Modernisation within the financial services industry is quickly becoming vital for success. It is especially beneficial when it comes to improving customer experience and business process efficiency. At the heart of every modernisation effort, however, lies innovation. Therefore, many financial organizations recognize the advantages of digitizing and automating their business processes through Power Apps Low Code No Code Platform, leading to increased efficiency to address three challenges:
1. How to provide more authentic and personalised customer experiences?
2. Reducing business process inefficiencies
3. How to digitally transform and innovate whilst needing to maintain existing core and legacy systems?
With simple and effective no/low code applications such as Microsoft Power Apps, 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 are some examples of how this technology is being implemented.
Creating a more valuable customer experience through Low Code No Code Platform
The expectation around customer experience is changing, resulting in more customers showing a lack of loyalty to financial brands. According to Gartner, “banking customers are increasingly demanding authentic human interactions.” This is a level of service that financial organisations need to provide across all channels to boost their customer engagement and loyalty.
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.
Metro Bank 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’s details the moment they walk through the door. This helps appointments feel more efficient and personal. If meetings are over-run, the customer is free to leave the bank and is notified via text message when to come back for their appointment.
Another great example is how Standard Bank’s mobile application helps digitise the process of maintaining ATMs. Developed in Power Apps in just 24 hours, it allows employees to geotag and update a machine’s 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.
Finding and solving business inefficiencies
If business processes are negatively impacting an organisation’s performance, financial institutions should look for a solution with two aims. One, to reduce inefficiencies and two, to increase profitability.
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.
Removing legacy barriers to digital innovation
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.
This is a digital modernisation barrier that Low Code No Code Applications and automation platforms can help address in two key ways:
· Create modern user interfaces or mobile applications that seamlessly integrate with any existing business applications, workflows and processes to change how employees interact with legacy systems.
· Extend and innovate legacy systems with Robotic Process Automation to help get more value out of core infrastructure and ensure it can integrate with other modern applications.
The importance of innovation for financial services with Low Code No Code Platform
Innovation is fundamental for any business growth. Whether you’re considering how to deliver more personalised customer engagement, reduce inefficiencies or implement new solutions. So if you’re considering how to begin innovating with no/low code, here are some things to keep in mind.
Firstly, pinpoint any of your current business processes that aren’t operating as well as you’d like or delivering the right level of insights. This will help you consider what use cases could drive your transformation to improve these inefficiencies and allow you to match the technology to the best approach before investing in a solution upfront.
Innovation can come from any part of an organisation. Always get input from a mix of IT and business teams when doing this research. This ensures you understand what pain points and inefficiencies exist within your organisation. It will also help ensure any new technology you bring in will work alongside the people who use it day-to-day.
If you’re not sure where to start, see how implementing common use cases such as improving manual or paper-based tasks and reducing repetitive or data-heavy processes can improve your efficiencies. Then once you’ve got the ball rolling, it’ll be easier to identify other inefficient processes that could be improved through digitalisation.
There’s a wealth of potential for No Code Low Code Applications in financial services. With tools like Microsoft Power Platform, you can have a solution up and running in a matter of days and weeks rather than months and years.
PositiveEdge is the Certified Microsoft Power Platform Partner in India
Microsoft Gold Partner, PositiveEdge offers Microsoft Power platform consulting services & implementation in India. When Collaborated, Microsoft Power BI, Power Apps, Power Automate, and Power Virtual Agents allow you to innovate and speed up delivery and implementation, anywhere in your business.
Conclusion
Microsoft’s Implementation partner, PositiveEdge help your business implement solutions to analyze data and generate visualizations from a wide range of data sources using Microsoft Power Platform. PositiveEdge’s team is ready to estimate your Power BI project, be it a simple business app or an integrated solution that includes the Office 365 suite or other Microsoft software.
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