Banks struggling to keep pace with change, especially changes brought about by the pandemic, are turning to low-code and no-code software that can produce results fast with trained technicians who are not necessarily developers or programmers.
A Salesforce survey of IT decision-makers in May found that 88% said their workloads had increased over the last 12 months and 96% said the current demand for apps is not sustainable using traditional coding, so more than 90% are turning toward low code tools that business people can use with proper training, said Ryan Ellis, SVP at Salesforce. 1.4 million apps on Salesforce have been created with low code over the past 18 months.
RBC Wealth Management has deployed low-code solutions from Salesforce. … [+]
“In the last 12 months we are seeing it in droves with customers.” It used to take RBC Wealth Management — U.S. several weeks and a lot of paperwork — more than 100 pages — to open a new account. The wealth management firm used Salesforce Flow to make the process digital, and now opening a new account takes about 24 minutes. The firm also wanted to improve productivity of staff who had to draw from as many as 26 different systems to create a view of a client before a meeting. Just collecting the information could take three or four hours. Using Salesforce Flow and Salesforce Financial Services Cloud capability, they can bring all that information into a single screen, he said.
At an Academy Bank office in Kansas City, Jeff Berger, Academy Bank’s Salesforce Admin and co-leader of the Kansas City Salesforce User Group, developed an app in five hours to process Paycheck Protections Program (PPP) applications using low-code from Salesforce. “The two most critical elements that made our PPP loan application tracking app successful were speed and visibility,” he said in a Salesforce case study.
“It was essential that we build a system that could move our clients through the application process as quickly as possible since there was a limited pool of available funds. And because of the time-sensitive nature of PPP, it was imperative that no client applications fell through the cracks.”
Banco Bradesco, Brazil’s second largest bank, has chosen a low-code, no-code platform from Genesis to deliver multiple applications across the bank and improve its digitalization. Its Florida acquisition, BAC Florida Bank, has delivered bank apps in several lines of business including wealth management, trading, and compliance. Techcrunch recently reported that Genesis has secured $45 million in new funding — Salesforce Ventures was one of the investors.
I like the pace of technology, especially in finance. In addition to Forbes, I write for The Financial Brand, The Financial Revolutionist and about art for The Door
I like the pace of technology, especially in finance. In addition to Forbes, I write for The Financial Brand, The Financial Revolutionist and about art for The Door County Pulse.