to create and maintain apps, company leaders may match their primary activities with essential business goals.
Businesses can spend less money on employing large IT groups or in-house groups for app development by enhancing the capabilities and influence of business users. With this method, a company may hire more people without having to worry about having specialized coding skills.
More rapid time to market
The next wave of company leaders can launch products more quickly thanks to zero-code solutions. Business users may easily build and distribute new goods and solutions to clients to meet their changing needs by utilizing an intuitive interface. These same users can modify applications and include new features on their own. A new product’s time to market is also greatly reduced, and thanks to the zero-code platform’s simple changes, its lifespan is increased.
Overall, no-code produces a much more productive and team-oriented business, with the needs of the client now at the top of the chain. By depending on scripts to power their services and solutions, today’s businesses may be overtaxing their IT resources, limiting the opportunities available to business users, and performing poorly.
Businesses have started using zero-code solutions, which concentrate on simplifying and decentralizing application development, to address these issues.
Using Low-Code to Achieve Digital Transformation Goals in Financial Institutions Low-code, what is it?
The low-code platform is a graphical application development environment that enables rapid prototyping, testing and release within weeks as opposed to years. Low-code applications can link to your main system and are created with the user experience in mind.
Since many users don’t have software development experience, low-code makes development better accessible to teams with a variety of skill levels:-
- Utilize current resources to advance significantly with low-code.
- Consider the user experience when creating designs
- Automate customer service operations.
1. Make use of current resources to advance in a significant way.
Recruiting a software developer might result in long wait times and expensive expenses. Low-code, nevertheless, financial firms can use public developers to speed up delivery thanks to low-code.
Citizen developers don’t typically have an experience in coding and come from many industries. If a business person notices an issue, they can use low-code to create and prototype a fix. A financial institution might do this by designing a straightforward, attractive interface that makes it simple for users to sign up.
2. Create products with the user experience in mind
When working with financial institutions, many customers have switched to online or virtual solutions as a result of Covid-19. According to a recent survey, 51% of participants discovered that in 2025, roughly 50% of their clients will transition from in-person to online services. This implies that to stay competitive and to meet Financial institutions must keep investing in user experience solutions to meet the expectations of their clients.
Institutions can accomplish it thanks to low-code technology. The user experience (UX) of the Washington Federal Reserve system, a retail and business bank with assets of about $18 billion, needed to be improved. Customers wanted to change, and competitors were moving. There wasn’t enough time to be spent because a relocation can take up to three years.
After attempting an off-the-shelf solution for eight months, Washington Federal abandoned it because they were unable to tailor it to meet their needs. Washington Federal went to low-code when they needed a solution that would provide them with an immediate advantage.
Washington Federal was able to do more in six weeks than their prior provider had managed to complete in eight months thanks to the Brisk Logic low-code platform. Washington Federal had made a profit in less than a year as a low-code internet banking platform. Clients have the option to enlist, view their information, transfer funds, and pay invoices. Every aspect of this is customized for each client. The portal’s flawless integration with Washington Federal’s current APIs and systems may be its strongest feature.
By deciding to use low-code to create their new internet portal, Brisk logic was able to cut its IT expenses by 50%. Their current teams were capable of growing quickly and easily using the Brisk Logic platform. The outcomes gave the Rabobank team new life, and they are now attempting to find numerous applications for Brisk Logic.
3. Automate customer service procedures
Financial organizations can automate a variety of previously laborious procedures using low-code, which benefits both staff and clients by saving time. Business Growth Bank of Canada is one such instance (BDC). Over $4 billion in loan applications are processed there annually. BDC, however, had to update its primary legacy systems and reconsider how it provided services to its clients to support contemporary enterprises.
Using low-code, BDC created and recently launched the Core Lending Platform in approximately eight months. With more than 100 integration points, this project was deemed mission-critical and would have required approximately Three years to construct using conventional methods. BDC has now cut the time it takes to handle loans by 80%.
Ways Low-code Can Support the Digital Transformation of Financial Services
Therefore, it should come as no surprise that many financial services companies are moving to low-code development platforms to help them navigate this challenging environment in the face of demand from both internal stakeholders and customers.
The excellent thing is that low-code technology has already shown that it can speed up digital transformation programs at even the oldest banking institutions.
