How Banks Can Enhance Customer Experience with Low-code Automation
The success of a business greatly depends upon its relationship with its customers. Enhancing the experiences of customers and satisfying their needs is important for healthy business growth. This can be achieved by the involvement of low-code and hyperautomation in financial organizations. To stay ahead of competitors, it has become important to adopt new methods such as hyperautomation. Most businesses employ 24hr customer care, digitalization of their processes, and hyperautomation to better help their customers. It allows their products to reach their customers, which makes them achieve their targets with less effort.
Now, Low code platforms in banking institutions work by simplifying tedious and complex processes. It lets the banks complete complex tasks and create customer-oriented apps within less time span. This low code method is not just confined to the developers, business users can also use this method to create applications as per their needs. As it doesn’t need a traditional coding method, financial institutions can create their apps easily in a small period of time. Therefore, providing your customers with the best experience on time will greatly improve your business.
What is low-code?
Low-code development simplifies the complex command codes and the requirements that are needed to build applications. It provides an easy drag and drop functionality. You don’t have to type in lines of code. This feature makes it accessible to everyone and the application development can be completed sooner. Low-code comes with pre-existing features or building tools that let you create an application the way you want. The applications can also be run across multiple platforms. This software development approach creates apps where the processes are automated, which can be managed effectively with little effort.
How Does Low Code Work?
Autonom8’s Low code allows the business users and developers to create apps visually. Information is offered in a readable format as built-in components. Its pre-configured modules and features have common functions that act as a base for several apps. The visual modeling tools utilize the built-in components which allow the business professionals and the developers to develop an application easily. So, they can be reused to develop different apps faster. Based on a report by Expert Market Research, the low-code development platform market is expected to grow at a CAGR of 25.26% from 2022-2027 to reach a cap of USD 64.56 billion by 2026.
Low code automation and hyperautomation accelerates your company’s digital transformation and improves your customer experience. The key aspect of low code is to make app development feasible even for people with zero to minimal knowledge to build apps. This creates transparency and paves the way for innovation. It not only acts as a technological upgrade but also transforms the complete banking experience favorably by prioritizing customer experience, automating all legacy and tedious processes, and inspiring innovation. The important feature of a low-code platform is its scalability. It can handle and accommodate a huge number of users as your company expands. You can add more users and assign tasks and job roles to them.
Related article: Build Mobile Banking Apps Fast and Right with Autonom8
Customer Engagement Model
In this rising digital economy era, customer experiences have become important for a business to be successful. They don’t just deal with a business from a single portal. Mobile applications, chat, phone, email, websites, forms, and other domains are being used by the customers in their digital journey. Customers want their banking experience to be something like buying a product off Amazon – They want it to be easy to use and self-serving.
Forrester says that 90% of IT leaders have found that the flexible design of low-code platforms helps to significantly improve customer experience compared to traditional development platforms. Most banking firms still need a broader framework to know their customer’s history and preferences. Banking institutions must take charge and engage with the customers wherever they are. It has been noted that there is an inclination towards chat and messaging from traditional apps, emails, and calls.
As you can build an engaging customer experience in banking simply by using reusable components in low-code and leveraging hyperautomation, this low-code development of banking applications has become the most sensible choice. This leads to customers experiencing lesser delivery time, targeted user feedback, better interaction, and real-time updates, which gravitate them towards banking firms that provide a better consumer experience.
Benefits of Low Code and Hyperautomation in Customer Experience
Despite providing autonomous capability and solving integration obstacles, low-code and hyperautomation also offer various benefits in customer experience.
Artificial Intelligence
Incorporating low-code and hyperautomation in your banking process will simplify your tedious and complex tasks. Your process gets automated, and AI will recommend suitable ways to enhance your customer interactions, resulting in hyperpersonalized experiences.
Helps Business Professionals
Due to the pandemic and ever-changing socio-economic situations, there has been a shortage of employment, especially in customer-oriented fields. This has created a backlog in customer-related work in many companies. Introducing low-code and hyperautomation will greatly help business professionals in automating various processes and minimizing their workloads. They can focus on higher-value tasks and provide personalized attention to customers.
Reusable Codes
With low-code and hyperautomation, you can create a single app that can be accessed across multiple platforms. Your developers don’t have to write huge chunks of code every time they create or modify the app. These reusable codes act as a foundation for the apps that you want to develop. They can be altered depending on customer requirements whenever needed. This allows for faster development cycles and efficient customization.
Business Intelligence
AI tools like chatbots can understand and collect information from customers. This actionable data, also known as business intelligence, lets businesses analyze and provide insights into customers’ wants and needs. This acts as decision-makers for banking firms to better enhance their customer experience and make data-driven improvements.
Lessens Customer Support Duration
As low-code and hyperautomation allow independence, customers can solve their queries with the help of pre-existing conditions or answers. This greatly reduces the time for customers and support agents. Users of banking apps that utilize low-code and hyperautomation can avoid unnecessary human interaction, resulting in faster query resolution and cost savings for the bank.
Enhances Digital Competency
The prebuilt components in low code that emphasize customer management will boost the overall digital competency. As more and more businesses are shifting to low code and hyperautomation, the usage of electronic media for the betterment of a company’s growth has become critical. It enables businesses to keep pace with digital trends and provide cutting-edge solutions to customers.
Brand Consistency
Almost all the low code platforms offer custom CSS, HTML and so on. They provide the ability to configure templates to the companies’ standards. The toolkits and design standards present are used by the developers to establish brand consistency. Various components like progress bars, dashboard, and carousels templates are already available and can be reused.
Related article: Increase Banking CSAT with Conversational AI Chatbots in 2023
Managing Customer Experience Issues
Developing an application with low-code and hyperautomation means sacrificing some developer control. However, this loss in control is compensated by the speed at which the app is developed and the automation capabilities that come with it. Since low-code and hyperautomation involve minimal coding, development teams may need to focus on ensuring compliance with development environment standards and regulations to maintain control while benefiting from the speed and efficiency of the low-code approach.
Low-code and hyperautomation have become crucial in building software for institutions globally. They help in building scalable applications to digitize and attain agility and speed. Autonom8’s remarkable experience in delivering workflow automation in the financial industry will create, develop, and launch enterprise solutions efficiently. We will help you achieve cutting-edge enterprise application development by harnessing the power of low-code and hyperautomation.
Autonom8’s enterprise-grade low-code automation platform will automate even your most complex processes. Our visual low-code builder simplifies and streamlines workflow development with minimal effort. By leveraging hyperautomation, we enable intelligent decision-making and process optimization to enhance your customer experience. Want to know more about low-code and hyperautomation? Schedule a demo with us now. Our team at Autonom8 will work with you every step of the way and help you achieve your digital transformation journey.
