Digital modernization 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 modernization is innovation. As a result, many financial institutions now see value in digitizing and automating business processes to address three challenges:
1. How to provide more authentic and personalized 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’s some examples of how this technology is being implemented.
Creating a more valuable customer experience
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.
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, 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 At the same time, they risk delivering a poor customer experience with outdated systems.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 no/low code application 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 a core infrastructure and ensure it can integrate with other modern applications.
The importance of innovation for financial services
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’s some things to keep in mind.There’s a wealth of potential for no/low 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.
Source: https://cloudblogs.microsoft.com/dynamics365
Global iTS a leader in business applications on Microsoft technology, driving digital transformation for enterprise clients including BFSI, Government, Energy & Utilities for two decades now. We enable next-generation digital services for our clients across multiple channels and delivering it on platform of customer choice. Headquartered in United Kingdom, we are present across GCC countries with a team of 200+ professionals. We have our core expertise in banking industry across corporate, retail, investment, and compliance. We enable customer digital journey bringing unprecedented levels of customer delight, help FSI adapt to change and improve their decision-making process.