{"id":55437,"date":"2022-03-28T14:07:15","date_gmt":"2022-03-28T13:07:15","guid":{"rendered":""},"modified":"2022-03-28T14:07:17","modified_gmt":"2022-03-28T13:07:17","slug":"how-financial-institutions-can-digitise-and-automate-business-processes-with-no-low-code","status":"publish","type":"post","link":"https:\/\/cm-edgetun.pages.dev\/en-gb\/industry\/blog\/financial-services\/2022\/03\/28\/how-financial-institutions-can-digitise-and-automate-business-processes-with-no-low-code\/","title":{"rendered":"How financial institutions can digitise and automate business processes with no\/low code"},"content":{"rendered":"
\"Black<\/figure><\/div>\n\n\n\n

Digital modernisation is quickly becoming critical for business success in financial services. Especially in areas like customer experience and business process efficiencies. But the key to any modernisation is innovation. As a result, many financial institutions now see value in digitising and automating business processes to address three challenges:<\/p>\n\n\n\n

  1. How to provide more authentic and personalised customer experiences.<\/li>
  2. Reducing business process inefficiencies.<\/li>
  3. How to digitally transform and innovate whilst needing to maintain existing core and legacy systems.<\/li><\/ol>\n\n\n\n

    With simple and effective no\/low code applications such as Microsoft Power Apps<\/a>, organisations are finding innovative ways to manipulate data and overcome these challenges. This makes these quick and easy-to-develop business apps a common solution across financial services. Here\u2019s some examples of how this technology is being implemented.<\/p>\n\n\n\n

    Creating a more valuable customer experience<\/h2>\n\n\n\n

    The expectation around customer experience is changing, resulting in more customers showing a lack of loyalty to financial brands. According to Gartner, \u201cbanking customers are increasingly demanding authentic human interactions.\u201d This is a level of service that financial organisations need to provide across all channels to boost their customer engagement and loyalty.<\/p>\n\n\n

    \"Real<\/figure><\/div>\n\n\n\n

    When thinking about human interactions, automation may seem like a step in the wrong direction. But by digitising operational processes in the backend, financial institutions are finding innovative ways to free-up employees. As a result, they can focus on delivering the best customer experience.<\/p>\n\n\n\n

    Metro Bank <\/a>for example has driven down many of its business inefficiencies by innovating with a retail experience in mind. In-store greeters now use a tablet with Power Apps to access a customer\u2019s details the moment they walk through the door. This helps appointments feel more efficient and personal. If meetings over-run, the customer is free to leave the bank and is notified via text message when to come back for their appointment.<\/p>\n\n\n\n

    Another great example is how Standard Bank<\/a>\u2019s mobile application helps digitise the process for maintaining ATMs. Developed in Power Apps in just 24 hours, it allows employees to geotag and update a machine\u2019s status during routine inspections. Automation in the backend then categorises the data and flags any issues to the appropriate department. This ensures an ATM is promptly fixed to help maintain a premium brand image for customers.<\/p>\n\n\n\n

    Finding and solving business inefficiencies<\/h2>\n\n\n\n

    If business processes are negatively impacting an organisation\u2019s performance, financial institutions should look for a solution with two aims. One, to reduce inefficiencies and two, increase profitability.<\/p>\n\n\n\n

    Automation can play a key role in both goals and provide a range of business benefits. It can remove paper-based processes, reduce the risk of human error and offer better access to data insights.<\/p>\n\n\n\n

    UK insurer William Russell<\/a> has done just that by creating a Power App solution to automate its online quotations. This provides a faster, more efficient service for customers. Once a request has been raised, a sales agent is promptly alerted to call the customer, and provided with all the necessary information to have a productive conversation. As a result, they\u2019ve been able to convert 50 percent more quotes into sales than before.<\/p>\n\n\n\n

    Removing legacy barriers to digital innovation<\/h2>\n\n\n\n

    On average, financial institutions can spend up to 70 percent of their IT budgets on maintaining and servicing core systems and legacy applications. But by allocating resources this way, organisations reduce their time and ability to consider new innovations. At the same time, they risk delivering a poor customer experience with outdated systems.<\/p>\n\n\n\n

    This is a digital modernisation barrier that no\/low code application and automation platforms can help address in two key ways:<\/p>\n\n\n\n