Pacing ahead to conquer the next-gen technology & drive business growth
The financial industry is at the cusp of digital transformation; with the emerging Fintechs, ever increasing regulations and new disruptive business models, incumbents are facing the pressure of responding to change at the pace of innovation. Since a long time, traditional banks and other financial services firms have been grappling with challenges of complex legacy architecture and migration roadblocks, as a result of which, business users are painfully dependent on their IT counterparts and never truly in control of their IT. Add to it the shortage of skilled talent pool and the overly pressed -for- time IT departments: you get backlogs and half-baked business deliverables. Thus the complexity creates some opacity that stifles innovation and affects time to market. Enter Low code – a concept that helps democratize IT.
Imagine a world where every business user could code, a world where you build your applications with the click of a mouse, instead of typing lines of code, over and over again.
Sounds like a blessing, right? Well, low code platforms help you employ visual, declarative techniques instead of traditional lines of programming. Think of how agile you’ll be if business users and citizen developers can make quick customizations rather than waiting for your IT department to get around to it.
Low code provides transparency, thus empowering business users with the ability and means to minimize technology impedance and foster innovation. With low code, business and IT can collaborate to be productive and efficient. It gives financial institutions the speed and power they have always craved for to stay relevant with growing pressures from Fintech, RegTech and customer expectations for enhanced service delivery. Financial institutions can do a lot of things be it delivering superior customer experiences, maximizing employee productivity, optimizing business decisions, enhance compliance requisites and thus move to what digital transformation truly looks like in practice.
The COVID-19 outbreak has pushed IT leaders to the brink, straining resources and time constraints. Given the immediate need for new software applications to support drastic changes in their strategy and business models, companies are looking at low code platforms to adapt quickly to the new normal. Low code eliminates the need to allocate large IT teams to develop new software applications, and streamline operations with citizen developers so that organizations can dedicate their IT resourced elsewhere to help curtail the negative impact of COVID-19 on their workforce and their surrounding communities.
Not convinced? Let’s look at some core use cases in Banking and Financial Services where low code platforms can help get so much done – faster and better.
Customer On boarding, KYC - Rapid automation of client journeys from on boarding through to off boarding is a core use case for low code platform. This allows for faster deployments and can help reduce the onboarding friction experienced by customers
Lending - Low code development can help bring in efficiencies in the loan origination and loan management processes by streamlining processes, accelerating approvals by rapid building of workflows, automating procedures and thus enable speed
Digital Banking - Low code development can enable smart banks deliver personalized user journeys, increase engagement rates, help minimize customer churn and realize ROI. Leveraging low code and open banking together to tap into the API economy, new products can be built with speed and agility to deliver more value to end customers
Change Management - Low code can empower rapid change management in banking to monetize opportunities. These changes could be triggered by anything – changes in government regulations, policy changes due to entry of competition, new partnerships with complementing brands. Low code can address complex business requirements that can be customized to change and thus roll out rapid changes.
Risk and Compliance - Digitizing the compliance process for enabling tracking of requirements across customers, employees and vendors can be rapidly implemented through low code development. It can also help operationalize AML compliance.
Customer Service - Low code development approach in addition to employing to AI and RPA can significantly provide call center and customer support by helping shorten resolution times and reduce operational expenses, thus enhancing customer experience. Any kind of forms, validation checks, work flows, process builders can be quickly configured into portals and brought to life through low code.
Low code is driving innovation globally. It is rapidly becoming a part of the digital workplace charter and is the default method for institutions building software today. NSEIT leverages low code development expertise in rapidly building scalable applications to modernize IT and help achieve agility. With significant experience in delivering digital process automation solutions and the financial domain capabilities, we can help you easily launch, use, change and expand enterprise applications and thus speed up your enterprise application development. Kindly check out Digital Transformation to explore our other solutions!
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