2020-21 has seen the rise of the concept of remote working and disrupted industries across. But, the BFSI sector has taken a massive hit because of the pandemic. Moreover, customer expectations keep rising, new technologies and heavy regulations are the tip of the iceberg for banks and insurance companies to keep up with and that is why no-code for BFSI is paving the path towards a major transformation. Let’s see how!
The banking, financial, and insurance services industry is one industry that cannot stop no matter what! Major macro-economic factors depend on it along with many other industries functioning because of the BFSI sector. It is extremely crucial for banks and insurance companies to reimagine, rethink, and evolve the way they function and their operating models.
From simple processes like e-banking, transactions, and bank statements to cybersecurity, online payment solutions, and authentication-banks must digitally transform their entire systems and integrate seamlessly.
Customer experience in the BFSI industry is a top priority. To become an agile, streamlined, and collaborative organization, you must offer your clients and customers exceptional experiences across your business network and secure both- a functional and competitive edge.
But, before you say “oh, but you don’t understand the challenges we face”- we got that covered and have answers to them all.
The BFSI sector faces challenges every minute- from customer service to security. We have identified the top 5 challenges faced by banks and insurance companies and how it affects their digital transformation. We believe change needs to start from the deep-rooted systems of an organization and these deep roots are simple, basic processes on which entire organizations rely upon.
With traditional processes and systems, tasks like forms, keeping a track of transactions, or accounting processes are major hassles to execute to perfection. Moreover, managing the continuous inflow and outflow of data makes it almost impossible to keep a track of and the question of security arises too. The bottlenecks and pain points of the BFSI sector for starters are
BFSI is such an industry where mistrust leads to manual processes but the risk of errors still does not go down. Banks and insurance companies still rely on using traditional manual paperwork which impacts business operations majorly. Especially the amount of time taken, scale as well as the accuracy of data, and the costs too!
It just does not stop at manual processes! The use of paper in the industry is massive- from registration forms to claims to bank forms, cheques- the list does not end! This invites a massive pest fest- yes, we call it a pest fest because of the decay in processes paper forms cause. Getting them misplaced, filing them and well, the coffee stains won’t go by themselves!
Security does appear to be a matter of common sense, but many companies face major challenges when it comes to secure networks and programming within the organization. Traditional systems become outdated and so does cybersecurity. Any breaches in the system and among the team could easily invite weaknesses in the banking and insurance system’s security.
The BFSI sector constantly needs to be updated with regulatory compliance practices and follow them as per guidelines. Procedures and tasks have to be managed, overseen, and approved by different departments and executives.
For insurers, a truly end-to-end insurance quote, binding and managing policy administration with paper forms or legacy systems can become extremely tedious.
Bank regulations with spreadsheets and administration are simply inviting the devil of chaos. Compliance and regulatory bodies can significantly strain resources and often rely on the ability to correlate and collate data from disparate sources.
A major and extremely crucial challenge faced by the BFSI Sector is delivering a truly customer-centric, all-encompassing consumer experience. Today’s customer is smarter, tech savvier, and consciously aware and informed than ever before. They expect constant communication, is very much involved in every step of the process, and demand personalization and convenience from their banking and insurance experience.
With its own challenges the BFSI sector faces internally, it mostly gets extremely haphazard for companies to deliver an omnichannel experience that is also attuned with technology. Outdated technology is the biggest factor of customer frustration causing them to not retain and be loyal.
With so many BFSI industry challenges to contend with and comprehend, paving a clear and truly experiential path forward does seem extremely overwhelming. But, we have something for you that’ll ‘insure’ your way towards digital transformation. No-code for BFSI can accomplish and transform the industry in 2021.
So get your notepads, we have some ways you can ‘bank on’ excellence and empower your business.
We cannot stress how important is it for companies in BFSI to be more flexible, deliver faster and in control, and drive a seamless customer experience. And the stepping stone and key investment any and every bank, insurance, and financial services company must do is in digitizing their processes and enable the most essential step to digital transformation.
Truly end-to-end digitization will not only help enable eliminate operational hassles and IT hassles but also drive frictionless growth. From onboarding to growth-propelling loan origination, from payments to cross-selling. And all of this is possible with just 3 words and endless possibilities- No-code Applications.
To put it simply- No-code process automation is automating processes without having no prior knowledge of code. It is essentially automating processes using no-code apps. It makes process automation and workflow automation a breeze.
No-code applications are the first and the utmost foundational steps to providing a seamless workplace operation and digital experience.
No-code, shortened from no-code platforms refers to application development platforms to automate processes that require zero coding! This means applications can be built on purely visual, intuitive interfaces with no need for programming experience. These platforms often offer features that are simple such as drag and drop form builders.
