5 Market Challenges Financial Companies Face and How To Use Low-Code To Overcome Them

As our current business landscape continues to become more and more volatile and unpredictable, many financial companies and institutions are beginning to face various market challenges that could potentially jeopardize customer relationships, productivity and profitability. Furthermore, rapid advancements in available technology have resulted in great difficulty handling enterprise applications, large amounts of organizational data and legacy systems.

However, low-code application development platforms can help financial institutions identify and overcome various potential market challenges without wasting large amounts of scarce organizational resources and time. Low-code is defined as a visual approach to development that enables users to leverage drag-and-drop tools, instant mobility and much more to streamline and optimize various business processes.

Research indicates that 75% of enterprises will use at least four low-code platforms for citizen development initiatives and business application development by the year 2024. Therefore, financial institutions must recognize how low-code development platforms can help them overcome various market challenges.

How Low-Code Technology Can Help Financial Companies Overcome Market Challenges:

1) Facilitating Digital Transformation

Digital transformation is now crucial for the success of any modern organization across numerous industries. Digital transformation is one of the key aspects of helping to obtain a significant competitive advantage. As digital technology continues to evolve at an exponential rate, financial institutions are also expected to adapt to and refine business processes and strategies at the same rate. However, it can be extremely difficult to adapt to technological advancements using traditional development approaches.

Low-code application development platforms can help your financial institution implement effective digital transformation initiatives without utilizing large amounts of time or scarce organizational resources. Low-code development platforms can not only enable your organization to build powerful, high-functioning enterprise applications faster than ever before but can also help automate various complex workflows.

2) Improving Customer Satisfaction and Trust

One of the biggest assets for any financial organization is consumer trust and satisfaction. Therefore, it is crucial for your business to prioritize building and maintaining transparent relationships with customers. However, it can be difficult for financial institutions to maintain efficient and effective communication with each individual client and customer using traditional methods. Low-code application development platforms can help your business build user-friendly customer portals equipped with automated communication tools, real-time insights and updates.

Furthermore, low-code development platforms can help your business build faster enterprise applications that can be quickly updated and maintained with little to no downtime. Studies have shown that 53% of mobile website visitors will leave a page if it takes more than 3 seconds to load. Therefore, implementing a low-code development platform can help your business create powerful solutions with rapid loading times, which will ultimately improve customer experiences and satisfaction.

3) Accessing Real-Time Data Insights

Technological advancements such as Artificial Intelligence (AI) and Machine Learning (ML) have been extremely transformative for businesses across numerous different industries. These tools can help provide financial institutions with large amounts of data and insights that can be used to facilitate more effective decision-making processes and ultimately improve business operations as a whole. However, it can often be extremely difficult for financial institutions to analyze such large amounts of data to extract useful insights.

Therefore, low-code technology can help your financial institution automatically collect, store, analyze and present organizational data in the form of user-friendly data reports and dashboards.

4) Personalization and Customization

Recent studies have shown that approximately 72% of consumers will only engage with personalized messaging. Therefore, personalizing consumer communication and customizing customer experiences is extremely crucial for all financial institutions. Customers expect your business to understand their individual preferences and requirements during day-to-day transactions and communication. However, it is often challenging for financial companies to collect, store and integrate such large amounts of consumer data, especially with scalability advancements.

Therefore, low-code development platforms can help your business integrate and consolidate consumer data in one cloud-based, centralized location. Furthermore, low-code automation tools can help your business personalize communication using automatically generated messaging. Low-code application development tools can also help customize enterprise applications to fit evolving customer expectations over time.

5) Regulatory Compliance

One of the biggest challenges for all financial institutions is keeping up with constantly changing rules and compliance requirements from relevant regulatory bodies. Breaking internal or external compliance regulations could not only result in reduced customer satisfaction but could even potentially result in substantial reputational damage, lawsuits and a significant loss of profitability in the long term.

However, integrating low-code technology into your financial institution’s business operations can help streamline and optimize a wide variety of regulatory compliance processes such as optimizing KYC procedures, eliminating duplicate documentation, satisfying risk management requirements, automatically monitoring the security and encryption of enterprise applications, handling Personal Identifiable Information (PII) and much more.

Planet Crust – Leverage Low-Code Technology To Overcome Market Challenges:

Financial institutions are constantly vulnerable to potential loss of productivity, efficiency and profitability due to constantly evolving market factors and challenges. Therefore, financial institutions must consistently evolve their business processes and strategies to ensure that there is no consequent effect on business operations in the long run. Low-code application development platforms can help financial institutions facilitate effective digital transformation initiatives, improve customer satisfaction levels, access real-time data insights, personalize and customize customer experiences and automate various aspects of regulatory compliance.

Corteza, created by Planet Crust, is a 100% open-source low-code platform that can help your business streamline and optimize various organizational business processes and workflows. Corteza is equipped with numerous powerful tools such as API connectivity, customizable user interfaces, cloud-ready architecture, advanced search functionality, role-based access controls, inclusive designs and accessibility, customizable templates and much more.  Corteza can also be used to connect to any record-based data source, build an unlimited number of enterprise applications, create complex automated workflows and integrate organizational data across environments.

Try a trial now so that your financial company can take advantage of the wide variety of benefits of implementing low-code technology to overcome various market challenges.