Low-Code Is the Solution to Meet Modern Banking Challenges
It’s not easy for banking organizations to keep up with the pace of change and incorporate more digital features into customer-facing activities. They have complex legacy systems to maintain and it’s often difficult to find the time to push forward with digital transformation projects.
Meanwhile, the reality of the COVID-19 pandemic has caused more consumers to avoid big credit investments and push through the inability to complete transactions offline. This has been damaging to the traditional business model that many banks operate by, causing the banking sector to suffer a significant setback.
In the Forrester report The State of Digital Banking 2021, we can see that only a few major banks decided to tackle this problem head on by undergoing a digital transformation. Many other banking organizations lacked the necessary agility and flexibility to adapt to the new circumstances and struggled to adopt digitalization. This meant they also failed to overcome several critically impractical business practices.
Given that the global economy will continue to move towards a digital and highly technological model in the coming years.
65% of buying partners are still hesitant to speed up the digital front.
Low-code platforms have emerged to help combat the delayed uptake in digitalization within the banking industry.
low-code can accelerate software development by up to 80% without an increased spend in time or talent.
Low-code is the most easily implemented solution that could help banks modernize faster and overcome many of the problems the banking industry has faced in embracing digital transformation thus far.
With a low-code platform you can:
- Accelerate digital transformation with faster app building and an intuitive, visual interface that boosts productivity.
- Reduces the time, cost, and resource investment typically required for a new process application.
- Provide an enhanced and fully unified Customer Experience with personalization and full visibility.
- Leverage a modern technology stack that delivers on scalability, performance, interoperability, and elasticity.
For example, banking organizations have already used the Aurachain low-code platform to deliver processes such as:
Retail and SME customer onboarding: Solution that handles the end-to-end screening process for new retail or business customers. Low-code can help you rapidly deploy an automated and streamlined experience that can reduce time spent in the registration process for new customers to under 3 hours.
Retail and SME customer lending: Solution that handles the end-to-end screening process for retail or business customer loans that are pre-approved by third-party companies or marketplace lenders. A low-code solution can accelerate the approval process of loan applications through the integration of multiple internal and external data sources.
Trade Finance, Supply Chain Finance, and Factoring: A blockchain solution that generates a letter of credit through the alignment of activities between importers, exporters, their respective financial institutions and insurance companies and freight forwarders when required.
Retail and Corporate Product Origination: A management solution for a product lifecycle that covers all stages, from creation and modification, to decommission.