They work the same way you get to design a collage with stickers, simply take what you need and put it where you need it most. It eliminates the need for any coding. These apps help rethink, repurpose, and innovate routine functions and manual processes.
It also enables easy and smooth ways to integrate with a variety of tools. We’re not gonna lie, no-code apps unleash the potential of what your managers and executives do in the form of citizen development i.e anyone who builds an app without any knowledge of coding.
Watch Webinar: Build an Intelligent Loan Processing System with No-Code
Well. today, with the digital transformation taking over every industry, the need for a digitally enabled BFSI sector is higher than ever before. This demand is exploiting the pain points of organizations because as much as they would like to transform digitally, they cannot afford and/or find stellar tech professionals who can take over all the IT requirements.
But what no-code application development says is that you don’t need IT backgrounds and coding knowledge at all!
All you need to do to overcome the digital challenge is to let your staff members build apps and transform as per their requirements that too (citizen developers) without prior tech knowledge or the need for training.
With no-code for BFSI, banks and insurance companies can not only customize as per their needs but also gain the freedom to innovate at speed. No-code apps take care of all the underlying complexities such as database, UX, security, integration, and build and deliver breakthrough solutions up to 10X faster.
This is why no-code development is a boon, and the market is growing rapidly. Forrester estimates that it will hit $21.2 billion by 2022. Banking and insurance organizations have to follow the market, and the market is increasingly leaning towards convenience, accessibility, functionality, and smooth processes through digitization.
No-code for BFSI ensures that they can respond promptly to organizational and customer demands. No-code for BFSI companies is perfect because they offer all the essential infrastructure and technical capabilities to create a range of apps- from onboarding to tracking transactions and security. To start with some
You can easily get rid of inefficient excel based budget spreadsheets, automate, and optimize transactions and approvals. Enable deposits and withdrawal process automation with easy-to-use apps.
Automating and streamlining loan requests and investment accounts is going to save you time, big time! You can ensure speedy approvals through automated workflows as per company processes and policies. And guess what? Analyze investment policies and track cash flows over any period using advanced reports and dashboards.
Your bank can literally be saved from manual work and number crunching before making a loan decision and simply automating data processing.
We have all seen what banking portals look like.
With no-code for BFSI, you can literally develop and deliver an end-to-end banking portal to your customers. By enabling a core banking system, customers can easily manage their transactions and savings. Honestly no-code apps, draw focus on user experience and you’ll immediately see faster processing and updated data on the portal. Eliminate manual processing and unnecessary bank visits through online forms and approvals.
For a proper policy insurance system, you can develop and build simple, easy-to-use no-code apps for glitchy policy admin. Save that paper and go paperless with forms automation and automate billing systems for hassle-free policy generation and set up accounts easily.
Develop a strong database with no-code-powered apps. Customize apps that adhere to business policies for funds and budget management. Maintain client data and contract repositories that allow setting periodic reminders for renewals, and manage claims.
No-code solutions can help financial lenders with the shortening time span of customer onboarding and off-boarding journey. With automation of these processes and custom applications, the time rather spent on lengthy KYC procedures can be significantly reduced; that too with easy data updates and elimination of errors.
No-code citizen development can help in rapid change management of regulatory requirements in a short span. Quick application development and easy updates make way for any new change in the process and steer clear of possible hindrances.
Well, we have identified the top 7 processes and issues that no-code for BFSI companies should automate, and before we jump to telling you more, allow us to tell you about a leading platform that’s going to help you achieve this and create value.
Quixy is a pioneering no-code platform that empowers the BFSI sector and enables automation with no-code. We work with clients to develop fast, efficient automation solutions powered by no-code. Clients achieve outcomes through orchestration of human + machine talent, coupled with the infusion of insights & efficiency from data.
Quixy as a platform strongly believes in and promises to reshape any and every process with no-code for BFSI boosting efficiency and productivity.
We have developed and delivered solutions for leading financial services organizations, focusing on the development of seamless collaborative banking and financial services.
There are many reasons why organizations must explore Quixy’s no-code platform. We offer what you need. We become your front door to distribution and enable a seamless digital experience for customers from building apps from banking portals, investments to policies, and retirement plans. And we’d love to accelerate digital innovation with no-code for BFSI companies and drive value and growth.
Quixy provides visibility into saving costs and spending. It goes beyond process automation to not just overcome the digital challenge but provide an all-encompassing digital experience. That means financial tycoons and leaders have the time to make better decisions, focus on strategy, and be thought leaders.
This is possible. And it starts now.