Technological advancements allow businesses to grow through optimizing operations and streamlining processes. Since in this way they help improve performance and bring savings, their importance is growing steadily. As predicted by Gartner, 30% of companies will have automated more than half of their network activities in 2026, marking an increase from less than 10% of enterprises as reported in mid-2023.
This trend is also observable in the banking industry, as financial institutions are looking for ways to boost performance with the use of automated workflows. Although the automation of banking systems is a rather complex undertaking, this process can be aided significantly by the use of low-code development platforms that make automation easier, quicker, and tailored to specific circumstances.
With the use of technology, complex business processes can be automated in order to enhance operational efficiency by reducing the risk of human errors, improving processing speeds, and supporting productive and transparent communication across teams. Automating business processes in the banking industry helps prevent challenges associated with manual processes, such as delays and compliance risks.
According to a study conducted by PwC, the optimization of financial processes by means of automating and digitizing operations and resources can translate into major time savings ranging from 30 to even 40%. While those figures are impressive, not all tasks have the potential to be successfully automated, an example being processes characterized by low repeatability.
On the other hand, there are certain highly repetitive banking processes that benefit from being automated, as well as processes that only require robotization without the need for integration with external systems. It is important to differentiate between those operations and the challenges associated with them, as even within a single complex process, we can identify procedures that can successfully rely on manual processing, those that only need to be robotized, and those that should ideally be fully automated.
The different processes that are suitable for automation range from customer-facing operations, applications, and procedures that significantly impact the overall customer experience all the way to back-office processes that ensure the security of financial transactions and the efficiency of banking services.
A secure and efficient customer onboarding process is pivotal in shaping the customer’s first impression of the bank where they are opening an account. A fully automated onboarding process is faster and more flexible, both in case of private customers and enterprises opening a business account.
Automating customer identity verification, data extraction, and risk assessment processes reduces manual effort and the occurrence of errors, accelerating the onboarding process and lowering operational costs. It can significantly improve the customer experience.
Document processing is one of the areas where automation brings the most visible results. Automated document generation, validation, and management allows bank employees to focus on other tasks and reduces the risk of errors.
To ensure regulatory compliance, banks can automate processes such as collecting and validating customer data, verifying documents, or monitoring transactions. The element of automation speeds up the procedures and improves their accuracy and consistency.
CRM automation allows banks to process large volumes of customer data to understand their needs and subsequently tailor communication and offers to the customer’s preferences. Sending reminders and follow-ups can also be automated to promote customer engagement.
As efficient as banking automation can get, it can also be a rather complex process, adding an extra workload to IT backlogs. Many organizations prioritize new process development over updating legacy systems, subsequently choosing to rely on external providers to automate existing internal operations. This, in turn, can translate into higher costs.
Here, low-code development platforms allow automation processes to be handled by business users outside of IT. As a result, so-called citizen developers without advanced coding skills can successfully automate banking processes with the use of low-code solutions due to their low-entry threshold and a set of options designed to make application development more intuitive and user-friendly.
A speedy and uncomplicated development process is ensured through the availability of pre-built templates and components that can be reused across different applications.
With low-code tools, business users can operate in a visual development environment that offers a set of intuitive tools such as drag-and-drop options as an alternative to writing lines of code.
Low-code platforms offer a flexible combination of more and less advanced development tools, allowing users to create visual designs that are automatically translated into fully functional code, as well as to write custom code where applicable.
As cited by McKinsey, an additional benefit is the fact that organizations choosing to embrace citizen development can boost their innovation scores by 33%, which can fuel digital transformation in the rapidly transforming banking sector.
Eximee is a low-code development platform designed to empower citizen developers and redefine the way banking and IT cooperate for the purpose of delivering solutions. It seeks to help answer the actual needs of financial institutions through the application of modern agile technologies.
