The ability to access and leverage structured and unstructured data has empowered organizations to understand challenges, predict outcomes, and prepare for a better future. However, unlocking the insights hidden in that data requires alignment between the analytical tools and the data types, regulations, and needs of their users.
Implementing solutions that are built by industry experts can help to bridge the gap, but even then, no one knows your analytical need better than your subject matter experts.
Oftentimes, your applications need to evolve as quickly as your business without the extended timelines and budgets necessary to bring your apps through production, testing, and deployment. This is where low-code no-code (LCNC) platforms can be a game-changer, even for highly regulated industries.
Why Choose Low-Code No-Code Platforms?
Companies have had two basic routes to access data and, therefore, to leverage data as a competitive advantage:
- Buy ready-made software with pre-set parameters.
- Employ developers to build custom solutions.
Whichever route organizations chose, they still needed to maintain access control while also meeting regulatory requirements. Juggling this ballooning criteria can lengthen software evaluation processes or elevate the cost of investments as intricate requirements and capabilities build up.
That’s why LCNC platforms have been so promising, with benefits ranging from:
- Standardized tech tools and processes as a foundation for innovation
- Accelerated development through plug-and-play components
- Improved business alignment thanks to SME involvement
- Enhanced agility with features that can evolve with demand
The intuitive, drag-and-drop functionality of low-code and no-code platforms can reduce or remove the need for compromise on features or lengthy development timelines
Harness LCNC Platforms While Staying Compliant
Do these tools adhere to strict federal regulations and industry quality standards? Let’s drill down into a few industries.
Financial Services
The financial services sector is bound by some of the most stringent regulatory parameters in the country and has some of the most demanding consumers. Moreover, traditional institutions have risked falling behind nimble fintech organizations, which can rapidly scale up new and innovative financial products.
Speed to market for new products is a critical factor for growth. McKinsey predicts growth in the fintech sector to outpace traditional banking by a factor of three in the next five years, now demands agility in delivering customer-focused features quickly.
Low-code and no-code solutions address these challenges by enabling financial institutions to rapidly deploy new functionality with minimal coding. This allows banks and other established players to efficiently maintain and enhance their offerings, helping them to stay relevant and responsive in today’s fast-evolving market.
The American Banking Association’s Office of Innovation has identified LCNC platforms as an effective option to quickly and efficiently develop and deploy new digital applications. Better yet, they see this approach to development as potentially improving customer experience.
Beyond that, leveraging LCNC tools can be the fastest route to automating business processes, including:
- Account opening
- Customer onboarding
- Know-your-customer verification
- Transaction processing
- Underwriting
The ABA sees low-code no-code as a way for banks to actually improve regulatory compliance by automating compliance processes and reducing the risk of errors and non-compliance. With the availability of prebuilt libraries and templates as well as specifically tailored ecosystems for finance, LCNC platforms can expedite the creation of applications that coordinate with anti-money laundering, data privacy, and risk management regulations.
Food and Pharmaceuticals
How is the FDA leveraging low-code no-code solutions? Vidyut Desai, the Chief Information Officer for the Food and Drug Administration, noted that LCNC platforms are essential to overcoming the organization’s issues with fragmented and siloed data. Moreover, he says innovation is key to improving the agency’s ability to stay evergreen.
As Desai points out, it’s not enough to simply improve the situation, organizations have to be able to continuously adjust by creating a culture of change. That thinking is as applicable to the organizations regulated by the FDA as it is to the FDA itself. As EY identifies, LCNC platforms can provide the foundation for innovation while concurrently ensuring regulations are met. Grocery, CPG, and pharmaceutical companies can leverage industry-specific apps built this way to better harness predefined data models while achieving regulatory compliance.
Health Insurance
Michael Hill, editor of the Process Excellence Network, notes that healthcare is among the industries that have traditionally been reluctant to adopt new technologies due largely to regulatory and security compliance concerns. In fact, by leveraging LCNC platforms with prebuilt frameworks, they can more quickly develop tools that support HIPAA regulations and enable security.
Let’s focus on competitive advantage for a minute. In addition to simplifying automation and compliance, one of the significant competitive drivers in healthcare insurance is speed. Companies can move from concept to market with the highest degree of personalization we’ve ever seen in the payor industry.
Low-code no-code solutions can help healthcare payors:
- Streamline claims processing
- Optimize data management
- Provide real-time data and analytics
- Enhance risk modeling
But beyond that, LCNCs allow payors to unlock the power of data. This can translate into giving customers the independence they crave in managing their insurance products including self-service portals for handling their policies, claims, and services.
Why You Need a Proper Data Foundation
Determining which products and benefits are going to give your company a competitive edge while also effectively managing regulation and standard requirements is only one step. Organizations also need exceptional data quality to turn the cost-effectiveness and speed of these platforms into tangible results. When LCNC solutions are paired with the right data strategy, you can unlock a new level of performance.
If you’re looking to implement low-code no-code platforms, we can help you with your data foundation. Reach out and we can help your organization stay competitive.
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