9 ways no-code development platforms create value in insurance and banking
Did you ever wonder why every request logged with your IT department takes such a long time to resolve? Or why the release cycles of deceptively simple digital products take anywhere from 8 months to 4 years?
Over-reliance on code in enterprise IT
The main reason it happens is because enterprises are heavily relying on code to solve their business challenges. Code is making the world go round, but with code, every business process is heavily reliant on the limited IT resources.
Whether new implementations or maintenance of the existing digital assets, your IT department is at the center of it all. As a result, your IT department is overwhelmed with endless requests from each and every department. Issues, bugs and security problems pile up quickly, and there is bound to be a backlog that takes weeks or months to finish.
By the time your IT team is finished handling outstanding tickets, new requests are already waiting in the queue. The larger the organization, the bigger the backlog. It’s a never-ending, vicious cycle and it seems to be the way of the world.
Is there a way to break this cycle or are enterprises doomed to suffering from long release cycles, lack of agility and never-ending backlogs?
Enter the no-code development platforms.
What is a No-Code Development Platform
A no-code development platform is a tool that makes it possible for citizen developers (business users without technical background or coding skills) to create apps through a visual, drag-and-drop environment.
Here is why we believe that no-code platforms are the future of enterprise development:
Benefits of No-Code Application Development Platforms for insurance carriers and banks
To compete with digital-first newcomers who are not slowed down by legacy code and manual processes, insurance carriers and banks need enterprise-grade applications to drive agility, reduce costs, boost revenues and deliver superior business productivity.
1.Agile Enterprise is no longer a contradiction in terms
With no-code platforms, traditionally slow-moving enterprises can finally embrace startup agility to compete with digital-first newcomers to their previously sheltered markets.
Using a platform that supports business case with pre-built components significantly boosts the Time-to-Market of any digital product. What used to take months or even years can now be completed in a matter of days, hours and even minutes.
That means that banks and insurance carriers, who have been slow-moving in the past, can be become lightning fast.
2. Reduced IT costs
Developers are expensive. Good developers are even more so. The United States Bureau of Labor Statistics predicted that the requirement for developers would rise by over 57% from 2010 to 2020.
Skilled developers are hard to find, so why waste their time on tasks that can be solved with a no-code platform? Business users can move fast, without wasting valuable time and resources of your IT staff.
Now, your IT department can move past putting out fires across your organization towards core IT projects and innovation.
3. Amplify existing IT resources
The increasing adoption of no-code tools, including by the programmers who CAN code speaks for itself.
Of course, your internal IT and engineering team CAN build anything. But more and more IT leaders are starting to realize that just because you can build something yourself, doesn’t mean that you should.
No-code development platforms amplify your existing IT resources. What would take a team of twenty highly-skilled developers a month to accomplish, can now be achieved with two developers using the right no-code tool.
4. Boost productivity across your organization
No-code apps can be deployed at a much faster pace, with minimal (if any) involvement by the IT team. As a result, the IT staff aren’t overloaded with endless requests from every other department. In turn, the backlogs are reduced. Business users are not stuck waiting for the IT to catch up with the backlog – they’re deploying their own apps as needed.
5. Reduce shadow IT by empowering business users
Business users are here to solve business problems. And sometimes, they will bypass IT departments altogether to achieve their goals with SaaS and Cloud-based tools.
IT leaders grossly underestimate the reach shadow IT in their organizations. For example, Cisco’s IT team estimated that they only had around 51 cloud services operating in their organization. But in reality, they found that the actual number was 730.
One of the main reasons it happens is because business users need solutions, and they need them yesterday. They cannot wait for 8+ month release cycles for simple business applications.
Empowering business users to develop their own applications, is the best way to solve the shadow IT issue, gain agility, boost productivity and, as a result, revenues.
By deploying digital solutions through a no-code platform, IT can oversee data governance and compliance while still giving business people the power to develop the systems they want.
6. Reduce operational costs
With no-code platforms, true digital transformation can be achieved that much faster. For insurance carriers and banks, it means that removing manual and paper-based processes can be achieved fast.
Insurance carriers and banks can no longer afford to expend a large portion of their revenues on back-office inefficiencies. No-code platforms mean that those inefficiencies can finally be done away with quickly and efficiently.
7. Scalable change management
With code, change management at scale is a serious stumbling block.
Any no-code development platform worth its title is built for change management at scale. If you need to change something in an app you’ve developed, all it takes is adding new business logic or an updated design template and you can implement the change in a matter of hours.
Updating all your applications at once with new branding requirements or compliance standards takes one click of a button. A welcome change from the complexity of code.
8. Improve customer experience to stay competitive
Customers are no longer willing to tolerate lengthy processes and delays. No matter how quickly the insurer tries to resolve the issue with code, even the slightest delay results in significant potential and existing customer flight.
Agility and fast time to market of digital solutions that no-code development platforms make possible is a prerequisite for a good customer experience that insurers and banks require to stay competitive.
9. Boost revenues
The bottom line – the inefficient processes and bad customer experience affect the bottom line.
To succeed in today’s competitive environment, insurance carriers and banks need to move at lightning speed. When business users own the development of digital applications, they can measure customer response to new products and then make quick decisions and optimize business processes and workflows based on the available data.
No-code platforms bring the experiment-and-deliver approach that empowers business users to get the right services to customers. By empowering business experts to develop software they need, enterprises can significantly boost revenues.
As a result, processes become more efficient and conversion rates are skyrocketing.
Enter the purpose-build no-code platforms for insurance and banking
EasySend is a revolutionary smart eForm builder built to answer the unique needs of insurance carriers, banks, and financial enterprises.
Our SaaS, no-code eForm platform helps insurers ditch paper and streamline and accelerate data collection across all customer touchpoints, resulting in fully integrated, responsive, and user-friendly customer journeys. No coding required.