The COVID-19 pandemic was a global crisis that no organisation could predict. The banking industry had little time to adapt to the circumstances. Many banks faced branch closures and had to devise solutions to manage their business. Digital solutions proved successful.

From opening a digital bank account to lending money digitally, banks achieved goals in months or even days that would have seemed impossible the previous year. Banks and financial institutions could conduct business only if they respond to customer needs quickly.

The answer is Low Code! Low Code is agile, adaptable, rapid, and scalable. Along with agility, Low-code development promotes ease of usage and responsiveness in co-innovating and co-developing software applications for businesses. The low-code development investment market is forecasted to increase from $13.2 billion in 2020 to $45.5 billion in 2025. The BFSI industry is expected to hold the highest share in the low-code development market. So, banks do need to migrate to low code now.

Why Banks Should Go For Low-Code

Many banks and financial services companies are already on the path of digital transformation. Customers now expect digital banking products and services. Banks now have to provide services digitally, and customers used to digital banking will expect the same in post-pandemic situations. 

How Conneqt Helps in Accelerating Digital Transformation

Conneqt Low code/No code Platform CoE enables faster digital transformation with the help of rapid application development, deployment, execution, and management to reduce turnaround time. Here are the key stages of our digital transformation process: 

Application Modernization

Low code uses advanced technologies for implementing modernisation and upgradation of applications by: 

• Build apps faster with minimal coding to enable quick banking processes
• Automate banking processes to boost productivity and maximise efficiency
• Reduce overall operational and development costs with faster development cycles

Benefits for customers in the process:

• Infrastructure Cost Reduction​
• COTS Licensing Replacement​
• IT Simplification

Customer ​Experience Transformation

Most banking customers want personalised products and services customised to their needs, locations, and devices. If banks can provide an enhanced customer experience, they can acquire more new customers and retain their existing customers.

Low-code platforms make it simple to connect to many data sources, regardless of the connection technique. It thus enables you to do in-depth research on your consumers, finances, or production data and use the existing data to customise products and services based on each customer. Low-code platforms also enable banks to apply omnichannel methods, allowing users to have all transactions done on the digital device of their preference.

The enhanced customer experience becomes evident to the banks through the following factors:

• Business Growth​
• Increase in Market Share​
• More CSAT​ numbers
• Better NPS​ data
• Enhanced CAC

Process​ Automation

Our experienced team of highly trained developers and consultants create custom applications that are faster, simpler, and more cost-effective. The benefits that the banking industry gets are:

• Cost Reduction​
• Enhanced Operational Efficiency​
• Improved Process Efficiency

Workplace​ Innovation

While implementing our Low-code platform technologies for the digital transformation, we ensure that we take care of innovating the workplace, keeping in mind employee retention. Some of the core factors we take care of during our transformation process are:

• Employee Satisfaction ​
• Safety​
• Retention​
• Productivity

How Conneqt Low-Code Centre of Excellence Works

Our Low-Code expertise works across different areas as a part of our Centre of Excellence (CoE). It is nothing but a certified skill pool with the right blend of cross-skilled expertise in Leading LCAP platforms and performing end-to-end business process implementations. Here’s what our CoE provides:

Service Offerings

We provide our clients with the following Low-Code services:

• Process Implementation Services 
• Support Services
• Consulting/ Advisory
• LCAP Centre of Excellence (CoE) 

Key Capability Areas

Some of our significant capability areas comprise:

• Architecture, Program Roadmap,  Design, Application Development
• Global Delivery, Application/ Production Support
• Installation/Migration/ Upgrade
• Consulting and COE Services
• Managed Services

Focused Skill Sets

We understand the business requirements of our clients and come up with solutions based on the following skill sets:

• LCAP  Frameworks – Industry and Productivity Solutions
• SMAC Enablement – Social, Mobile, Analytics and Cloud
• Process Integrations/Interfaces
• LCAP platform-specific Methodologies
• Product Migration/Upgrade

What Differentiates Conneqt

Our main point of differentiation from our competitors is our deep experience in the technology and the industry sectors we work with as clients. As a result, we understand our client’s challenges and come up with almost a tailor-made solution to fulfil their business requirements and help them grow. Here are some of the expertise that sets us apart:

• Strong experience in BFSI, CPG, Retail, Healthcare and others
• A certified pool of  Low code  Architects & Leads
• Expertise in Low code Migration and Upgrades
• Reusable Assets, Framework & Agile Méthodologies
• Extensive experience in Process Discovery/Mapping
• Process Consulting & Digital Platform CoE Services

Our Success Story

We worked with a leading investment and financial company in India, implementing a digital automation system for some sections of their operations that helped them grow their business and achieve more customer satisfaction.

Our systems and solution:

• Implemented a digital, high-touch customer experiences portal
• Revamped the customer onboarding applications
• Implemented the Corporate Salary processing automation

Benefits for the client include:

• Efficient customer onboarding due to hassle-free end-to-end process
• Enhanced customer experience
• Efficient salary processing

So, Conneqt is helping the BFSI sector accelerate its digital transformation through our CoE capabilities that help banks with rapid application development, deployment, execution and management to reduce turnaround time by approx. 30-40%.

Transforming your business and digitising it is the way to go forward to thrive in the cut-throat competitive market. Also, Low-Code platform-based applications make it easier for companies to improve operational efficiency. If your organisation is not yet digitised or you need to enhance your current technological infrastructure, then Conneqt with us today to discuss a possible synergy at our website conneqtcorp.com