Past successes are no guarantee of future results. This business truism is particularly apt in wealth management (WM) where disruptions are taking hold on multiple fronts and the old ways of doing business no longer suffice.
The marketplace is increasingly competitive due to digital-first startups and discount brokers. However, other market forces are keeping managers on their heels, such as rising client expectations for on-demand resolutions, the impending transfer of wealth to younger demographics, and incumbent moves into downmarket segments.
In response to these trends, many large firms have prioritized digital transformation, creating a competitive landscape where fully digitized offerings aren’t only advisable, but a requirement. A recent survey found that 68% of managers agreed that “learning about and keeping up with technology” was the top challenge they face (the same poll also found that only 27% of respondents “currently have—and are happy with—their mobile platform, even though they believe this is the digital capability that clients value most”).
Going digital, however, isn’t for the faint of heart. Building custom software requires updating or integrating with legacy tech, complying with an evolving patchwork of regulations, and competing for scarce IT talent. Factoring all these challenges together, developing enterprise software can be a painfully inefficient affair with 85% of projects going over schedule and 70% of large-scale digital IT programs failing to even reach their stated goals.
This is why leading WM firms are increasingly embracing no-code. This new class of cloud-based development platform eliminates traditional friction points and accelerates the building of scalable, enterprise-ready solutions.
No-code offers several inherent advantages over other development approaches. For one, no-code platforms come “out-of-the-box” (or, out of the virtual SaaS box) with all the toolsets and elements necessary to build and manage a robust application (e.g., front end UX, workflow, rules engine, analytics, integrations, and maintenance). Since they’re all components of the same unified platform, everything just works together in instant harmony. This means organizations can devote all their resources to addressing business challenges instead of technical ones.
Also, by eliminating the need to write code from the building process, no-code expands the scope of who is doing the development. In a no-code platform, users (or “Creators” as we refer to them at Unqork) build applications by drag-and-dropping configurable elements representing both user-facing features and back-end application logic. While modern programming languages (Java, Python, etc) can take a year to learn and a decade to master, no-code can usually be picked up in a month or two, which makes development more collaborative, and recruiting more flexible.
The Takeaway: Enterprise no-code empowers WM firms to explore digital opportunities that would have been inaccessible just a few years ago. In this eBook, we’ll explore how today’s WM leaders are using no-code to supercharge their digital transformation and deliver benefits to clients (via enhanced services and increased access), advisors (who can spend less time managing existing accounts and more time selling), and the bottom line (through lowered overhead and the creation of new sources of revenue).