No code or low code technologies can be a powerful tool for today’s financial institutions, offering the flexibility to streamline and automate many of their operations. However, it can be overwhelming for many FIs to decide where to best apply these solutions. Some of the most critical (and most important) areas to focus on when implementing low-code/no-code solutions are customer facing experiences.
By focusing on the customer experience, financial institutions can put the user in the driver’s seat, greatly increasing customer satisfaction while minimizing the manual work and labor hours for the FI. It also optimizes the speed to delivery of products and services for the institution, which leads to better ROI, as well. FIs can realize significant success by automating their consumer and business account opening, as well as automating their entire suite of treasury services and business lending. Using low code/no code platforms allows them to focus on building a great customer experience while automating the back end to originate these products and services in minutes versus weeks or months.
Business customers are often faced with outdated technology and processes before they can even begin their financial journey. When business owners set up their initial account, it can take days if not weeks to get approval and use of the account. Customers are required to provide a plethora of financial details, and too often, banks simply are not equipped to manage this without customers coming into the branch altogether. On top of that, once a business banking account is opened, customers struggle with yet another challenge: a lack of self-service options. Because of little progress in the technology that supports the business banking experience, most banking activities require the business account customer to contact the bank. Even tasks such as adding and removing account signers is often a tedious process that can require an in-branch visit, phone call, or email.
When properly implemented, a streamlined, user-friendly digital interface can enhance the complete, end-to-end customer experience as each touchpoint can be upgraded with the most appropriate online interaction. While not all FIs have the budget to design their own technology from top to bottom, taking advantage of technology solutions and partners that can focus on the complete customer journey can provide them with the tools and skills they need to succeed now and grow with them later. FIs must assess their platforms based on their ability to collect, manage and analyze data across the entire technology stack to optimize customer interactions.
Today, with the advent of low-code and no-code technology, FIs have a cost-effective method to fill the gaps in their customer’s banking and lending experience. With the aid of modern technology platforms and solutions, banks and credit unions are more equipped to solve common problems using in-house development resources, even with limited funds and a lack of development expertise, to improve operational efficiencies, increase overall productivity, and free up IT and engineering teams to focus their time and attention on additional projects.
Today’s low-code/no-code technologies can greatly enhance the customer experience for FIs through streamlined automation on an outfacing level while also making internal operations far more efficient and cost effective. By properly leveraging the right tech resources, banks and credit unions can have an enormous impact on both their own productivity as well as the relationships with their customers and members – now and in the future.
Visit https://prelim.com/ today to learn how Prelim can help your FI enhance and automate its online customer experiences. And if you missed our panel while attending the recent Bank Automation Summit, you can now watch the recorded session through the event app to hear how financial institutions are leveraging these solutions to move into the future of banking!
