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How No-Code Approach Empowers Regional Banks to Digitize Experiences at Speed and Scale

Digital transformation's pivotal role in differentiating banks cannot be overstated

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  • Written by  Andie Dovgan, Creatio
How No-Code Approach Empowers Regional Banks to Digitize Experiences at Speed and Scale

Digital transformation's pivotal role in differentiating banks cannot be overstated. It has been a competitive point for banks, irrespective of size, regional presence, or international standing, for several decades. Now, it is more important than ever before. IT spending within the industry has swelled significantly, with a median increase of nearly 50%, resulting in US banks in the trillion-dollar class seizing just over 50% of new checking customers.

Amidst these developments, regional banks may feel embroiled in a relentless digital rivalry. Complicating the situation further, they are often burdened with outdated legacy systems, disintegrated IT environments, and constraints imposed by vendor platforms.

In this scenario, regional banks risk being ensnared on precarious ground as they’re not ready to blindly invest in expensive, time-consuming digitization projects like their larger counterparts. Instead, regional banks should opt for tools that encapsulate agility and innovation, while ensuring top efficiency.

Embracing the no-code revolution

No-code could be the secret weapon for regional banks aiming to expedite their digital transformation without skyrocketing their IT spending. No-code, a revolutionary approach in software development, harnesses the power of visual designers to craft UI/UX, automate workflows, construct data models, and establish integrations, all without traditional coding. With no-code platforms, business technologists with an understanding of company needs and processes can partake in development efforts and collaborate with IT professionals in solving automation tasks of any complexity.

No-code platforms that are reinforced with composable architecture go one step further in simplifying the automation process. It means all platform components are pluggable, replaceable, and reusable, which allows for the quick automation of a wide range of workflows without custom development. It replaces a significant amount of configuration, customization, and development work when workflows or applications need to be adjusted or new solutions constructed.

The implementation of no-code strategies allows regional banks to significantly increase the number of employees involved in modernizing applications and automating processes. Rather than relying solely on smaller IT teams, banks can mobilize a larger resource pool by training and certifying personnel in no-code platform capabilities and collaborative development methodologies. The employees can then use no-code technologies to launch a broad spectrum of business-critical applications impacting customer experience. These include everything from modern lending or account opening to customer onboarding, branch consultations, cross/up sales offers, compliance and risk management, and more.

Agility: the key to competing in a saturated market

Agility and innovation, not size or expenditure capabilities, often define success. High-performing banks demonstrate a strong commitment to governance and align spending with business needs. They minimize complexity and cost through well-planned governance and a more unified application ecosystem, resulting in fewer standalone solutions, integrations, and data silos. This agility provides more freedom to front, middle and back-office teams to drive automation projects and create apps for their needs much faster, while minimizing the dependencies on the IT team. This helps to consolidate both customer and employee experiences, unify data and decrease the number of software products used. By employing IT as a strategic enabler rather than the nucleus of digital transformation, regional banks maximize agility across all business units and yield greater value and growth — and no-code platforms play a central role in this strategy.

Benefits of no-code approach for regional banks

The banking landscape is evolving at an unprecedented pace. By prioritizing digital strategies that align with growth objectives and investing in modern platforms that enable non-technical users, regional banks can maintain a firm position in the competitive banking arena, perhaps even outdoing the industry giants with outsized IT expenditure. Smart regional banks that harness the composable no-code approach can significantly expedite their digital transformation and captivate customers with streamlined, hyper-personalized experiences while staying resource efficient. This results into better time-to-market, increased customer and employee experience, decreased operational costs thanks to seamless digital workflows.

As Chief Growth Officer at Creatio, Andie Dovgan is responsible for the company's global marketing organization, business development, sales enablement, and sales engineering teams with the full focus on growing the brand and lead generation, as well as providing strong support for all expansion initiatives across the globe. Creatio is a global vendor of one platform to automate workflows and CRM with no-code and a maximum degree of freedom.

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