Digital disruption is affecting the financial services market – you’d likely know this if you are a customer of a bank or insurer. Digital transformation in financial services is on the rise because today's consumer is digital.
Consumers rely on the internet to check out the market via price comparison sites and aggregators very easily, and this saves time. Digital consumers also rely on their insurance providers or bank to provide the same experience that they get from B2C sites like Amazon, and this is a significant challenge.
The dynamics are shifting because of the desire to improve customer relationships. Through digital transformation
, financial services can provide more value-added and advisory services alongside their traditional ways of doing business.
Why Are Financial Services Behind on Digital Transformation?
This lack of success of digital transformation in financial services can be due to the legal systems that hobble banks and insurance companies. Such systems make it hard for the insurer to adopt new technology quickly. Since banks and insurance companies are also staying away from creating a rather centralized program for their digital initiatives, they are leading a disorganized approach to transformation, also causing more delays.
Financial services should be ready to face challenges
when it comes to digital transformation. The digital intelligence approach can be used to try to bridge the gap between the expectations and the results. This approach goes beyond viewing digital transformation as a technology problem to help insurers, but a way to improve customer experience, growth, and profitability.
Some trends and transformation that financial services should consider include:
IoT and smart home
Mobile apps that streamline customer interactions
Digital interactions, including web chat and chatbots
Gluing interaction options into consistent, omnichannel experiences
Usage-based insurance, like car-black-box monitoring⦁
Digital loan applications
What is No-Code Development and How is it Used in Enterprise IT?
A no-code platform can be defined as a platform that uses a visual development environment (VDE) to allow anyone, even if they are not a pro, to create an app. You can develop apps through various methods like drag-and-drop, and also add application components to help create a complete application. You do not need to have any coding experience to create the app.
No-code allows non-technical business users to create their complete applications – and this is changing the industry.
Today, several companies understand the value of no-code development platforms and are going for it because of its benefits and more. With no-code, a company can implement or transition to an agile development strategy, easily. It allows users to quickly develop new solutions to transform business processes and also meet customer needs. And yet again, this system is more than just the platform or technology.
Advantages of No-code
No-code platforms do not mark the end of IT but rather offer businesses and individuals an opportunity to learn and grow. Here are some advantages of this platform:
1. It Allows the Business to be More Independent
Since no-code platforms empower users to build apps themselves, it makes a company more self-reliant. You will not have to wait in line for the IT guru or professional to handle your IT related problems or solutions, especially when it comes to building an app for your bank or insurance company.
This strategy will also allow the entire workforce to be more tech-savvy. Companies will be able to increase productivity, improve processes, and also reduce inefficiencies. As your team also becomes more involved with the building or improving the company, your relationship with mature.
2. Reduces Debugging
Programmers spend a lot of their time fixing security threats, routine maintenance tasks, applying software updates, and debugging flaws in their code. If such processes can be automated with no-code development tools and AI, the developer will enjoy more freedom and be able to use that time elsewhere.
3. Helps Build Quality Enterprise Level Applications
If no-code platforms have a hatch that supports traditional coding, and a close collaboration with IT, the IT professionals or the user can build complex enterprise-level apps that are of great value. When a business is well aligned, the entire process, from the prototype to the end product, will go faster.
4. Minimizing the Risk of Sleuth IT
This is the risk that a company is exposed to if they fail to monitor development activities outside the IT departments. It is common for employees to store very sensitive company info or data on their cloud accounts or set up their servers, and such practices can present a threat to the company.
A no-code platform allows the IT department to centrally monitor all the activities. These platforms are designed to support the Central IT, and they run safely from the cloud. They are also ISO 27001 certified, meaning that data security is guaranteed.
5. Cost Savings
Insurance companies, for example, are all about paying for liabilities, compensations, and so on. This platform offers a chance to save money while improving their technology. Instead of hiring app builders, you can encourage your existing staff to take advantage of the opportunity to learn more about the tech world.
6. Career Advancements.
No-code development platforms present yet another opportunity for growth. Your workers will be able to secure promotion because they can build an app and manage it. If your staff is looking for a new skill to add to their resume, why not let them try their luck in the world of no-code.
It is no doubt that no-code
development has been uniquely positioned to drive digital transformation in banks and insurance. Such financial services should take advantage of this opportunity and engage their staff in embracing the digital world and all that it has to offer them. Success belongs to the insurers who have digitally transformed their legacy systems.