Rewiring Agility & innovation in Financial Services
To address challenges arising out of an ever-increasing business, customer and regulatory landscape, financial services firms have to adopt a multi-pronged approach towards digital-led business transformation. Such transformation efforts have to be pulled through along three key levers: lending, customer experience & engagement, and new product development.
Business processes have to be reimagined and emerging technologies such as cloud, intelligent automation, low-code, analytics and AI/ML have to be deployed for accomplishment of business priorities.
Low-Code Use Cases in Financial Services
Lending
Low-code has the potential to change the lending business for ever. NBFCs can fast-track digitization & innovation efforts of the end-to-end lending business function through low-code application development tools. Low-code application development platforms have the potential to navigate through a complex demand-supply maze and offer custom made applications to support loan products for customers across the spectrum. These applications could be crafted quickly using lower quanta of resources and are meant to aid through multiple modes of consumption- mobile, web-based, virtual assistants, and so on. Additionally, NBFCs can inch ahead with end-to-end digitization and transformation of their lending process or focus their efforts on select activities and modules.
Customer Experience & Engagement
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.
New Product Development
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.