The COVID-19 pandemic was a global crisis that no organization could predict or prepare for the challenge it brought. The banking industry had very little time to adapt to circumstances. Many banks faced branch closures and had to come up with various solutions to manage their business. The solutions that proved to be successful were digital solutions.
From opening a digital bank account to lending money digitally, banks achieved goals in a matter of months or even days that would have seemed impossible the previous year. Banks and financial institutions could conduct business only if they respond to customer needs quickly.
The pandemic is not over yet, and the environment is dynamic, which means there could be future circumstances that are unpredictable. So, what can banks do now to ensure they meet the customer needs? How can banks plan now to meet any future challenges?
Low Code — Ideal Solution to Meet Banking Challenges
The answer is Low Code! Low Code is agile, adaptable, rapid, and scalable. Many enterprises worldwide are adopting low-code solutions to maintain and grow their business. The low-code development investment market is forecasted to increase from $13.2 billion in 2020 to $45.5 billion in 2025. The BFSI industry is expected to hold the highest share in the low-code development market. So, banks do need to migrate to low code now.
But, what benefits does low code bring to the banking industry? Why an immediate change?
Let’s consider three key reasons why banks go for low code.
1.Low Code — Accelerate Digital Transformation
Many banks are already on the path of digital transformation. Customers now expect digital banking products and services. The pandemic has prevented physical presence, hand-signed forms, and physical documents to a large extent. Banks now have to provide services digitally, and customers used to digital banking will expect the same in post-pandemic situations.
Despite the digital change, banks are still using legacy systems that are slowing down digital transformation. Traditional software development is a long and expensive process. It can take months to develop, test, and deploy an application that might be outdated by the launch time. Banks need to spend a lot for such long development cycles. In this digital world, time is of the essence, and only the banks that can offer faster time-to-market products and services can sustain their business.
How Low Code Helps: Low-code platforms enable rapid application development and deployment. These platforms cut down the app development cycles from months to days, empowering banks to launch digital solutions quickly. Low code accelerates digital transformation in banks.
Neutrinos’ Low-Code Platform uses advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML) to:
- Build apps faster with minimal coding to enable quick banking processes
- Automate banking processes to boost productivity and maximize efficiency
- Reduce overall operational and development costs with faster development cycles
2.Low Code — Enhance Customer Experience
As already discussed, customers demand products and services customized to their needs, location, activity and device. The Digital Banking Report states that though most banking customers want personalized products and services based on their banking data, around 94% of banks and financial institutions are unable to fulfill that demand.
Banks can acquire more customers and retain existing customers only if they can provide an enhanced customer experience. Banks can maintain and grow their business only with a large loyal customer base.
How Low Code Helps: Low-code app development platforms simplify banking services and processes by enabling apps for digital accounts and digital loans. Banking processes that usually take days are completed in minutes as low-code banking apps to improve customer experience can be built within days. Banks can use existing customer data and tailor their products based on each customer. Low-code platforms also enable banking omni-channels, where users can complete all transactions through any digital device of their preference.
Neutrinos’ Low-Code Platform helps banks to create intelligent, customer-centric experiences by:
- Enabling hyper-personalization capabilities for an omni-channel experience
- Offering a 360-degree view of customer data for superior customer engagement
- Empowering customers to open digital accounts within minutes
3.Low Code — Become a Leader in Digital Banking
Banks need to prepare and plan for future unpredictable events due to dynamic circumstances. Banks need to make full use of data, analytics, and advanced technology to unlock the full potential of digital transformation and deliver the best customer experience.
The Digital Banking Report states that almost 75% of banks and financial institutions do not use data and advanced analytics though fully aware of their importance. Banks that utilize advanced analytics can outperform their contemporaries in profitability and productivity.
How Low Code Helps: Low-code development platforms leverage Data, AI, and Advanced Analytics to build advanced apps that offer predictive analysis and personalization. Banks can use these low-code app capabilities to tailor their websites, provide real-time banking recommendations, and even test advanced capabilities to future-proof banking services despite any disruptions.
Neutrino’s Low-Code Development Platform aids banks to create smart software that:
- Generates real-time data capture for tracking and monitoring
- Offers wealth management application to enhance and grow financial assets
- Provides predictive insights to plan and strategize future goals
Low Code — Essential for Digital Banking
There are multiple valid reasons for banks to adopt low-code, but the three reasons discussed above are significant. Low Code is not just a technological upgrade, it changes the entire banking experience for the better by encouraging innovation, changing focus to customer experience, and challenging all legacy processes. Read Digital Transformation in the Financial Services Industry for more information.
Digital Banking is the ideal type of banking in a digital world, and low-code accelerates digital banking. Neutrinos offers an advanced low-code platform where banks can create and run progressive mobile and web apps quickly. Banks can use Neutrinos’ platform to:
- Build apps 15x faster
- Reduce TCO by 56%
- Improve productivity by 66