More than 90 percent of organizations agreed that digital technologies are disrupting the financial sector to a great extent. Yet a majority of the financial institutions surveyed do not believe their firms are ready for this disruption.
The financial services industry (FSI) is on the cusp of digital transformation. Many firms are becoming holistically digital to improve customer experiences and enhance the efficiency of their business processes. They realize the significance of innovation for the competitive positioning of their firm. Therefore, many financial institutions are adopting SharePoint (On-premise or Online) to digitize and automate their business processes to address their challenges.
However, the road to digital transformation isn’t a cakewalk for financial institutions. Developing an application or automating a process on SharePoint leveraging the traditional approach is a time, resource, and cost-intensive undertaking. As a result, many financial services providers are holding back and persisting with their outdated legacy systems. The new-age No-code SharePoint application development solutions provide a panacea for such problems.
With No-code solutions, financial institutions can swiftly develop applications and automate processes on SharePoint. Such solutions empower the organizational users to build apps leveraging their business knowledge and without a single line of code. No-code solutions enable financial organizations to extend the out-of-the-box capabilities of SharePoint and leverage it to automate time-consuming yet business-critical operations. No-code solutions allow financial institutions to leverage SharePoint to achieve their digital transformations goals.
Benefits of No-code Solutions for Financial Institutions
#1: Creating a more valuable customer experience
According to Gartner, “banking customers are increasingly demanding authentic human interactions.” Customers are no longer loyal to financial brands. The unfulfillment of their ever-increasing expectations to get personalized experiences is making them switch to a different financial brand. To boost the level of customer satisfaction and retention, financial service providers need to be present for customers anytime anywhere.
Though the concept of automation doesn’t seem to help in the cause directly, it is a way that can make human interaction with customers possible. By automating redundant backend operation processes, financial institutions can free up their employees for tasks that require human intelligence or interaction. While the employees are free, they can have one on one interaction with the valued customers, give them an amazing customer experience, increase their loyalty, and help the brand gain a competitive advantage.
#2: Identifying and resolving business inefficiencies
Identifying inefficiencies in existing business processes can be a challenge for financial institutions as they have loads of manual tasks. Back-office tasks such as routine check validation procedures, bank account maintenance, customer data updates, address changes, accounting reconciliations, loan processing, KYC updates, etc. are done manually. Manual data entry leads to longer business processing time and inaccurate report generation.
By automating such paper-based manual tasks, financial institutes can not only reduce the risk of human errors which otherwise would go unnoticed but also get the tasks completed faster.
#3: Removing legacy barriers to digital innovation
Legacy software and applications are reliable, but to keep up with the changing market scenario and customer demands, the applications need to be updated and maintained regularly which costs financial institutions 70% of their IT budgets. These outdated systems also deliver poor customer experiences which lead to decreased customer retention. Removing such legacy solutions on time by replacing them with new-age solutions enable firms to stay ahead of their competition.
#4: Harnessing Innovation and delivering rapid time to market
Today, technology is moving at a breakneck speed and financial institutions need to keep pace or risk losing out in the market. Consequently, innovation has become an imperative for the growth of financial institutions. Irrespective of what an institute aims to achieve; customer loyalty, profitability, reduce inefficiencies, or digital adoption, innovation is the key.
No-code solutions allow business users to leverage their process knowledge to build applications and automation that solve longstanding problems. And this can be achieved without any reliance on costly SharePoint development resources or reliance on the IT department. Additionally, a robust No-code solution empowers organizations to launch an application or automation on SharePoint up to 80% faster than the traditional development approach. With No-code solutions, financial institutions can achieve the agility required to thrive in the present-day market.
Transform Business Operations on SharePoint with QuickApps
AgreeYa’s QuickApps is an award-winning No-code SharePoint application development and business process automation solution enabling financial institutions across the globe to transform their business operations and gain a competitive advantage. The solution delivers a suite of web apps and pre-built templates that accelerate the application development time and reduce efforts.
Associate Director – Product Development
Amit Gupta plays a key role in incubating and establishing best SharePoint practices at AgreeYa. He is closely associated with the Product Development and Delivery team and works to find new solutions based on Microsoft technology and optimize performance and responsiveness for our clients. He can be reached at email@example.com