The Rise of No-Code Platforms: A Game-Changer for Credit Unions
Improve user experience without hiring expensive, specialized talent or enduring lengthy development cycles.
In today’s world, digital transformation is a must. Unfortunately, many credit unions are lagging behind when it comes to making the necessary investments and resources to keep up with the digital leaders.
This is bad news, since 40-45% of affluent U.S.-based customers who switched their banks in the past 24 months moved to a digitally-led firm, according to McKinsey.
Credit unions, especially the smaller ones, are often constrained by limited resources; it can be challenging to keep up with their members’ demands for a better experience. As a result, despite being the customer experience leaders for years, credit unions are losing ground to digital-first players with access to more sophisticated technology and resources.
The digital divide between market leaders and digital laggards continues to widen. The good news is that no-code platforms are emerging as a powerful tool to level the playing field.
What Is No-code Development?
No-code development is a way of building sophisticated applications without dealing with complex development. It works by using pre-built components and visual drag-and-drop interfaces, allowing even non-technical users to quickly create powerful applications.
No-code platforms are perfect for any kind of digital transformation project that you might have in mind – from online account opening to member engagement initiatives. Here are a few examples of what processes within a credit union can be transformed with no-code tools:
- Automating onboarding processes and member communications;
- Digitizing and streamlining disputes and fraud detection;
- Commercial loan applications and adjustments;
- Modernizing IT infrastructure;
- Quickly prototyping new applications and services;
- Digitizing loan applications, portfolios and credit regulations;
- Facilitating payments and transfers with digital wallets;
- Streamlining data management and reporting systems;
- Communicating remotely and exchanging documents securely;
- Implementing fraud detection and risk management systems; and
- Expanding digital banking services such as budgeting and financial advice.
5 Reasons Why CUs Should Consider No-code Platforms in 2023
The good news is that no-code platforms have emerged as a powerful tool for credit unions to level the playing field and keep up with their digital-first peers. No-code solutions are user-friendly, cost-effective and require minimal IT resources to implement, making them ideal for cash-strapped credit unions looking to improve their digital presence quickly and efficiently.
1. Faster development: No-code platforms allow users to build applications quickly, with no coding experience needed. This means that credit unions are able to develop new products and services much faster than they could before, giving them an edge over their competition.
2. Reduced costs: No-code platforms reduce the cost of development. By minimizing the need to hire expensive software developers, no-code tools make it easier and more affordable for credit unions to digitize their operations. It means credit unions can move faster on their digital initiatives while keeping the costs in check.
3. Improved user experience: No-code tools provide a smoother user experience by making the member journey simpler and more streamlined. It also allows credit unions to customize member experiences according to the individual needs of each user.
4. Scalability: No-code solutions allow credit unions to quickly scale up their operations when needed without investing in additional infrastructure or technical personnel.
5. Increase flexibility to quickly respond to changes in the market: No-code solutions provide greater flexibility than traditional software development solutions, since they can be easily customized and modified depending on the needs of each particular credit union.
Essentially, no-code platforms enable credit unions to take advantage of the latest developments in user experience without having to hire expensive and specialized talent or get bogged down in lengthy development cycles.
In an increasingly competitive digital-first world, no-code can be the tool that gives credit unions back the edge. Credit unions should start looking into how a no-code platform could help them in 2023 and beyond.
How to Select Your First No-code Project
Before taking the leap to no-code development, it is important to understand your organization’s capabilities and limitations. It is also essential to identify a project that will have the most impact and deliver the greatest ROI for your credit union.
- It is best to start with relatively simple but high-impact projects – for example, automating credit card disputes or personal data update processes. The key is to start small and later expand and refine the applications as you gain more experience with no-code development.
- Once you have identified the right project, it is important to evaluate different no-code solutions on the market. Be sure to look for features such as user-friendly interfaces, scalability, customization options and robust security measures. It is important to find a vendor experienced with financial services, as this will ensure that they can provide the necessary tools to meet your organization’s specific needs.
No-code platforms are a great way for credit unions to quickly and affordably upgrade their digital capabilities and keep up with competition from increasingly sophisticated digital challengers. With the right tools, credit unions have all they need to stay competitive and meet their members’ expectations for a modern and digital banking experience.
Tal Daskal is the CEO and Co-Founder of EasySend, a Tel Aviv, Israel-based provider of a no-code digital platform to financial institutions and insurance companies.