The platform aids the elimination of costly and time-consuming manual processing through providing options for integrating services and creating flexible workflows. All that can be achieved without any extensive coding abilities on the part of business users. As a result, the implementation of business process automation can be quicker and more economical, yielding more savings and further increases in operational efficiency.
With Eximee, banks can use the low-code technology to automate reusable elements such as forms and applications, repetitive processes such as account opening or reporting, and even more individualized procedures such as preparing personalized product offers and recommendations based on the customer’s previous activity. There are many areas for improvement.
While Eximee streamlines banking process automation by enabling users to create custom applications, automating complex business processes is best achieved with the use of BPM platforms. Their functionality can be expanded on by integrating them with low-code development solutions. Here, Eximee can be used, as it connects seamlessly with core banking systems, enriching their capabilities.
Not all processes can be automated in their entirety; instead, subprocesses may need to be identified within them that could be optimized through automation. Those include highly repetitive tasks for which automated subprocesses can be created and then reused across different services, such as sending automated e-mails or text messages.
Legacy systems that do not come with APIs can be used to automate tasks with Eximee as well, as the platform integrates with a variety of RPA systems to help optimize repetitive routine processes. As a result, even less advanced systems can benefit from the low-code technology.
To enable citizen developers to efficiently work in the low-code environment, Eximee guides users by offering a framework of modules alongside a selection of visual tools. As a result, the platform provides a structured foundation for building solutions with minimal coding effort. The transparency of the visual process is an additional advantage, as combined with BPM annotations, it eliminates the need for extensive documentation.
Efficient process optimization should be comprehensive and go beyond the execution of improvements. Processes that have been optimized and automated should continue to be monitored to ensure its efficient and correct functioning. Eximee helps banks keep track of automated processes within existing systems, identify issues, and fix errors in a timely manner, preventing further problem escalation.
The banking sector needs to be very responsive to ongoing developments. The financial landscape is in a constant flux, looking for ways to accommodate rapid technological advancements, changing legal regulations, and evolving customer expectations. To keep up with the digital transformation in banking, financial institutions turn to low-code automation platforms, appreciative of the speed, flexibility, and customization options offered by those solutions.
Low-code development is quick, agile, and adaptable. The combination of intuitive tools and extensive integration capabilities streamlines development processes and helps transform complicated banking operations into smooth and seamless workflows without lengthy hand coding. As a result, new banking services can be developed and launched in a matter of days, allowing banks to accommodate customer needs and keep an edge over their competitors.
Workflows within Eximee can be structured using a number of pre-built components and templates allowing citizen developers to design processes without advanced programming skills. What is more, those can be reused alongside custom components to develop new solutions or update existing banking applications, which lowers operational costs.
With its drag-and-drop interface, Eximee empowers non-technical bank employees to develop solutions that best support their needs, ultimately reducing their workload and improving employee productivity. As application development can progress with minimal hand coding, the IT department can focus on tasks requiring more expertise, and possible involvement of external contractors can be reduced or even avoided, further lowering development costs.
The complexity of operations and services in the financial sector requires the establishment of efficient connections between different systems, including external APIs and third-party tools. This is of course possible with Eximee, as the platform integrates with multiple systems and sources to enable seamless data collection, high data accuracy, detailed compliance checks, and the incorporation of customer feedback.
With Eximee, banks can quickly respond to rapid market changes, swiftly overcoming any technical constraints that traditional development processes could entail. The two main changing factors that greatly influence the operations of financial institutions are regulatory requirements and customer needs. The Eximee low-code platform facilitates the adaptation of existing and new processes to those.
With the use of low-code platforms, the evolution of the banking sector is no longer being hindered by error-prone manual data entry processes and repetitive tasks. Instead, banks now have the option of easier and faster prototyping, testing, and deployment in the process of custom application development, which accelerates their digital transformation and allows them to enhance customer experiences. Eximee helps optimize complex processes, transforming them into efficient automated workflows that enable banks to fulfill their business objectives and improve performance across different areas of customer service, internal processes, and back-office operations.
