Streamline your banking operations with low code
A low-code platform like ManageEngine AppCreator can be harnessed to tackle the above operational challenges faced by banks.
Compliance with global regulations such as the General Data Protection Regulation (GDPR), Anti Money Laundering (AML), and Know Your Customer (KYC) demands the implementation of highly stringent security protocols, which can be difficult to achieve from a traditional software development standpoint. This is because security needs to be taken care of as a separate commitment by the bank's software providers. This commitment takes a lot of time to achieve, and also costs a lot because of the expensive nature of software development.
Tech keeps throwing in new innovations constantly into each industry vertical. Adopting cutting-edge tech, such as artificial intelligence (AI) or blockchain, is mandatory to stay viable in the face of stiff competition. While this is easy to say, this adoption of tech is a complex endeavor. Stiff resistance is there from legacy software, employees who need to be trained on the new tech, and other stakeholders who want to persist with the status quo. Integration with legacy tech is also difficult because of incompatible codebases. This makes digital transformation quite challenging.
Maintaining the bank's infrastructure—both hardware and software—is a highly expensive endeavor. Hardware costs are astronomically high, fueled by the semiconductor shortage, and software also costs a lot to develop and maintain. This exorbitant operational expenditure dents the bank's profit margins.
Traditional banking interfaces are based on outmoded legacy tech. Legacy tech is clunky, not user-friendly, and slow. This falls short of the expectations of today's customers who seek a seamless experience while transacting digitally with the bank, emphasizing the need for banking tech to be as accessible as possible.
A low-code platform like ManageEngine AppCreator can be harnessed to tackle the above operational challenges faced by banks.
With drag-and-drop tools, stakeholders in banks can architect low-code solutions that can pull and integrate data from legacy applications without much effort. This facilitates legacy modernization and rapid digital transformation with minimal financial and operational overhead. Pre-built connectors and application programming interfaces (APIs) provided by low-code platforms also enable seamless integration with legacy architectures.
The deployment of customer-centric applications is guaranteed with low-code platforms. Bespoke dashboards, portable mobile applications, and sleek user interfaces (UIs) can be deployed using a low-code platform. This ensures a seamless experience for the clients of the bank.
With low-code platforms, the need for security testing is not there because the vendors of these platforms thoroughly test it from a platform level, ensuring that the applications developed on them are devoid of bugs for the most part. Platforms like ManageEngine AppCreator are GDPR, CCPA, and HIPAA certified, thus users of these platforms can begin deploying applications right away, without having to wait for compliance confirmations from regulatory authorities.
Low-code platforms themselves provide the software and hardware infrastructure required to host the solutions of their clients. The exorbitant operational costs faced in traditional approaches are not present here because users pay only a monthly or yearly subscription to access the platform and develop solutions on it. This eliminates the need to acquire software licenses and buy expensive hardware infrastructure.
Let's see how bespoke low-code apps facilitate seamless banking.
Create custom workflows that enhance the payment processing operations of your bank. Assign approvals to pertinent stakeholders, create notifications to stakeholders for failed or suspicious payments, and track all payments through a unified dashboard.
Automate loan approvals using workflow builders, generate real-time reports, and track repayment timelines through a unified interface. Reduce manual errors and maintain 100% accuracy.
Enable intelligent planning of funds and stakeholder decision-making by using the analytical capabilities of dashboards. Embed widgets in your dashboards that holistically break down and provide insights into all the data that passes through your financial gateways.
Use low-code applications engineered to mechanize account management. Implement KYC modules for account creation, manage accounts securely and remotely, and oversee account activities. Empower your bank's customers with holistic mobile applications that make account management hassle-free.
Use AppCreator's easy-to-use application building tools to redefine the way your bank operates. Streamline your banking processes and operations with bespoke applications. Enable, empower, and satisfy your bank's stakeholders and clients.
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