Finserv is working towards digital transformation, but it’s not happening fast enough.

In the meantime, emerging digital assets, ESG expectations, and changing regulations are keeping the industry on its toes. All the more reason to create smarter, faster cross-sell models. Banks, credit unions, and traditional financial institutions are desperate to maintain revenue, and everybody knows it’s more cost-effective to sell to an existing customer than acquire a new one.

So, how can they do it?

Advances in no code technology may be the perfect shortcut. As it stands, the Finserv industry is having a tough time acquiring the tech talent they need for major digital transformation. In 2021 Deloitte’s survey uncovered the technology skills gaps they’re trying to fill:

<a href="" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)"><em>Source: Deloitte Banking &amp; Capital Markets Outlook</em></a>

Although Finserv is seeking experts in machine learning, software development, data analytics, and other high-tech fields, they’re struggling to get it done. No code technology makes this dilemma less consequential by allowing banks and credit unions to continue innovating in the meantime.

Instead of relying on IT, Finserv can use no code to lean into the talent they already have. Here are a few ways no code can accelerate and improve Finserv cross-sell.

Processes Informed & Monitored by the People Who Use Them

Finserv employees don’t need programming knowledge to use no code applications. They can envision, build, and adapt automated workflows on their own, with each department creating cross-sell models specific to how they work. The processes automatically recommend and route referrals to other teams or individuals to be followed up on.

For example, if the mortgage department has a good candidate for a checking account, the system can trigger a notification to start the process, pulling along any forms or notes that could help expedite it. The candidate’s cross-sell potential is determined from the data being pulled into the no code solution and rules the team sets to define a qualified match.

The no code application gathers this data from a CRM, Fiserv app, or other software solution to apply machine learning that marks more likely cross-sell opportunities.

In the background, management can oversee the automations, view the referral sources, and track the progress of each opportunity from a visual dashboard.

Models Can be Quickly Duplicated Across Branches

One of the biggest obstacles to Finserv digital transformation is the ability to translate digital processes across entities. Banks and credit unions are constantly undergoing acquisitions and mergers, which only complicates matters and makes efforts to standardize automation much more fragmented.

The beauty of no code is in its simplicity. Finservs who adopt it are finding it easier to duplicate effective workflows and digital applications and share them across branches. Not only does this offer less work in the broader context of the applying digital transformation, but it helps unify teams under one, repeatable approach that works. The opportunity to expedite and improve the efficacy of cross-sell is transformed.

Digital App Development is Enabled

What do consumers want? Digital applications. When do they want them? Yesterday…

Simplifying digital engagement and creating more digital access points supports both customer retention and cross-sell. As it stands, 56% of Americans have more than one Finserv relationship outside their primary FI. Why? They’re on the hunt for convenience, digitally diverse products, and financial flexibility. This is an area where Neobanks, DeFi, and virtual properties are excelling, and where traditional Finserv is at serious risk.

No code allows sales teams to develop intelligent, adaptive digital apps that inform cross-sell suggestions based on data. Customers ready to add products and services to their FI portfolio are able to do so quickly and conveniently via the application. It’s incredible to imagine a non-programmer could build such a thing, but that’s precisely why no code holds so much value.

IT Focused on Larger Transformation Vision

Perhaps one of the most important and least talked about benefits of no code in cross-sell models is the effects it has on IT. As we mentioned earlier, these banks and credit unions want to expand their tech teams, but they’re having difficulty doing it. Meanwhile, the tech resources they do have are stretched thin, trying to band-aid digital experiences and piece-mail new applications.

No code shifts the act of process automation to sales, marketing, and services, which lets IT think bigger picture. Instead of juggling all the automation tasks on their own, they’re overseeing their development and execution. No code puts IT in a position to collaborate with leadership on a deeper level, strategizing a larger vision for digital transformation across the entire organization.

Executing that vision is simpler as well, as many of the tasks traditionally slated for IT can be passed to the citizen developers in non-technical departments to initiate. In the background, IT tackles any heavy coding and customizations that are left over.

Concluding Thoughts on No Code Finserv Cross-Sell

There isn’t one easy answer to keeping Finservs competitive in this growing digital landscape. It’s going to take a concerted effort and a laser focused vision for banks, credit unions, and other traditional Finserv organizations to stay relevant.

However, the opportunities no code affords these organizations is unmistakable. As they fight to overcome data transformation obstacles, no code offers a unique opportunity to take charge, unify efforts, and standardize sales, marketing, and services experiences across the entire ecosystem. This technology continues to expand its influence because it makes digital transformation easier to execute. It’s time for Finserv to take notice.

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