What are the benefits of no-code AI solutions in banking

What difficulties do projects aimed at digital transformation face?

We listed five major roadblocks that can impede digital transformation initiatives in our post on issues related to digital transformation.


  • Lack of talent

  • Pushback from employees

  • dangers to security

  • Insufficient funding and a vague budget

  • Insufficient business agility


By using a no-code development platform, you can get beyond these obstacles and move your digital transformation along more quickly.


Code Digital Transformation: What Is It?


The process of using low-code or no-code development platforms to automate and simplify corporate operations without requiring a lot of coding knowledge or experience is known as "no-code digital transformation." Without having to start from scratch with coding, these platforms let business users construct digital solutions like chatbots, online and mobile applications, and workflow and process automation tools.


1. Addressing the lack of talent


Digital transformation attempts may be hampered by high resignation rates, quiet exits, and an imbalance in the supply and demand for tech-savvy workers.

Low-code tools can be useful if you cannot afford to hire a professional developer to create your app. A user-friendly interface, adjustable themes, and drag-and-drop features allow even non-programming private developers to create commercial apps.

Additionally, you'll make a more alluring employment offer for prospects when you start incorporating digital solutions into your stack. A Harvard Business Review survey indicates that over 80% of employees of the organisation think it's critical to adopt the newest technologies and procedures in their business operations. By doing this, you'll be able to handle the workforce shortfall before your rivals.


2. Overcoming employee opposition


Digital transformation initiatives are faltering for a number of reasons, including “resistance to fear of displacement,” according to Forbes. Workers reject innovative ideas out of worry that automation may cause them to lose their jobs.


However, no amount of code can lessen employee resistance in three ways and empower your digital transformation team:


  • Employee participation in the process: Automation and code-free app development are made possible by a no-code platform. This allows citizen developers to actively participate in digital innovation, which lessens the process' unfamiliarity, unfamiliarity, and dangerous aspects.

  • Workflow customization: Worker customization of workflows is possible with low-code platforms. Workers are more inclined to participate if they have the freedom and authority to customise their workflow to suit their preferences.

  • Boost the digital literacy of your staff: Low-code development gives staff members the motivation they require to raise their level of digital literacy. By doing this, they strengthen their abilities and obtain more negotiating leverage in the labour market.


Learn more about RPA in banking and finance


3. Minimise security risks


There are two main security risks with digital transformation initiatives:


  • Increased attack surface: Adopting new technologies can introduce new vulnerabilities that can be exploited.

  • Data breaches: Digitising business processes means processing, collecting and storing more data, increasing the likelihood of data breaches.


A no-code platform helps reduce security risks and ensure your company's security compliance. Security benefits of ai in banking and finance:


  • Address new threats and vulnerabilities using industry-standard security protocols. This reduces the risk of security breaches caused by outdated software or inappropriate security practices.

  • Centralised IT management and reduce shadow IT. Shadow IT, unauthorised software and services used by employees, raises security and compliance issues. By providing employees with a no-code application development platform, companies can reduce data breaches caused by unauthorised software.

  • We help companies implement secure coding practices by providing a visual development platform for application development. This eliminates the need for users to manually write code, reducing the risk of coding errors that can lead to security vulnerabilities.

  • Provides automated testing and debugging capabilities to help detect and resolve security issues before they occur. At the same time, low-code tools provide business users with real-time monitoring and analytics dashboards to quickly respond to security threats.


4. Cost-effective


Digital transformation projects are not cheap. The average digital transformation project cost in 2020 was $27.5 million. However, 70% of those projects fail, costing $5.5 million, and have unclear ROI projections. No Code Digital Transformation helps you build new apps, enable easy data integration and customization, and integrate existing enterprise software at low cost. Because there is a less code solution:


  • Development time is reduced.

  • Reduced development resource consumption

  • low maintenance costs

  • No existing infrastructure required.


5. Increase business agility


Customers, business and market factors change frequently. This means digital transformation requires agility. For example, a successful digital transformation project must accelerate time-to-market to launch services and remain competitive. Or, if your existing workflow lacks customer centricity, your development team needs to address this immediately.

Low-code/no-code platforms allow companies to reduce inefficiencies and add layers by providing pre-built components. Additionally, the code platform is non-SaaS and cloud-based, allowing teams and users to collaborate simultaneously for faster development.

Finally, no-code/low-code platforms often have built-in features and tools for scaling applications, making it easy for companies to grow and scale their operations. This helps maintain performance levels and ensures technology is aligned with business goals.


Read Also : AI smart banking


Conclusion


Looking at the evolution of the financial data management sector, it is clear that a variety of elements, including technology, process design, and data onboarding, are connected to get analytics and data on the same page. Low-code and no-code support gives business users the information they need.

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