The banking and financial sector forms the backbone of any economy. It is responsible for facilitating various crucial activities including investment, insurance, banking, etc. In many ways, the banking and financial sector paves the path for development by making funds available for new businesses.
Naturally, financial service institutions serve millions of customers every day, in turn, maintaining and processing millions of terabytes of extremely sensitive customer data. Therefore, their service system hence has to be iron clad in order to be able to handle any attacks and breaches.
The expanding customer base of banks also warrants the need for increased operational assistance. Therefore, banks and financial institutions need technology that can allow them to create a system that is tailored to fit their unique needs. That is where low-code technology steps in.
Why Is Low-Code Important To The Financial Sector?
Low-code can help financial institutions create powerful and complex enterprise applications much faster than ever before. This enables citizen developers with little to no traditional coding experience to create high-functioning software without the interference of a skilled software developer.
Low-code development platforms can enable your financial institution to take advantage of drag-and-drop editors and pre-built templates to create fully functional enterprise applications that can help with a wide variety of business processes. Low-code applications can help your organization manage financial data, monitor KYC processes, automatically regulate client verification processes and much more.
How Low-Code Can Be Applied To Enable Peak Efficiency In The Banking and Financial Sector
1) Rapid and Frequent Updating
With low-code development, financial institutions can rapidly make updates to enterprise applications and mobile banking solutions. As the amount of data that financial institutions are expected to keep track of increases exponentially, the complexity and capabilities of enterprise applications and software must also advance simultaneously. Therefore, low-code development tools can help your organization rapidly scale up applications, monitor user experiences, develop user interfaces and much more in just a few simple steps
Furthermore, to avoid potential risks such as fraud or errors during transactions, low-code development platforms can help fix bugs much faster than ever before as well as establish trial and error models.
2) Data Storage and Reporting
The financial sector has a high requirement for data gathering. Therefore, low-code can help your institution create a platform that can strategically store, safeguard and retrieve financial data. Your organization can also use low code to instantly summarize this data in the form of customizable charts and advanced reports.
3) Faster Digital Transformation
Low-code enterprise application development can significantly reduce development times. It is also a significantly cheaper and easier alternative to traditional application development processes. Therefore, this will allow your financial institution to consistently scale up, develop and transform existing mobile banking applications without significant time delays or use of scarce organizational resources.
Low-code enabled automation can also significantly increase security in banks by minimizing human intervention during data-recording, and thus, reducing the loss of information through human error.
4) Customization And Personalization
A lack of customization can result in a 38% risk of losing customers, which is applicable even to the banking and financial sector. With the increasing amount of interaction that is required with customers, financial institutions must prioritize customization and personalization. However, manually customizing and personalizing consumer interactions can be extremely time-consuming and impractical.
Low-code development platforms can help your banks and other financial institutions automatically personalize and customize consumer interactions using cloud-based databases and workflow automation tools. It can also help companies in the financial sector to be more specialized in their areas of expertise, and enable data protection across platforms.
5) Customer Satisfaction
Aspects of digital interaction such as speed, flexibility, hassle-free experiences amongst others play a large role in customer satisfaction. 90% of IT leaders find low-code platforms play a larger role in increased customer satisfaction as opposed to traditional platforms due to features of personalization, flexibility, and ability to address issues at a faster and more efficient rate.
Low-code platforms can not only help increase overall efficiency of various transactions and financial data management but can also help improve overall user experiences in the long term. This will ultimately help your financial institution increase productivity and future profitability.
6) Reduced Talent Investment
With more development requirements than ever before, banks and financial institutions are now tasked with a larger amount of talent investment than may be feasible. However, low-code can help improve efficiency and reduce costs across financial institutions regardless of application and operation size. All the benefits low-code platforms provide also translate to a reduced talent investment in terms of development of mobile banking solutions and enterprise applications, account maintenance, risk management, cheque processing and much more.
Planet Crust’s Corteza As The Most Efficient Low-Code Platform Tool For Your Company’s Digital Transformation
Corteza by Planet Crust is an open-source platform that can drastically help improve your organization’s key performances and improve efficiency by improving the critical digital infrastructure in your organization. Corteza helps you create complex software that you can instantly deploy to increase your organization’s efficiency, reduce costs, and increase productivity. Try a trial and unlock the potential of low-code for your organization.