The magic of low-code in financial services

Behind any organization there are always some repetitive processes that are nevertheless critical to how the organization works. Banks and companies in the financial services sector are no different, with everything from customer onboarding to claims processing being guided by processes that repeat, time after time, in countless iterations.

There is no getting rid of these processes. When you’re dealing with people’s money, there needs to be a formalized manner that is clear, auditable and, at the same time, limits the risk of errors. This means that a continuous optimization of these repetitive processes is critical, since over time it will add up to the kind of operational excellence that stands out as a real competitive advantage.

Huge budgets are spent every day for many of the business processes required in financial services. Subject to risks of human error and many other faults, these processes can easily benefit from automation and optimization. Along with a pandemic that brought a new twist to work from home and already presents global pressure to reduce physical touchpoints, financial organizations all over the world are embracing digital transformation through innovative process applications. Not only that, they’re becoming more efficient and effective than before.

While the traditional one-size-fits-all approach of off-the shelf applications doesn’t cover many of the organizations’ gaps in operations, there is a not-so-new-kid-in-town that’s turning heads. Introducing the magic of low-code, the approach that neatly inverts the cultural logic around programming and its unique value.

Low-code platforms make software development 10 times faster than traditional methods, according to Forrester.

Using a low-code platform makes it easier to optimize existing processes and accelerate operations that have a more traditional approach (talking to those of you relying on huge paper loads). Make room for innovation in your company by using technology that helps you build and deliver new process applications faster and better.

Process Pain Points in Financial Services

• Manual handovers

The automation of manual handovers can be one of the major keys to operational success in the financial services sector. Human error potential at its best, every handover includes tasks done manually, emails with attached spreadsheets and other tasks that can be easily overturned.

An automated handover removes any possibility for these errors to take place, being an end-to-end process orchestration, where you always have full control. Once a task is complete, the next is triggered and all data is available from the platform without anyone needing to export a file for manual sharing.

• Disconnected systems

So many financial services organizations still operate with disconnected systems, all vital to the way the company runs. Not only do multiple disconnected systems decrease efficiency by requiring duplicate data entry in order to share information, but end users have to learn multiple interfaces for the different types of software being used. This can be frustrating for those who need to jump around from system to system to complete a task, while it can feel overwhelming for new hires.

Apps created on a low-code platform are able to connect into existing systems through an API, enabling you to extract important data sets and make new connections and correlations from them. You can eliminate the need for duplicate data entry by pulling the information you need into the low-code platform. Then, it can be used by any application you create on the platform.

• Invisible operations

The leaders in the financial services industry know that the best performance is linked directly to consistent operational excellence. It becomes a great challenge when there are blind spots along the process, preventing you from turning your operational ambitions into a reality.

Processes can be planned out perfectly; but without having all of them linked on a single, managed platform you can’t know what’s truly happening across your process portfolio.

The best low-code platforms, though not all, offer real-time visibility on what’s happening in your processes, with full historical auditability on every task that takes place, so you know the status at all times.

• Poor User Experiences

The financial services industry has a lot of potential to capitalize on the increasing importance of a good user experience. This is because of the number of manual processes currently in play which can be drastically improved with process apps that provide a better user experience.

Just take corporate client onboarding as an example. This is a repeating process that plays out on a regular basis, so a perfect candidate to explore automation. It is also a process where the lack of a great user experience can negatively influence customer satisfaction right from the very beginning of their relationship with your organization. After all, we’re talking about a complex registration combined with lots of paperwork to be sent, checked, and resent if anything is incomplete. It’s a new customer’s worst nightmare.

If you have an application that streamlines the process, that’s a big plus for the customer as it makes the journey easier to digest. However, it’s also critical that the app you design is intuitive, easy to follow, and visually appealing so that you make the best first impression and convert the new customer into someone that is satisfied and eager to use more of your services in the future.

Using a low-code platform to build such an app means that you not only benefit from the speed and flexibility of low-code technology, but you are also able to launch stunning and consistent user interfaces with optimized screens for a first-class user experience.

Use Stunning Low-code Apps to Power Your Processes

Low-code development is the best way forward for financial services organizations looking to meet modern challenges. It accelerates app delivery by eliminating a lot of the coding required to build an application, while ensuring that your organization is able to consistently provide great user experiences. Aurachain empowers your business experts and analysts to contribute their expertise directly on a single, managed platform with intuitive drag and drop functionality for a more visual way of building out your processes.

It’s a much faster and easier way to build sophisticated applications that deliver real business value from day one. And thanks to the nature of low-code, these new apps can be delivered in a matter of days with zero breaks in IT governance and your apps are able to scale and adapt in line with your evolving needs.

Want to learn more about how low-code can be used to accelerate innovation and foster collaboration in your organization?

Read Our Whitepaper: Democratization of Software Development

Originally published at https://www.aurachain.ch on November 3, 2021.