Five Ways a No-Code Platform Can Help the Digital Banking Sector
No-code development platforms have been growing in popularity over the past few years, especially in banking and other financial sectors.
In fact, no-code is driving so much innovation in digital transformation these days that the trend is being called “the no-code revolution” by some.
These platforms allow just about anyone to build web-based apps and tools, without any prior knowledge of coding and programming languages. Anyone can come up with an idea for an app and use a no-code platform’s simple drag-and-drop technology to make it a reality.
In banking, companies are using no-code platforms to help improve their customers’ digital journeys in banking, optimize internal workflows, and more. Keep reading to find out how.
How No-Code Development Platforms Are Helping Banks
1. Reduce time to market for IT projects
Banks have been notoriously slow to release and update their digital applications, and the ones on the market often feel outdated as soon as they hit the app stores. This is because banks typically have a large backlog of IT projects that it takes traditional coding and development teams months, if not years, to get through.
By using a no-code platform, banks can drastically reduce the amount of time it takes to get web-based and mobile apps off the drawing board and into the hands of their clients and employees. This eliminates a major bottleneck and greatly improves a bank’s digital customer experience and overall productivity.
2. Encourage new product ideas
When people are able to get their ideas from a concept to a working product in a relatively short amount of time, team members are much more likely to constantly come up with new product ideas.
Using no-code development allows employees in different banking departments to solve day-to-day problems with new internal and/or client-facing apps and tools in record time.
For example, if someone sees that the bank is still using an outdated, paperwork-based process for something, they can come up with a simple app to streamline the process and get it created in a matter of days or weeks using a no-code platform.
In fact, no-code is so simple that every department can have someone in charge of creating the apps that they specifically need, rather than relying on someone in another department to do so.
3. Make remote work easier
The COVID-19 pandemic forced companies in many sectors, including banking, to rethink the way their employees work. They had to find ways to allow the majority of employees to work from home indefinitely, which presented a whole range of new challenges, especially for banks that relied heavily on paperwork and physical transactions to do business.
No-code development assists the rapid digitization of processes and data, allowing for a much smoother transition to employing a distributed, or partly remote, workforce.
Banks can use no-code platforms to create apps to replace outdated legacy systems, such as those for signing up new members. That way, employees no longer need to receive physical paperwork to process applications and open new accounts — they can do so from anywhere.
Banks can also use no-code to create simple, effective tools for team communication and collaboration, allowing their distributed team members to see the progress of various projects and hold everyone accountable for their tasks and work.
4. Reduce the need for internal IT teams/IT outsourcing
When banks don’t have to rely so much on traditional coding teams to create the apps and systems they need, they no longer need to employ or outsource so much IT talent.
Since people in different departments with little to no coding knowledge can take over some of the tasks that were historically given to IT team members, this also frees up existing IT resources for the most important tasks.
If banks choose to continue employing in-house coders, they can even use no-code development platforms to build on top of and drastically reduce the time it takes them to create digital apps.
5. Lower costs/increase profits
Ultimately, all the benefits of no-code platforms for banks can contribute to lower operating costs. As mentioned above, banks now have the option to reduce their IT staff, but that’s not the only way no-code reduces spending.
When employees have the internal apps and systems they need to optimize their workflows, overall productivity is increased, so everyone gets more done and makes more money for the company.
Also, when customers have a good digital customer experience in banking, they are much more likely to remain loyal, open additional accounts, and sign up for additional services, such as loans and credit cards. This all translates to better profit margins for banks.
Finally, when more team members are able to work remotely, it reduces the need for physical branch/office space, which can lower rent costs and increase profit margins even further.
In Conclusion
The demand for new applications in banking is traditionally higher than banks’ capabilities to deliver them. However, with the rise of no-code development platforms, digital transformation in banking is reaching new heights.
When banks use no-code platforms, they enable their employees to innovate in totally new ways, as well as improve their customers’ digital journey and experience. It’s a win-win for everyone!
