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5 Surprising Benefits of a No-Code Automation Platform

It’s official: Many of us are going to turn into citizen developers over the next few years. But don’t worry; you won’t have to touch a line of code or learn robotic process automation unless you really want to — all thanks to the rise of no-code automation platform technology.

The numbers speak for themselves. Forrester expects the low-code development market to grow to $21.2 billion by the end of this year, up from a modest $3.8 billion in 2017.

Courtesy of Gartner

In practical terms, this means that by 2024 over 65% of all development functions will involve low-code application building, and 66% of big companies will use at least four low-code platforms.

Welcome to the future of coding.

How Does a No-Code Automation Platform Work?

A no-code platform enables you to automate repetitive tasks using intuitive graphical user interfaces (UIs), such as drag-and-drop boxes, instead of traditional computer programming. This drastically shortens development time and democratises access to automation technology by opening it to both technical and non-technical users.

No-code development is similar to low-code technology but takes the process a step further by completely removing the need for programming knowledge.

And if you think that no-code technology only allows for relatively simple automations due to its accessibility, think again. Modern platforms offer a level of feature-richness that enables users to automate a wide array of business processes, rivalling the automation capabilities of full-fledged development teams.

5 Ways No-Code Automation Helps Companies Scale in a Post-COVID World

Here are five reasons why you should seriously consider investing in a no-code automation platform in 2022:

1. It Saves Time and Boosts Productivity

No-code automation bypasses one of the biggest constraints in traditional software development: time. Thanks to the drag-and-drop interfaces and other intuitive functionalities, you can build automations for a fraction of the time it would take if you were to code everything from scratch.

Once implemented, automations free teams to spend less time on tedious manual tasks and focus instead on higher-impact activities that require reasoning, judgement, and emotional intelligence.

Another benefit of no-code solutions is that they drastically reduce the potential for error, both at the automation building stage and during deployment. Many organisations continue to rely on data entry and processing by human agents in spreadsheets, internal portals, digital and paper-based forms, and other solutions. As a result, slipups are inevitable, and up to nine in ten spreadsheets have errors affecting their results.

By decreasing and, in some cases, completely eliminating the need for manual data entry, automation improves accuracy and saves a lot of time that would be otherwise spent verifying and correcting errors.

The overall time savings can be significant. In its 2020 Fuelling Productivity with Process Automation study, Salesforce reported that workflow automation saves departments up to 70% of staff time that was previously taken up by manual processes.

Image Courtesy of Salesforce

2. It Drives Significant Cost Savings

A no-code automation platform integrates with and runs separately from your underlying systems and applications. This enables you to implement your desired automations without disrupting existing software, including legacy and bespoke systems, or replacing it with expensive new solutions.

As there’s no need for specialist IT intervention, you also save money on initial training and hiring in-house developers or external consultants. Further cost savings can be seen from the faster time to market due to increased productivity and reduced reliance on manual tasks.

The result?

Gartner estimates that robotic process automation (RPA), a staple of virtually all no-code platforms on the market, costs nearly 70% less than an offshore employee and is a whopping 80% cheaper than a single onshore employee. Note that this doesn’t factor in the additional savings you can realise by employing the latest generation of cloud-native, AI-powered RPA solutions.

Courtesy of Gartner

3. It Can Make Up for a Shrinking Workforce

The pandemic-driven Great Resignation has left organisations with even fewer skilled staff than they had before. In the United States, a record-breaking 4 million workers resigned from their jobs in July 2021 alone, and many never plan on returning to traditional office-based environments.

Ramping up your recruitment efforts won’t necessarily fix the problem since all your competitors will be going after the same shrinking talent pool.

This is where automation comes in. A single bot can replace up to 30 human full-time equivalents (FTEs).

Courtesy of Gartner

No-code automation tools also enable you to make the most of your existing staff. The drag-and-drop UI ensures a smooth learning curve and allows even non-technical users to build powerful automated workflows quickly and easily. And because employees no longer have to dedicate so much time to tedious admin tasks, they can focus on developing new, higher-value skills.

4. It Drastically Improves Customer Service

Customer service, including customer-facing teams within the financial services industry, remains the only field that hasn’t been substantially automated. This creates a heavy burden on workers that ultimately trickles down to the consumer and hurts the customer experience.

This is a common problem in financial services, where customers are routinely asked to fill out paper-based forms, wait for hours to connect to an agent, or book an in-person appointment just to open a bank account, deal with an insurance claim, or apply for a loan.

A no-code automation platform streamlines customer engagement by enabling quick, easy, and integrated communication and self-service through various channels, from chatbots and smart forms to mobile apps, customer portals, and digital wallets.

As a result, customers can:

  • Fill in, sign, and upload paperwork online
  • Connect with customer service reps through their preferred channels
  • Stay informed and engaged thanks to automated prompts and reminders
  • Manage their accounts and products through intuitive, painless, and centralised self-service tools

5. It Helps Guarantee Compliance

Last but not least, automation considerably reduces the need for manual Know Your Customer (KYC) and Anti-Money Laundering (AML) checks for companies in the financial services industry. Automating these processes lowers costs, helps minimise human error, ensures compliance, and accelerates the onboarding of new clients. 

Bots can also be programmed to detect fraud and escalate suspicious agents and patterns to the appropriate stakeholder within the organisation. For instance, RPA tools can monitor credit card usage, alerting the customer and the bank to deviations in spending compared to historical patterns.

But what may be the most impressive use case of automation technology is that it can continually monitor for changes to the regulatory framework over time using both external and internal sources. The system alerts users and quickly incorporates the latest updates into the organisation’s AML or KYC protocols, ensuring that you remain compliant at all times.

Exploring How To Incorporate a No-Code Automation Platform in Your Business?

Unitek’s no-code automation platform for financial services combines an intuitive drag-and-drop interface, hundreds of third-party integrations, and advanced features at the forefront of automation technology.

Book a risk-free demo to see Unitek’s Automation Experience Platform in action.

But, if you're still exploring how a no-code automation platform might benefit your business, feel free to download our eBook Making the Case For No-Code Automation in Financial Services below. It's full of industry insights about the latest trends in intelligent automation.

Automation in Financial Services: Passing Fad or Lasting Trend?

From AI-powered ID verification to intelligent document processing and customer onboarding, AI automation is all the rage.
Will it last? Find out in our definitive guide.
Learn about:
· Why growing your team isn't always the answer
· Areas no-code automation makes a surprising impact
· Why low-code and no-code aren't the same
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