46% of customers use Digital Only channels for banking. But are banks keeping up with consumer expectations?
Banking transformation is moving forward at a consistent pace. According to a KPMG report, 57% of banking institutionsare only planning to digitize their services. But, by the time this 57% build their applications, they will be outdated by the 43% who are already into banking transformation.
So how does one keep pace in such a hyper-competitive environment?
Here are five areas which every bank should focus on.
Rapid Rollouts of new products and services
The banking landscape is transforming at neck-breaking speed. Every day new products and services are launched by competitors which fundamentally change the playing field for late adopters of technology.
It is imperative for banks to adopt a strategy and technology platform which empower them to respond to these market changes. Banks should be able to launch new products of their own in a matter of days.
Rapid Application Development Platforms a.k.a Low Code Platforms enable banks to do just that. They can accelerate delivery times of new applications which is a huge competitive advantage in the ever-evolving FSS space.
Change Management
Change Management is another area which is instrumental in banking success. Change in government regulations, entry of a new competitor, new partnerships with complementing brands are few examples which trigger macro changes.
Banks should be able to make changes to existing applications rapidly, so as to monetize the opportunities at hand.
Applications Developed using Low Code Platforms are inherently built for change. This enables banks to respond to internal and external changes efficiently. Low Code Platforms also make it convenient for new team members to enhance existing applications which may have been developed years ago.
Citizen Development
Citizen Development is a new buzzword used in Low Code and RAD circuits. Hype or Fact, Citizen Development is becoming a norm for most growing Banks.
As business teams dictate the type of applications which needs to be built, it is only apt for them to contribute in the development process.
Low Code Platforms empower business users to create prototypes, workflows, user experience, etc. with extreme ease. Involvement of business users in the development process ensures minimum iterations after applications are made a living.
Building for Scale
Most growing banks have 10s and thousands of users who use their services. Consumer-facing applications should be able to scale to the growing demand and volume of their customer base.
New-Age Low Code Platforms are built using modern technologies which are extremely lightweight and can scale up to millions of transactions per day.
Though banks may or may not use this scale, today the applications have to be architected using such volumes in mind for the future.
Mobile First
82% of the millennial smartphone users prefer mobile banking. According to a white paper published by Infosystems, mobile banking wearables will be in use by the end of 2018.
So it is essential to make your application equally appealing on all the devices.
Modern Low Code Platforms like Neutrinos enable you to build applications for multiple devices at once. Applications once built, will deploy seamlessly on all devices without the need to write code for every device.
Wrapping it up on Banking transformation
Real-time transactions, 360-degree view to a customer, personalized alerts, 0% human error and multi-channel integration are inevitable for 2018 Banking. It is almost impossible to expand (or even sustain) your customer base without going Digital.
RAD Platforms are the best option to develop applications that can keep up with the changing trends of banking transformation.
At Neutrinos, we have helped several banks across the globe to kick-start and elevate their digital transformation journey.
Schedule a Demo or talk to our Banking Expert to learn how you can benefit from the new wave of Rapid Application Development and Low Code Platforms.