Here’s how no-code can help finance firms prepare for three key trends that are driving change in the industry in 2021.
A global pandemic, a turbulent presidential election, and a fragile national economy wreaked havoc on every major industry in 2020, especially financial services. Now that we’re in a new year, it’s time to look ahead and prepare for upcoming market transformations. Here, we’ve highlighted three key trends to watch out for that will help financial firms remain relevant, competitive, and ready for anything the future holds.
More Customer-Driven Initiatives
In an increasingly competitive landscape, excellent customer service is an important differentiator. Companies must continue to deliver high-quality service to current customers, while also addressing the needs and expectations of two customer segments that have historically been overlooked by traditional financial institutions: The “mass affluent” and the young.
Financial firms can use no-code applications to pivot quickly in order to meet evolving customer demands, particularly when it comes to delivering remote on-demand access to information and services.
Mass affluent individuals—those who are not ultra-rich, but far wealthier than the average person—control just over a quarter of the nation’s wealth. They are tech-savvy and financially informed, preferring explicit and accessible digital banking. As mass affluent consumers continue to rise in number, banks must redefine and reevaluate their approach to customer service. They must find ways to provide high-quality customer service at scale, which will mean combining self-service functionality with highly automated back-end processes.
Firms must also emphasize catering to the needs of the younger demographic. In the past, wealth management firms supported themselves by providing high-touch service to a small group of high-net-worth clients. Now that the "Great Wealth Transfer" is expected to bestow an unprecedented $68 trillion on Gen Xers and millennials in the next 30 years, wealth managers must turn their attention to courting these groups. Today’s younger customers aren’t afraid to search for their own answers and they actively seek out finance firms that offer robust self-service portals in addition to (or even instead of!) in-person interactions.
Financial firms can use no-code applications to pivot quickly in order to meet evolving customer demands, particularly when it comes to delivering remote on-demand access to information and services. Prioritizing customer service of these new customer segments will set banks apart in a crowded market and set them up for a future of success.
More Citizen Developers
For industries like financial services, there are many benefits to encouraging the “citizen developer” and democratizing development. By empowering business users to build and edit workflows without relying on IT, companies can foster innovation and reduce project backlogs. As firms continue to explore how no-code solutions revolutionize day-to-day activities, we expect to see more citizen developers pop up within formal business functions.
Watch this brief demonstration to see how Unqork can be used to address specific business challenges.
However, firms embracing citizen development must ensure it doesn’t devolve into digital anarchy. While we at Unqork proudly support digital democratization, we believe in a fairly regulated and controlled digital creation environment. Unqork’s no-code platform empowers business users to create new solutions, while allowing the organization to control the look, feel, and application of Unqork-built software within their digital ecosystem.
More Partnerships and Collaboration
The COVID-19 pandemic has increased demand for services that are purchased and delivered virtually. As of June 2020, 69% of millennials and 76% of Gen Zers prefer to work with a single financial institution. However, it can be challenging for one company to offer all the specialized functionality that customers need (e.g., a digital-minded startup may streamline home improvement loans, but may not have the expertise or infrastructure to offer a credit card). Even though market competition remains fierce, we predict that financial institutions will become more open to collaborating with other companies to advance and fulfill customer service requirements. Adopting a “win-together” mentality will help firms offer more services, remain relevant, and zoom towards the future.
At Unqork, we believe in the power of working together. We partner with institutions like Plaid, DocuSign, Eigen, and many more to help our users build and deploy reliable applications that give them more of what they need and solve the toughest business challenges. Unqork’s robust API functionality makes it easy to seamlessly integrate multiple services into one single hub.
Future-Proof the Financial Industry with No-Code
After this year’s ups and downs, proclaiming no-code can help us prepare for future challenges seems a bit like tempting fate. We know the Unqork platform can rise to the occasion. Our no-code platform offers everything you need to responsibly manage citizen development, build enterprise apps that appeal to a wide range of customers, and support collaboration to inspire innovation. No matter what the next few months have in store, no-code can help you discover new opportunities and create your own journey.
Learn how no-code can help you achieve business goals by scheduling a personalized demonstration with one of our in-house experts. Also, sign up for the Unqork newsletter to stay up-to-date on the latest in the world of no-code.