In order to remain competitive in today’s fast moving financial landscape, enterprises need to meet rising consumer expectations for on-demand resolutions, increase operational efficiencies via automation, augmentation, and amplification; and keep ahead-or, at least, apace-of an increasingly crowded field that includes traditional players, hungry fintech start-ups, and steady encroachment from big tech.
Many banks have prioritized digital transformation, creating a landscape where full digitized offerings aren’t only advisable, but a requirement. Going digital, however, isn’t for the faint of heart- particularly in a complex and highly regulated sector such as consumer and commercial banking. According to a recent study of banking leaders, only 12% of respondents considered their organizations to be digital transformation “leaders,” with a full 25% considering themselves to be “laggards.”
Custom enterprise software requires the upgrading and integrating of legacy systems, complying with an evolving patchwork of oversight, and competing for scarce IT talent. Factoring all these challenges together, developing enterprise software can be a painfully inefficient affair with 85% of projects going over schedule and 70% of large-scale digital IT programs failing to even reach their stated goals.
This is why leading companies are increasingly embracing no-code. The new class of cloud based development platform eliminates traditional friction points and accelerates the building of scalable, enterprise-ready solutions. No-code offers many inherent advantages over other development approaches. For one, no-code platforms come “out-of-the-box” (or, out of the virtual SaaS box) with all the toolsets and elements necessary to build and manage a robust application (e.g., front end UX, workflow, rules engine, analytics, integrations and maintenance). Since they’re all components of the same unified platform, everything just works together in instant harmony. This means organizations can devote all their resources to addressing business challenges instead of technical ones. Additionally, by eliminating the need to write code, from the building process, no-code expands the scope of who is doing the development. Instead of learning modern programming languages which can take years to master, no-code can be learned in a month or two, which makes development more collaborative, and recruiting more flexible.
To learn more about how No-code truly empowers financial institutions to readily explore digital opportunities that would have been inaccessible just a few years ago, view Unqork’s complimentary eBook, “Going Digital: How No-Code Accelerates Transformation in Banking”