Competition in financial services is growing, and today’s influx of non-banking and non-banking organizations is making it tougher than ever. Many of these fin-technologies are beginning to eat up the share of traditional financial institutions in the market for products and services at an unprecedented level, and they are doing so by offering a first-class end-to-end online customer experience.
While banks and credit unions have become accustomed to buying the technology they need from suppliers, many now realize that the traditional suppliers they have bought from in the past do not specialize in customer service; rather, they focus on the technologies faced by employees. They may try to add an application form for the customer and a file upload feature to their existing technology, but this isn’t really close to the experience that modern tech-savvy customers expect in a modern landscape.
What’s more, the standard solutions offered by most vendors are unlikely to cater to the end-to-end experience unique to each institution’s individual applications. Even for the simplest applications, such as a checking account for a business, institutions have their own, very specific workflows and processes that must be performed to meet their own internal risk and compliance requirements.
To exacerbate the problem, most modern financial institutions will want to offer more than one product that a vendor sells. Ultimately, they will want to digitize customer experiences for the entire range of business banking products, from bank accounts to treasuries to small business loans, which means they need to find suppliers who offer all of these opportunities, and it’s a daunting feat. This creates a situation where institutions need to manage multiple vendors, which is likely to create an inconsistent and disjointed experience that confuses customers when these multiple vendors try to connect to a bank or credit union system, which can lead to cost and resource overruns.
Low-code and code-free solutions solve these problems because they allow non-engineers / designers to create end-to-end customer experiences using state-of-the-art technology. With low-code and code-free solutions, FI can create applications that meet their needs, using drag-and-drop tools, eliminating the need for a ready-made solution that does not support their processes and workflows. Customer experience is in the hands of financial institutions that better understand their products and services, internal workflows / processes and technology infrastructure. This means that institutions can also use the same tools to build applications for the entire set of financial services, using the same user interface, using the same database and integrating all their products and services to support the next generation of customers.
Low-code and code-free technology is changing the banking experience and, in turn, can create opportunities for financial institutions to gain significant competitive advantage in the marketplace, both today and in the future.
Want to know how Prelim can help put your bank in the driver’s seat? Visit https://prelim.com/ today to learn more and not to miss our upcoming panel on Summit on Bank Automation where we discuss how financial institutions use these solutions to move into the future of banking!
https://bankautomationnews.com/allposts/business-banking/low-code-and-no-code-fintech-solutions-put-banks-in-the-drivers-seat/ Low code and lack of code fintech solutions put banks in the driver’s seat