The pandemic has fast tracked banks’ need to digitize their operations right from the customer onboarding phase to the back offices. This, of course, has its own challenges, and banks need platforms that can accelerate their time to market at lower costs.
Low-code platforms save the day with their RAD capabilities and easy integration solutions. They also help organizations automate their code while enabling innovation to keep up with the constant changes in the market. All of this happens much faster than traditional coding and with much lower resource costs.
Moreover, many platforms like Mendix, OutSystems, and Power Apps offer solution templates specifically designed for the needs of financial institutions.
Personalization for Customers
83% of consumers have reported that they’d rather make a purchase from brands that offer a personalized experience. Gartner has found that the risk of brands losing customers because of low-quality personalization is a whopping 38%.
The difference between leaders and laggards today is basically just this: a unique, personalized digital banking experience for customers. The same goes for multiple B2B customers of ISVs (independent software vendors) in the BFSI industry today.
Using low-code technology for personalization in the financial sector is both scalable and effective.
For example, a 65- year old credit scoring and financial data analysis company has personalized the lending process for more than 1500 banks using low-code.
In addition to this, low-code handles the end-to-end screening process for new retail or business customers. Low-code can help you rapidly deploy an automated and streamlined experience that can reduce time spent in the registration process for new customers to under 3 hours.
Native Banking Apps
Low-code speeds up the app development process by more than 50% while cutting down on costs proportionately. This changes everything for banks that aim to provide new-age services to their customers.
Within weeks, if not days, a low-code platform can help you build and deploy an app that helps users onboard with comprehensive remote KYCs.
Without any additional skilled resources, banks can swiftly develop apps with 80% less coding than hand-coding methods.
Loan Origination
Applying for loans can be stressful for customers. Having a digital alternative that enables them to interact with your bank can encourage them to go ahead with the process rather than be impeded.
The Loan Origination solution template allows your organization to take control of this critical experience. This accelerator helps you get started, giving customers an easier time while allowing you to add automation to your process.
Customers can select their loan, enter information, upload all documents, and apply directly within the app. No extra systems, no barriers.
Loans that meet specific parameters can be approved automatically, while others are routed to your team for decision. All of this happens directly within the app.
Reduce internal burden while giving customers an intuitive, best-in-class digital experience.
Challenges
In addition to its various benefits like faster deployment, low-code platforms may pose a few challenges if one is not cognizant of them, to take appropriate actions.
Comfort Zone of Legacy: Financial markets have legacy systems that are deeply ingrained within them, and as with anything new, adopting low-code solutions could create an internal pushback across your teams.
Lack Of Resources: Low-code platforms require a certain level of training and expertise to be used correctly. Organizations may or may not have developers who are well-versed with these platforms, which can create a bottleneck.
If you lack the resources to make the most of low-code platforms, Low-Kode is where you need to be. We’ve got a ready bench of experienced certified developers who can take care of your project needs right off the bat. Interview them right now and see what we’re talking about.