Here are four ways low-code solutions can aid in the digital transformation of financial services:
Enable the quick development of applications
Building new enterprise applications from the start can take months using traditional development techniques, and more complicated apps may take longer. Many solutions can be supplied in a month or fewer thanks to low-code platforms, which can cut these development timeframes by up to 85%.
Developers have been liberated from arduous manual coding thanks to automatic code production for each of the most frequent components of an application. Consider bringing together subject matter and IT specialists to efficiently cooperate on a performance optimization flow. A straightforward visual development approach, drag-and-drop tools for outlining the workflow, and easily customizable user interfaces enable this in digital transformation.
Increasing business agility
The low-code speed advantage is present via modifications exactly as it is during an application’s first construction. This implies that adjustments can be made to the app immediately. Low-code platforms frequently encourage an iterative development approach where teams can quickly create a minimal viable product (MVP), and then improve and grow it over time, the application.
In the end, this results in a far more agile organization. This kind of agile operational profile can be crucial for financial services businesses, which must continually adjust to market demands, global events, and regulatory changes.
Enhance the client experience
Low-code technology is an excellent approach to quickly automate a lot of procedures in financial services firms that lack enterprise-wide process automation. The period that clients must wait for certain procedures to finish can be significantly decreased as a result. For instance, during the onboarding process for corporate clients, the AML and KYC regulation checks that banks are required to complete can be automated By enhancing the manner that information and documents are gathered from new customers, for instance, low-code apps implemented in this area can significantly improve operational efficiency and satisfaction of customers. Furthermore, when the app is properly integrated, big data may be transferred more readily between systems and departments. The results offer brand-new consumers an enhanced digital experience that drastically cuts down on the time needed for account opening and onboarding.
Increase the processes’ transparency
Negative results are infrequently produced by a lack of transparency in a particular company procedure or one of its components. The issue method determines how terrible the consequence will be. The business may, at best, experience recurring blockages that it finds difficult to locate. At worst, the company might be unable to address urgent issues promptly.
For instance, a financial company built an incident command app for its fleets of ATM & POS equipment using low-code. The bank did not previously have a method for quickly identifying potential problems in these networks. Additionally, there were no electronic instruments for keeping track of when and how they are fixed.
With the aid of low-code, the bank was able to create a comprehensive system that integrates Google Maps for actual visibility over its entire squad of devices and includes a ticket booking system that enables it to adopt a more proactive approach, shorten outage times, and improve service availability.
Make a vision a reality.
It requires deliberate work to move your roadmap in the directions you want to go while you’re in the loop of doing what is required. Low-code can sometimes seem like a change in the way your institution evolves. However, since change is a constant in the financial services sector, you can use it to your advantage.
Accept the modification and have a look at your roadmap and development timeline. Is there something you’ve wanted to do but been unable to do? Brisk Logic could be able to support your efforts to innovate in that area. Examine the options and take command of your future back.
Zero-code automating for data quality and process consistency is offered by the Brisk logic Platform. Business users are given the tools to increase their efforts in digital transformation thanks to the solution’s end-to-end (E2E) automated quality of data, data availability, and E2E visibility. Business users may simply design, configure, and deploy a variety of programs and workflows to use the Brisk Logic Platform thanks to an intuitive graphical user interface (GUI).
Business customers may find it challenging to verify their goods without changing real-world settings. Users can build, verify, and implement rules on Brisk Logic’s platform in a secure sandbox without compromising their live production systems. Business leaders can quickly design mockups of apps, set up new processes, add new features, run analytics, and receive insights. Instead of being code-driven, the solution is workflow and business process driven.
The cloud is where digital transformation is currently headed. The solution from Brisk Logic enables businesses to flexibly scale their applications while maximizing the many advantages of cloud computing. Additionally, a drag-and-drop application setup is possible using a collection of computer vision (ML) and machine intelligence (AI) tools and API interfaces.
The zero-code platform makes it possible for business customers to build clearance, settling, consolidation, liquid management, cost apps, and regulatory applications considerably more quickly, resulting in a shorter time to market for the financial sector. The Cuneiform Platform has created data security and integration capabilities in addition to its other advantages in digital transformation.
By switching to zero-code, businesses may get rid of many of their current pain points, providing their business users greater control and free time both for IT and developers. Businesses may now more quickly and easily design, configure, and deploy applications, expanding their influence in the digital transformation.
Get in touch with us and ask for a demo of Brisk Logic‘s zero-code platform if you’re interested in learning more about digital transformation.