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How Zero-Code Can Accelerate Your Financial Institution’s Digital Transformation

24 Sep, 2020  |  By PeerNova   |  Published in Articles,

How Zero-Code Can Accelerate Your Enterprise's Digital Transformation

Today, enterprises across the world face unprecedented challenges. The COVID pandemic has caused global economies to contract and firms to shut down or reduce production, leading to widespread unemployment and market volatility. In this uncertain economic climate, enterprises are forced to “do more with less”. At the same time, these firms must still prioritize innovation in order to survive and thrive in an already difficult environment.

To stay ahead of the competition, evolve with the current marketplace, and exceed client expectations, enterprises must have access to the right tools and solutions. Whether challenges arise around day-to-day functions or long-term projects, firms must implement methods to transition their manual processes into automated ones.

As a result, the demand for purpose-built solutions has skyrocketed, proving that the traditional and resource-intensive task of coding has become a significant bottleneck. As a result, low-code and zero-code (or no-code) programming tools have emerged to empower business users to use drag-and-drop tools to rapidly and efficiently develop, configure, and implement client-specific applications without any coding.

What is a Zero-Code Solution?

As firms focus on digital transformation and operational efficiency, many have realized that building applications in code is extremely time-consuming, especially with changing conditions that drive constant product evolution. If a business user needs a specific application created or even a slight update made to an existing application, they must wait for IT to make these changes. With limited resources and smaller IT budgets, this can cause a significant roadblock to getting products or updates to the market on time.

Enterprises have begun to address these challenges through zero-code solutions, which focuses on streamlining and decentralizing application development. Zero-code empowers business users to be the ones creating and updating applications for clients, versus waiting on IT to make changes. Instead of wasting hours developing and tweaking products, IT teams can channel their energy towards further innovation.

Benefits of Zero-Code: Giving Power to Business Users

A zero-code platform can benefit an enterprise in a variety of ways including increased efficiency and collaboration, cost-reduction, and faster time to market.

Increased Efficiency and Collaboration
Zero-code solutions are created with speed in mind. Zero-code offers business users with interfaces to rapidly and easily enable new features, and design workflows by connecting pre-built reusable modules. Instead of waiting for IT teams to implement changes, business users can independently create and implement new tools or features that fit the needs of their clients. When updates must be made to the business logic or issues must be addressed, business users can go directly to the visual interface and make the required changes. Additionally, no-code builds on top of the foundation that existing APIs have already laid.

Firms can expect better IT productivity, as developers are able to focus on higher value-add activities like conceptualizing and designing innovative applications that directly drive revenue and increase market share. Business leaders can align their core activities with key business goals, instead of spending unnecessary time on waiting for others to write and maintain applications.

Cost Reduction
By expanding the abilities and impact of business users, firms can spend fewer resources on hiring large IT teams or in-house teams for app development. This solution can expand an enterprise’s recruiting spectrum without worrying about niche coding skills.

Faster Time to Market
Zero-code solutions enable the next generation of business leaders to launch products faster. Using an easy interface, business users can quickly design and deploy solutions and new products directly to clients to fulfill their evolving needs. These same users can reconfigure applications and add new functionalities themselves. Additionally, the time-to-market for a new product is cut down significantly, and its lifespan is extended due to easy updates through the zero-code platform.

Overall, the result of no-code is a much more efficient and collaborative enterprise, with client needs at the top of the pyramid. With current enterprises relying on code to power their products and solutions, they may be placing a burden on IT, limiting the opportunities for business users, and underperforming for their customers.

PeerNova’s Cuneiform Platform: Zero-Code Automation

The PeerNova® Cuneiform® Platform provides zero-code automation for data quality and process correctness. The solution empowers business users to expand their digital transformation efforts, specifically through end-to-end (E2E) automation, data quality, data timeliness, and E2E visibility. Using the Cuneiform Platform, business users can easily create, configure, and implement a variety of applications and workflows themselves through an easy-to-use graphical user interface (GUI).

It can be difficult for business users to test their own products without altering live environments. PeerNova’s platform offers a secure sandbox for users to create, test, and implement rules—without affecting their live production environments. Business leaders can easily mock up applications, set up new pipelines, create new functionalities, perform analytics, and gain insights with just a few clicks. The solution is workflow- and business-process driven, instead of being code-driven.

Currently, digital transformation is moving towards the cloud. PeerNova’s solution allows enterprises to dynamically scale their applications, while amplifying the many benefits of cloud. Additionally, a library of machine learning (ML) and artificial intelligence (AI) tools, and API interfaces are available to drag-and-drop to set up applications.

For the financial industry, the zero-code platform ensures that clearing, settlement, reconciliation, liquidity optimization, pricing applications, and regulatory applications can be built much faster by business users themselves, which results in faster time to market. Along with additional benefits, the Cuneiform Platform offers built-in security and data integration capabilities.

Switching over to zero-code eliminates many pain points that current enterprises experience, giving more power to their business users and freeing up time for both IT and developers. Enterprises can more easily create, configure, and deploy applications at the drop of a hat, accelerating their footprint in the wave of digital transformation.

If you are interested in learning more about PeerNova’s zero-code platform, please get in touch with us and request a demo today. You can also listen to the supplemental podcast featuring PeerNova’s Founder and CEO, Gangesh Ganesan.

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