In the classic tale of the tortoise and the hare, the tortoise wins the race by making thoughtful progress towards the finish line. Unfortunately, the moral of that story doesn’t translate for banking innovation. While being purposeful about product development is commendable, it’s not sustainable at a time when fintech and other non-traditional Finservs are already so far ahead.
The good news is, banks are aware of this problem. The bad news? Many aren’t sure what they should do about it. One model that’s proven successful has been for banks to build digital products themselves. So, how are some of the biggest names in banking accomplishing this, and why are they doing it this way?
Why Banksare Building Their Own Digital Products
According to a 2022 report by the DevOps Institute, there will be a global shortage of more than 545 thousand software developers by 2026. That shortage of talent is already starting to affect the efficiency of product development in banking, as many organizations struggle to get new products and services to market fast enough to meet customer demand.
Meanwhile, banks are looking for ways to align theirtechnology with their overall business goals, and a controlled internaldevelopment process contributes to that. This controlled development also givesbanks the power to implement tighter security measures and gain greater controlover their entire technology stack while differentiating from competitors.
More banks are building their own digital products to retaincontrol and keep costs low, and the central goal is to go-to-market faster. But,with a short staffed and overworked IT team, banks that are doing it successfullyare using workarounds outside of traditional development models. Namely, theuse of no-code technology.
No-code is allowing banks to pump out digital products andservices quickly without adding more to IT’s workload. “Regular Joe” team membersare contributing to the development, design, and testing of new solutions usingno-code’s drag-and-drop interfaces.
New automation workflows, apps, and service models are beingrolled out across divisions in a few clicks. The no-code approach is allowingteams to share their digital products easily and align the customer experiencewithin the entire organization.
How theBanking Industry is Using No-Code to Make Gains
Some of the biggest names in banking are use no-code tech todevelop and launch new products and services. The flexibility of no-code ishelping these institutions reboot their digital offerings to quickly meetmarket demands.
- Take Capital One, a giant in US banking. CapitalOne adopted a no-code platform to help their team launch new mobile apps andonline banking portals. They were able to create digital banking products andservices with less friction and meet changing customer needs because ofit.
- HSBC, a powerhouse in global banking, implementedno-code to develop new products and services, too. The new mobile apps supporteda more personalized experience that met their changing customer needs.
- Ally Bank is already an online-only bank, but theyalso saw the value of no-code for launching digital products more efficiently.They used a no-code platform to develop and deploy new offerings that improvedthe overall customer experience.
What’sNext?
The future of development includes rapid protyping, moreequal collaboration between business and technical teams, and greater control bybanks over their technology stack. It’s a future that’s happening right now.
Using no-code platforms to build digital products andservices will helps banks overcome the software developer gap without slowingdown the rate of innovation. Institutions are able to pivot and remaincompetitive with evolving digital offerings, and the applications of no-codeare going to continue to add to those possibilities.
Looking for Creatio help?
We do training, customization, integration, and much more. Contact us today.
Danine Midura
Marketing & Content Director
As Marketing & Content Director for Technology Advisors Inc., Danine spearheads TAI content creation, events, campaigns, SEO and website management, webinars, user groups, and social media efforts. Her goal is to support TAI's mission to listen, personalize, and stay with its customers by crafting honest, helpful, and insightful marketing content. Danine's interests include blockbuster disaster movies, tank tops in an array of colors, used book stores, Jurassic Park, and being surrounded by trees.
