What is flexible finance? For customers, this means financing options that can easily be adjusted depending on their needs, capabilities, and preferences. However, for your organization, this might mean something completely different.
Flexibility in finance can also refer to the ease with which you can create, modify, adjust, or remove financial processes to optimize your organization. How can you achieve it? With no-code technology! Do you want to learn more? Then, keep reading.
Table of Contents
The Role of Flexibility in Finance
Before we showcase to you how no-code technology (but also: low-code technology) can increase your flexibility in finance, we first need to discuss why this is important in the first place. It all comes down to the specifics of the industry.
For starters, with numerous FinTechs joining the game, the competition in finance is now fiercer than ever before. Thus, when an opportunity arises, you need to grab it ASAP. Flexibility in adjusting and creating financial services enables you to react faster, outperform the competition, and save on expenses while doing so.
To add to that, finance is a highly regulated industry – you might be forced to change some of your processes regularly. If they are flexible, this isn’t an obstacle, but if they aren’t, this might create problems.
Finally, flexibility prepares your organization for new technologies, which might revolutionize your processes.
Building Flexibility with No-Code Technologies
No-code technology is flexible in itself. Since it is designed for citizen developers, it is based on ready modules that you can swap and glue together depending on the needs of a specific process and the technological solution behind it. What is more, it can be used by your experts, even if they have little to no IT knowledge—your processes will be better.
How can you use it in practice? For example, you might:
- Build a loan approval workflow app—this enables you to:
- simplify the procedures,
- introduce automation wherever possible,
- adjust your workflow when legal changes come into force.
- Streamline compliance and risk management process—with this particular use case, you might:
- automate the processes to reduce human errors,
- set automated alerts for:
- risk detection,
- eKYC documentation,
- data privacy compliance issues,
- quickly fix your processes when legal changes come into force.
- Automate most repeatable and event-triggered processes in your organization—for instance:
- invoicing,
- expense tracking,
- client transaction categorization,
- employee approvals.
The above is just the essence. There are many more possibilities, but what’s important is that you can easily modify each of your IT solutions created with this tech.
Need help with effective automation? Learn more about our digital process automation services for finance!
The Takeaway
No-code technology offers the flexibility and simplicity that finance organizations need to remain competitive and gain an advantage. It’s versatile, less expensive, and quicker to deploy; thus, we honestly recommend utilizing it in your bank, leasing company, or FinTech.
You might also read: Hyperautomation in the Banking Sector
