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.

Switching 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.

Global enterprise 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.

Traditional 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

With the 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:

  1. No code software bypasses the IT talent shortage (and cost) by allowing internal teams to create standardized processes on their own.
  2. 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.

<em>The above is an example of a bank’s customer onboarding process. The process has multiple steps and requires data to be pulled from multiple systems. A connected no code application uses workflows to fill in the necessary data and allows teams to manage and make changes to those processes from a shared interface. Workflows can also be duplicated across branches or departments to standardize operations.</em>

No code 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.

Posted in:

Looking for Creatio help?

We do training, customization, integration, and much more. Contact us today.