In a rapidly changing business landscape, organizations need faster innovation and deployment cycles to meet customer needs and improve customer experience, resulting in good customer retention. than. When it comes to financial institutions, data security and transparent implementation are key to digitizing processes.

Driving innovation by implementing the right automation solutions, financial institutions can increase employee productivity, improve decision-making, reduce errors and operational costs, and improve customer experience. According to an online survey, intelligently automating routine and repetitive tasks will increase transaction processing speed by 30% and improve fraud detection by 20%, thereby improving the customer experience. It also reduces costs by 22% and transaction processing times by up to 60%.

However, innovating by addressing all factors of customer satisfaction is not easy. Even for large financial institutions, building efficient systems and allocating resources to drive digital transformation is a daunting task. To overcome these challenges, many financial companies are exploring low-code and nodeless solutions to accelerate their innovation journey. Low-code technology makes it easy to implement new features without disrupting existing operations.

What is low code?

Low-code technology is an alternative to traditional development methods that accelerate digital transformation and enable teams to innovate faster. It’s an intuitive development method that requires little or no coding skills. Enabling business users and IT teams to work together to transform business processes, low code is cost-effective, enables faster time to market, improves productivity, and drives speed up the prototyping process.

Initially, purchasing a solution is a more cost-effective option than developing one yourself. However, the solutions available in the market are difficult to adapt and do not correspond to the needs of the financial sector. Low-code solutions are easy to use, easy to deploy, secure, and fully customizable to business needs, making them a better alternative to traditional development.

Benefits of using low-code technology in the financial sector

Due to the easy implementation of custom and scalable solutions that low-code allows, the financial industry is seeing increasing adoption of low-code solutions to meet rapidly changing needs. of today’s business landscape. It has delivered proven benefits, from increased efficiency and faster response times to reduced operating costs.

Here are some ways low-code solutions support organizations financially:

1. Less clutter, improved operation

Low-code solutions are easier to implement. While the end-to-end scanning of any process is easier with low-code technology, it’s also less chaotic due to the minimal coding required. A good solution backed by low code capabilities allows easy integration with existing systems. In addition, companies need to spend less on training and development. All new upgrades and features are easier to develop and adopt. In addition, business users can easily collaborate and implement needed new features.

2. Meet the growing expectations of customers

In the digital age, customers are provided with more information than ever before and request service faster and better interact. According to an online study, 66% of customers expect companies to understand their expectations and needs. A financial business that fails to meet customer needs will reduce retention and loyalty.

Low-code solutions help businesses manage growing customer expectations by automating repetitive tasks and enabling faster responses, ensuring their needs are met on time. With low code automation, businesses can offer 30-second turnaround times to address customer requests. It also improves accuracy by up to 90% or more. This leads to happier and more satisfied customers.

3. Improved data security

When it comes to financial institutions, protecting customer data and sensitive assets is an important function. Manual data collection, management, storage and analysis are difficult and risky. An online study shows that 95% of security problems are caused by human error.

With low-code solutions, companies can automate manual and inefficient business processes, improve accuracy, and dramatically reduce errors. Today, low-code solutions come with a range of data security and access control features to ensure customer information is safe.

4. Compliance with regulations

Financial companies are always subject to the control of regulatory authorities when they work with customer funds and their sensitive data. They must adhere to the strict and evolving regulatory compliance imposed by various regulatory bodies in order to function flawlessly. According to online research data, financial institutions can lose up to $4 million in revenue due to non-compliance. Complying with these stringent regulations is a challenge for organizations and must be approached with precision. Low-code solutions automate various time-consuming compliance tasks, ensure accurate and timely compliance, and enable teams to focus on other business processes. Financial firms can get 360° information on compliance and security variances.

5. Leading the opponent

The financial industry is a highly competitive sector and faces increasing competition with new industry players entering the market. Increasing technological advancements are boosting competitiveness as more and more financial firms begin to leverage the latest technological advancements to deliver impeccable customer experience. Therefore, digital adoption at a rapid pace is key to staying ahead of the competition. Low-code solutions enable rapid digitization, helping the financial sector meet the challenges of an ever-changing market with powerful, configurable and personalized features.

On a concluding note, solutions designed with low code capability can achieve end-to-end automation that improves productivity by up to 15-30%, reduces costs, increases efficiency, and improves efficiency. improve the ‘customer experience. The financial sector in particular has enormous benefits that can be achieved through the proper use of low-code technology. Automated workflows and custom solutions built with low code can improve team collaboration, security, compliance, and data management. Now is the time for financial institutions to turn to low code to adapt, scale, and scale rapidly to the ever-changing dynamics of the industry.