No-Code Banking: A Successful Digital Transformation Strategy
It’s never been so easy to develop and launch customer-centric digital products. Today, the product creation time has been reduced to days rather than months or years. This speed boost is because of the arrival of No-Code banking technology, which has completely changed the way of building processes and digital products.
With No-Code tools, banks can build and evolve independently rather than relying on any external vendor. The approach also helps FIs in high-speed digital transformation with completely personalized processes. No-Code not only speeds up the development process but also extends the flexibility of customizing the process, which raises another benefit for banks, as they face continuous regulatory changes that can be incorporated without any hurdle using a no-code platform.
No-Code platforms come prepackaged with automation blocks that can be bound together to build digital products. The automation block binding process can be done through complete visual, user friendly capabilities that allow non developers to design, develop, and deploy digital applications in days.
Why should banks adopt the No-Code platform?`
The answer is very simple and straightforward: traditional software development is both a time-consuming and expensive process. In this fast-paced and tech-savvy world, FIs can’t bet on hardcoded platforms as those aren’t capable enough to give them the competitive edge.
No-Code banking, drives innovation with the least technology dependency. It gives power to FIs to always stay relevant in a changing fintech market. With No-code, banks can maximize employee productivity, deliver a superior customer experience, and optimize decision making to drive a true digital transformation.
3 ways the No-Code platform can support digital transformation
Getting rid of complex and complicated systems
No-code platforms can standardize perfect processes with the help of continuous experimentation and evolution. It drives innovation as bank personnel can think and execute things on their own without any technological dependency, which gives banks leverage to innovate in different ways.
Working with a distributed workforce
No-Code platforms provides various mechanisms for collaboration which improves the overall of efficiency of the process as designated personals can interact and work on applications in real time.
Driving new products
No-Code platforms can help banks build and deliver new products quickly with the help of pre-developed automation blocks. Business teams can also think and build their applications on these platforms as they don’t require any technical mastery.
The advantages of No-Code banking
Quick digital transformation
No-Code offers quick digital transformation because of its faster development process and delivery of new features. No-code also creates a door for further digital initiatives to take root within a company. The most significant advantage of having no code is its democratic character, which may free a company from being dependent on a third party vendor for technological advancements.
Quick evolution
Without any hardcoded process, it becomes very easy for banks to evolve quickly using no-code. No-Code gives them the capability to introduce changes quickly using drag-and-drop components and without any developer dependency.
Reduced operational cost
Digital transformation in banks can be achieved much faster using no-code platforms. Banks can automate the manual paper based work within a matter of hours or days. Using a no-code platform, banks can remove the inefficiencies of back office work.
Improved customer experience
With the availability of hundreds of alternatives, customers will no longer tolerate the inefficient, lengthy process. Even the slightest delays can lead to losing the customer. Faster go to market can only be made possible through a no-code platform, which is a prerequisite to better customer experience in the current competitive market.
Conclusion
No-Code isn’t magic, but it’s the demand. With rapidly changing things, this is the only way to keep up with the pace as it is not practical to keep a developer ready to keep making changes in the code when required, as it not only takes time but also comes with a lot of other problems. For example: issues of flexibility, failure of service, bad customer experience, etc.
