Low-Code: Unlocking value in Banking
Digital experiences and processes have become a critical need for banks, especially in the wake of the recent pandemic. Organizations need solutions to modernize application landscapes to transform customer experience, automate business processes for efficiency gains, and at the same time invest in revamping existing core functions (both in retail and wholesale functions). Regulatory burden is also not on the decline and continues to drive investments in technology solutions.
Low-Code is a perfect enabler and allows unlocking of value of banks. It provides banks with the necessary capabilities to add onto existing applications, build integrations, craft superior digital customer experiences, automate processes, and take marketing/sales processes to an altogether different level of performance.
Low-Code Use Cases in Banking
Omnichannel Digital Experience
Low-code allows the power and flexibility to develop multi-device and multi-modal applications (including web-based, mobile-based, chat based) for the banks to take customer conversations to their platform of choice.
Contact center transformation is another area that has been a playground for low-code developers. Low-Code implementations have helped agents in issue resolution (especially first call resolution), personalized recommendations, and consolidated customer view.
Benefits for customers range from a consolidated view of the customer information, efficient and effective customer engagement, cost reduction and visibility (through integration) of customer lifecycle throughout the internal stakeholder value chain for further action towards service refinement.
Low-code application development platforms can allow NBFCs with a consolidated customer 360-degree view that is critical and a starting point for any customer service program. In the contact center environment, low-code helps in assisting the agents with a single page view of the customer history and interaction along with product recommendations and possible service resolution options.
NBFCs are swamped with evolving customer requirements for which new products (for emerging customer segments or geographies, or lines of financial products’ business and so on) must be launched. A critical success factor during these launches is how quickly can IT enable the provision and sustained delivery of these new products and solutions. Low-code offers a simple, and yet powerful method of addressing these business challenges. This provides the necessary ammunition to develop and deploy applications (and capabilities) at a fraction of the resources needed for traditional application development.
Additionally, low-code powered applications are also scalable and with proper governance mechanisms unburden organizations of legacy and shadow IT.