By Jarell Hines, Account Development Representative for Financial Services at Unqork
Inflation. The increased cost of lending. Increasing risk of default. A new slew of disruptive forces is challenging the bottom line of the banking sector in 2023. And yet, banks must keep innovating to meet customer expectations for comprehensive, connected digital services.
“The current model of universal retail banking is unsustainable over the long term,” declares a recent McKinsey report. “To thrive, banks need to reinvent themselves.”
The problem is, reinvention—especially digital reinvention—has traditionally been expensive and risky. Fortunately, the Codeless as a Service (CaaS) development model provides a clear, sustainable, and lower-cost way for banking institutions to drive forward with digital innovation.
Unlike other low-code/no-code solutions, Unqork’s CaaS platform is built on a completely codeless architecture. Even the most complex application elements, from UX to workflows and integrations, are transformed into graphic components. Developers just drag and drop modular components within an entirely visual environment. As a result, even less experienced developers can build—and rapidly iterate—applications in an entirely visual way, with zero code to write or manage.
That’s makes CaaS ideally adapted to tackling four of the biggest digital trends transforming banking in 2023.
Guddu Mony, Head of Process Engineering, Asset and Wealth Management at JPMC, discusses the ways CaaS helps his organization respond to demand, develop and iterate solutions in an agile manner
Trend #1. Digital-only banking
This trend has been a long time coming, but the COVID epidemic accelerated the process enormously. In 2023, all the elements that made brick-and-mortar banks essential in the past—bank balance sheets, interpersonal relationships, and access rights to payment rails—are either no longer applicable or can be digitized.
A Codeless as a Service platform like Unqork can help you quickly and easily build digital banking systems. For example, Unqork offers a loan origination turnkey application that expedites the review and approval process by aggregating an applicant’s information. Our digitized solutions for client acquisition and digital onboarding help you build better customer experiences from the very beginning. And you can build management solutions on Unqork that help you flexibly handle all internal approvals, operations, and data-gathering processes.
Trend #2. Chatbots and other AI-assisted services
As Forbes recently declared, “2023 is the year of the chatbot in banking.” While chatbots have had a shaky start, ChatGPT has changed the game. But even before ChatGPT came along, consumers were rating mobile banking experiences higher at institutions with digital assistants, Forbes adds.
The potential uses for so-called generative AI tools like ChatGBT in banking are wide-reaching, from customer service to review of legal documents. The question is, how do you layer this cutting-edge technology into your existing stack and business processes?
Once again, CaaS is leading the way. In fact, Unqork has already built a proof of concept (PoC) that demonstrates the potential of the Unqork platform and the OpenAI platform to multiply the power of both. The PoC shows how Unqork’s platform can leverage generative AI to turn natural language commands (“build a loan appplication questionnaire” or “create an employment application”) into solutions for real-world business challenges.
Trend #3. Collaboration, not competition, with fintech
While neo-banks and other digital-first startups have faced setbacks, they set the standard for transformation, fully-digital customer experiences. As a result, many well-established firms feel pressured to offer everything the disruptors are offering, and more. After all, research has shown that 69% of millennials and 76% of Gen Zers prefer to work with a single financial institution.
To serve the market, many incumbent institutions are pursuing a “win-together” mentality in 2023. That is, they are acquiring or partnering with fintech newbies rather than building services from scratch, as TechCruch reports. However, such collaborations are only as strong as the integration of disparate systems that connect services. And such integrations have traditionally been time-consuming and labor-intensive when using code-based web applications.
Fortunately, Unqork’s unified no-code platform makes disparate systems, applications, and data sources easier than ever! You can even seamlessly integrate modern solutions with legacy systems. And Unqork’s enterprise-grade API functionality also makes it easy to securely link multiple services (and even other APIs!) into one single hub for convenience and easy compliance.
Trend #4. New ways to pay
This trend is closely linked to digital-only banking. Online purchases are slated to increase in value to over $6.3 trillion in 2023. And online purchases have spurred the creation of countless new payment methods, from mobile wallets to contactless card payments. In 2023, it will become more important than ever to keep transactions safe and verify the identity of your clients.
At Unqork, security is at the core of everything we do. All our data is stored with MongoDB Atlas, ensuring AES256 encryption and TLS.12 HTTPS encryption for data at rest and in transit. We also leverage a highly available infrastructure designed to eliminate single points of failure, which are spotted through our failure detection capabilities that exist within each tier of your application.
Our no-code platform can also boost KYC (“Know Your Customer” or “Know Your Client”) capabilities through our Customer Onboarding Solution. This solution helps accelerate onboarding by digitizing workflows, minimizing repetitive data entries, and offering self-service portals that customers can use by themselves.
Reinventing banking—codelessly
Given the competitive challenges banking institutions face in 2023, CaaS and banking are a perfect match. With Unqork’s CaaS platform, you can stay ahead of the competition by serving up the digital experiences that customers demand—all without having to write (or manage) a single line of code.
Want to experience CaaS tailored to your specific role and priorities? Schedule a personalized demo now.
Jarell Hines is the Account Development Representative for Financial Services at Unqork. You can reach him directly at jarrell.hines@unqork.com.
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