The average number of systems a worker must access for their day-to-day job has risen from eight to eleven, with bank workers losing up to an entire day every week on unproductive activities.
between applications and digging for information is no longer sustainable for
banks in the era of digital disruption. Both employees and customers demand
appropriate tools and personalized options, and they’re frustrated with the
limited offerings from financial institutions.
Consolidating banking processes automate tasks, integrate systems, customize workflows, and create the agility necessary for banks to deploy the experiences customers and internal teams crave.
Why is consolidating
business processes essential? How are institutions using no code to make it happen?
Banks Are Spending More on IT Than
Major Tech Firms
Yes, you read that right. At most banks, technology spending exceeds 17% of total operating costs, which is more than many technology firms.
IT spending in the banking and investment services market is also expected to reach $761
bn by 2025. Banks will be competing with tech firms for talent, and they’re likely
to find themselves scrambling to hire enough people with digital skills.
Gaining Transparency is Hard to Do
Up to 60% of banks’ business logic is duplicated between silos, which causes a dramatic loss in resources. It’s no wonder then that this inefficient tech stack makes less than 20% of banking executives feel prepared for the future.
development uses packaged applications for highly specific processes and adds expensive
custom development to fill in the gaps. This is a costly and time-consuming way
to develop applications, plus it only makes data silos worse.
Minimizing IT Investment &
Maximizing Process Management
expense and scarcity of IT resources, more banks are turning to no code to
consolidate banking processes. There are two major benefits to this approach:
- No code software bypasses the IT talent shortage (and cost)
by allowing internal teams to create standardized processes on their own.
- No code applications can pool data from numerous systems to automate
and trigger workflows based on the entire data set, so the data siloes are no
longer a barrier.
No code’s biggest value is its ability to take data from the multitude of core banking systems and centralize it. Now, instead of toggling back and forth between applications, employees are using a consolidated platform to manage all workflows through a single interface.
process management can support workflows for referral assignment, customer
analytics and reporting, custom onboarding processes, B2B sales to teller
automation, indirect member acquisition, and advanced complaint ticketing. The
applications of no code will vary from institution to institution and can be
altered to match the bank’s overarching goals.
One of the most popular applications for this kind of no code development is Creatio. Creatio is an analyst recognized leader in B2B automation, low code, no code, and sales force automation. This video is an interview with some of our banking and credit union customers about their experience implementing Creatio’s no code platform. In it, they describe why they chose this application and the strategies they used to help teams realize its value.
No code workflows consolidate banking processes with freedom and flexibility. More institutions are turning to this technology as a way to accelerate development, align data, and cut down on IT costs—all in an effort to modernize the banking experience both internally and for customer-facing operations. To learn more about the applications of no code for banking, view our web page, here.