How low-code automates processes in the banking industry has been one of the most concerned problem recently because of the effect of Covid-19.
Why have low-code solutions gained more ground in the IT world of financial firms? Will low-code be a key point and the future for the development of the banking industry?
COVID-19 global crisis has brought a bunch of challenges to all the organizations all around the world. No organization could predict or prepare for it; especially, the banking industry had very little time to deal with the challenges, and adapt to the changes. Banks are trying to stay up with those particular changes brought on by the pandemic, as employee and consumer behaviors have drastically changed and shifted comprehensively online to have many of its most pressing needs met. And, of course, that requires businesses to boost their digital capacities to respond to customer needs quickly as known as to automate processes.
Low-code is an ideal solution for the banking industry now. Low-code is agile, adaptable, scalable and rapid. It could help businesses meet the consumer needs as well as any unpredictable future challenges when the pandemic is not over yet, and the environment is dynamic.
Let’s consider why banks should go for low-code.
1. What role does low-code play to automate processes?
Low-code is not just a technological upgrade, it changes the entire banking experience for the better by encouraging innovation, changing focus to customer experience, and challenging all legacy processes. Low-code creates transparency, and provides users the tools to reduce technical requirements and enhance innovation. It also provides banking firms with speed and power to improve customer experiences, staff productivity, business success, and so come closer to what digital transformation looks like in practice.
2. What can low-code do to automate processes?
2.1. Low-code – Accelerate Digital Transformation
Nowadays, many banks are on their path of digital transformation. Modern customers now expect digital banking products and services more and more due to Covid-19 has restricted physical contact, face to face meetings. Therefore banks now have to speed up their digital transformation as fast as possible, and keep things up to date in order to meet customers’ needs and expectations in the post-pandemic situations.
However, despite digital change, banks still use the traditional software development which is a long and expensive method. They might spend months on developing, testing, and deploying an application. In this digital world, time is the key and banks who provide faster time-to-market products and services can win customers’ loyalty. Low-code is the best solution.
Low-code platforms enable banks to rapidly develop and deploy applications in just a few days, and launch digital solutions quickly as customers expect. Low-code accelerates digital transformation in banks.
2.2. Low-code – Enhance Customer Experience
As we can see, most banking customers want personalized products and services which are customized to their needs, locations, and devices. If only banks can provide an enhanced customer experience; especially during post-pandemic time, they can get more new customers and keep existing customers staying with them.
Low-code app development platforms make banking services and processes simple and easy by enabling apps for digital accounts and digital loans. Banking processes that usually take days could be done in minutes as low-code banking apps to enhance customer experience can be built quickly and efficiently in just a few days. Low-code platforms make it simple to connect to many data sources, regardless of the connection technique required, allowing you to do in-depth research on your consumers, financial, or production data and use those existing data to customize products and services based on each customer. Low-code platforms also enable banks to apply omni-channels, which can allow users to get all transactions done through any digital device of their preference.
2.3. Low-code – A Key to Become A Leader in Digital Banking
Digital banking is an ideal type of banking in today’s digital world. In order to be successful, banks need to prepare and plan for any unpredictable event that can happen in the future due to dynamic circumstances. Banks need to leverage advanced technology to unlock all potential of digital transformation and deliver the best customer experience. They need solutions that can generate real-time data features for tracking and monitoring. Also they are able to provide predictive insights to plan and strategize future goals. Low-code is the key that helps banks become the leader in the digital game.
Low-code development platforms leverage data, AI, and advanced analytics to build advanced apps that offer predictive analysis and personalization. Banks can use these low-code app capabilities to tailor their websites, provide real-time banking recommendations, and even test advanced capabilities to future-proof banking services despite any disruptions.
For example, let’s take a look at one of primary case studies demonstrating successful low-code development of Bendigo Bank, which is one of the largest banks in Australia. Bendigo Bank highly wanted to turn its attention to advanced customer service. It required the company to have new positions to be able to enhance customer service improvement. Unfortunately, this greatly increased the overall workload that the business had to deal with. To deal with the new challenge, Bendigo Bank turned to a low-code RAD (Rapid App Development) platform which is an excellent solution for creating business-related apps.
Using a low-code platform, Bendigo Bank created 25 customer-centered apps in about a year and a half, in considerably less time and much cheaper than they would normally require for hand-coding similar apps. Most of which are absolutely critical to the day-to-day tasks the bank performs. Thereby leading them to become one of the leaders in the banking industry nationwide.
3. Automate processes in the banking industry with low-code
Low-code is driving innovation globally. It is rapidly becoming a necessary part of the digital workplace charter and is the default method for institutions building software today. Kyanon Digital leverages low-code development expertise in rapidly building scalable applications to modernize IT and help achieve speed and agility. With significant experience in delivering digital process automation solutions and the financial domain capabilities, we can help you easily and efficiently create, launch, use, change and expand enterprise applications and thus speed up your enterprise application development. Kindly contact us to know more about our other solutions and to get your digital transformation journey done effectively and successfully.
Kyanon Digital is delighted to be a solution partner for Mendix. We have an excellent and experienced team of highly trained developers and consultants to create custom applications that are faster, simpler, and more cost-effective than traditional development techniques. With the goal of providing the greatest and fastest solutions, Kyanon Digital will help to integrate your digital transformation with Mendix low-code platform effectively and successfully.