The banking industry is changing. It needs a partner to help transform it from a staid and boring industry to a vibrant, modern, customer-friendly one. Low-code platforms are helping banks achieve this objective.
In this blog, we talk about how no code is bringing about a sea change in how banks operate in the market today.
The banking business is seeking rapid modernization and cannot afford to use traditional software development methods. These require multiple iterations and have a slow, bottom-up development process. No Code is much faster. It works on pre-written code that can be easily configured through a drag-and-drop interface.
Moreover, no-code application platforms also come with many APIs that help integrate with legacy applications. In this way, banks can continue to use their legacy investments in the background. But with a modern and up-to-date front end, they can provide a more customer-friendly face.
Apart from better user interactions, no code can help reduce manual work through automation at banks. For example, creating new user accounts and loan approvals requires lengthy credit checks and document verification.
Custom-built banking no-code solutions could help ease these processes. Document collection could be made cloud-based. Verification can also be eased by using the API interface to connect with social security information.
Regulatory compliance is another area that no code development can help automate. By using LCAP, banks can create reliable yet easily customizable workflows for compliance. It can also help create audit trails for regulatory purposes.
Video banking is an emerging area that is increasingly seen as the future of digital banking. It has several applications, such as Video onboarding, in-branch video consultation, remote banking, and Video teller machines.
No code is perfect for video banking. This setup requires real-time availability of data from cloud-based servers. Moreover, it must be platform agnostic and work perfectly on desktops, mobile phones, and tablets. No code platforms are built cloud-first and platform-neutral. Hence they are a natural choice for video banking.
Moreover, no code is quite secure due to regular updates and patches from the platform providers. It also works well in conjunction with existing bank legacy systems that have authorization and security logic built in.
This is one area where no code is already able to shine as the go-to solution for banks. For example, Decimal’s own solution is already deployed with several banks in India to provide onboarding experiences for their customers.
No code helps create quick, secure, and robust applications that can be deployed for automating many of the pain points of customer onboarding. This includes cloud-based document collection, automatic data entry, and even some parts of document verification.
Today, no-code app development is helping banks reach out to customers they have never touched. People are opening bank accounts in minutes with a few simple clicks, a process that used to take weeks earlier.
Lead management is another area where financial services companies are already deploying no code for effective solutions. Collecting and pipelining leads used to be a cumbersome process.
But today, with easy-to-create custom applications, no-code platforms are reducing the burden. These applications are incorporating features such as geo-tagging of leads, automatic allocations and re-assignment, and so on.
They are also bringing the entire lead management system on a single window data interface to help get reliable and updated reports through legacy integrations.
Cloud Native and Mobile Ready Customer Interfaces
New-age banking customers are demanding service at the place where they are most easily available – their mobile phones. Hence banking has to keep pace with times and provide their services in the right medium.
No code application programming is mobile-ready and helps create intuitive, easy-to-use customer journeys on a cellphone. Its visual, drag-and-drop approach makes it easier to visualize customer interfaces which is what makes it so good for this task.
Moreover, these platforms are born cloud-ready and platform-neutral. They can create the exact same experience anywhere the customer goes – phone/tab/laptop.
Preventing Financial Crime
Globally, financial crime is on the rise. Phishing, hacking, and digital fraud are creating havoc through digitally available banking services.
Unfortunately, the banking industry was unprepared for the onslaught of financial crime in the digital age. As their tech teams rushed to develop these features, there were obviously a few gaps in the security architecture.
This leads to a situation where banking websites and apps are constantly being patched and updated for vulnerabilities. Moreover, regulators have also been deploying stricter norms to monitor and control these services.
No code can quickly come in and connect mobile-based customer interfaces with legacy financial crime protection logic. These logics are time-tested and iron-clad and therefore make the applications a lot more secure. Moreover, since the platform is externally managed, updating applications for new regulatory checks happens automatically. The bank does not have to worry about these aspects.
Faster Development With Lower Cost
The banking industry is looking to modernize rapidly, which needs a fast yet a cost-effective model for application development. No code app development platforms are extremely cost-effective and come with pre-built modules ready to deploy, making them very fast. Moreover, they are easy to work with, even for novice users, which helps reduce the cost of managing and training a big IT team.
From automating processes to creating powerful customer interfaces, digitizing banking for the future, and preventing financial crime – there is a lot that no code can do and is already doing to take banking into the future.
In this article, we have covered but a sliver of this amazing transformation.