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Accelerating Adoption of Low/No-Code Technology in Financial Services

Listen to KPMG discuss the adoption of no-code within financial services and efforts made by the industry to deliver operational excellence & superior client experience and accelerate product launch.

The KPMG team provides an informative session at Unqork Create 2021 about efforts made to adopt and scale low- and no-code technologies within financial services. Accelerated by the pandemic, the industry is scaling usage of these platforms to deliver operational excellence, provide superior client experience, and accelerate product launches. 

Unqork Create 2021 logoHarvinder Bhatia (Partner), Raj Konduru (Managing Director - Architecture and Low Code Practice Leader), and Paul Deitch (Principal, Management Consulting) of KPMG discuss how their partnership with Unqork’s no-code platform is helping to make this a reality for KPMG’s clients.

Below is a sneak peek at the insights, but you can only get the full scoop of the panelists’ combined decades of industry experience by watching the full session above. 

Harvinder started working with Unqork three and a half years ago. “In the past three and a half years ... we have delivered over 40 digital assets on the Unqork platform. And we have done all flavors of use cases, starting from client onboarding and servicing for our retail clients to agent onboarding and plan sponsor onboarding in the retirement space.” 

“Take a use case, build it in two to three days, and then see the reality.”

Thus, when deciding if a no-code platform like Unqork makes sense to implement across your organization, both Harvinder and Raj agree to start with one or two use cases before scaling. To truly reap the benefits of no-code, take a use case that the organization can experiment on and take the initial time to build the operating model around that one thing. Or, as Raj simply defines the process, “Take a use case, build it in two to three days, and then see the reality.”

When asked what he was seeing in the alternative investment industry, Paul explains that the drivers towards no-code adoption were (1) awareness that profitability and margins vary greatly across products, (2) high compensation environment where time wasted equates to money wasted, and (3) lack of a great packaged solution, causing systems to be stitched together.

"We've been able to extract 50% of the hours out of the process for this client.”

At a large alternatives firm with about 50 billion AUM, alternative investment managers had to re-underwrite every single investment to ensure that they had the value correct to strike a NAV with their fund—on a quarterly basis. “We're working with this client to digitize the workflow, extract the administrative tasks and move them to a lower-cost resource, automate the approvals, automate the ingestion and reporting of data, and do all of the documents storage. A no-code platform like Unqork is perfectly designed to do this,” says Paul. “But the magic of what we've been able to do is take a very unusual or bespoke set of inconsistent workflows and create an assembly line, so we could bring the work to the right resource at the right cost at the right time. We've been able to extract 50% of the hours out of the process for this client.”

To learn other examples about how KPMG leverages the power of no-code to enable their clients to be successful, watch the full session above.