A low code process automation software can help tackle a number of challenges across industries. Some of the ubiquitous challenges faced by enterprises include –
A low code process automation software can help.
Here’s how low code process automation software is being leveraged by enterprises across industries:
Banking
Digital Account Opening:
Financial institutions are leveraging low code process automation software to create intelligent and user-friendly digital account opening applications. With low code process automation software, the time-to-market is faster. This allows financial institutions to quickly cater to the needs of digital-savvy customers and accommodate changes on the fly. With a low code platform, banks and credit unions can easily integrate their account opening application with various third-party applications for seamless processing of requests. These intuitive applications can help to significantly improve onboarding time and customer experience.
Lending:
A low code platform process automation software helps financial institutions architect a flexible and futuristic loan origination solution. The best-fit low code process automation software enables financial institutions to intelligently automate the end-to-end lending process, from origination to disbursal. Banks and credit unions can use one single platform to automate all types of loan offerings.
Financial Compliance:
With the help of low code process automation software, financial services providers are able to automate compliance and reporting processes to increase visibility, guarantee data security, bridge operational silos, and stay future-ready. It ensures that financial intuitions are able to adhere to the requisite regulations and be audit-ready.
Insurance
Onboarding:
Insurers are leveraging low code process automation software to transform their new customer onboarding process. By building a self-service portal, insurers are empowering prospective customers to apply through the channel of their choice. Insurance business users can also leverage a low code platform to define rules for faster processing of straight-through cases. The entire process becomes touchless, allowing the onboarding of new customers within minutes.
Policy Servicing:
Low code process automation software can be used to automate the service request lifecycle. It can be integrated with the policy administration system to auto-fetch data about each policy, cutting turnaround times, lowering document-handling costs, and increasing customer satisfaction.
Claims Processing:
With low code process automation software, case workers can be empowered to process claims faster and accurately. Automated case routing based on workload and experience, real-time tracking and handling of submitted claims, increased visibility, and reduced fraudulent claims are some of the benefits of a claims processing system based on low code process automation software.
Shared Services
Procure-to-Pay Automation:
A low code process automation software binds purchasing and accounts payable departments together, enabling stakeholders to collaborate seamlessly. By leveraging low code, financial leaders get a centralized view of the entire department and make informed decisions.
Contract Management:
By leveraging low code process automation software, enterprises can streamline the end-to-end contract lifecycle, including contract authoring, review, registration, renewal, termination, and request for an addendum to the contract. Furthermore, low code process automation software facilitates seamless integration with other systems while deftly managing contracts and clause updates.
There is a plethora of low code process automation software use cases across industries apart from those mentioned above. Read this whitepaper for deeper insights into low code process automation software and how you can leverage it for your organization.
Frequently asked questions:
What features should I look for in a low code process automation software?
Key features that you must consider for a low code process automation software include:
1. Visual interface that is easy to use:
A robust low code process automation software has a visual, guided, and declarative interface and comes with a drag-and-drop tool. This helps to develop and deploy business applications quickly.
2. Scalability:
The low code process automation software should have the flexibility to develop and deploy mission-critical applications and upscale operations on-demand.
3. IT Governance and Compliance:
An excellent low code process automation platform enables central governance, visibility, and guardrails. This ensures that applications developed on the platform adhere to secure coding standards. This also helps prevent shadow IT.
Some other important must-have features of low code process automation software include:
- Business Rules Configuration
- Analytics And Process Insights
- Choice Of On-Premises or Cloud Deployment
- Mobile Optimization
- Social Collaboration Features
- Integration Capability with Other Systems
- Administrator Features and Role-Based Access Control
What are the benefits of low code process automation software?
1. Rapid Application Development and Deployment:
A low code process automation software helps businesses tackle challenges of traditional application development by leveraging a visual, flexible, and modeling-driven environment to develop customized applications quickly. It can help IT professionals in deploying mission-critical applications.
2. Reducing the Gap between IT and Business Users
With low code process automation software, business leaders can collaborate with IT developers to transform their ideas into reality. And its visual interface helps in the process.
3. Application Governance
Governing and maintaining applications can be quite complex. Low code process automation software can ensure continuity of operations by providing a robust governance framework, smart tools for debugging and also minimizes service downtime.
