10 reasons why credit unions should consider no-code tools

No-code is a software development approach that allows users to create and deploy applications without writing any code. No-code platforms provide visual interfaces, drag-and-drop tools, and pre-built components that enable users to build and customize applications in a series of simple steps.

This approach differs from traditional software development in several ways. First of all, no-code platforms do not require any programming knowledge, which makes it easier for non-technical employees to create applications. Secondly, no-code development is faster and more agile than traditional software development, as it eliminates the need for coding, testing, and debugging. Finally, no-code development is often more cost-effective, as it doesn’t require specialized developers and shortens the development cycle.

There are many types of applications that can be developed using no-code platforms, including websites, mobile apps, internal tools, e-commerce stores, chatbots, and more. No-code platforms offer a wide range of templates, components, and integrations that can be used to build custom applications for different needs and use cases.

So, what does that mean for credit unions? Since credit unions, especially smaller ones, don’t always have significant technological resources or in-house tech teams, no-code platforms can be key to their success in an increasingly digitized world. We put together a list of the top ten reasons why credit unions should consider using no-code tools. 

Increased Efficiency

Human resources are costly and inherently limited, which is why they should be used where they drive the most value. No-code tools can help you automate many routine, low-level tasks and workflows, allowing your employees to invest their time in complex tasks that drive business value and provide the personal touch that is essential to building member loyalty. In addition, automation is faster than manual work, helping you boost productivity and customer satisfaction. 

Cost-Effective

Developing software in-house is expensive. Whether you hire developers directly or work with third-party contractors, you’re paying for the time and skills of experts who are in high demand in today’s job market, and they don’t come cheap. And personnel isn’t the only cost associated with traditional development methods—they also require software licenses, hardware, cloud and on-prem servers, training, and critical security technology that add to the expense. No-code tools don’t require costly tech personnel or supporting infrastructure, which is why they can help credit unions save money.

Faster Deployment

Code-based development takes time. The customer-facing team has to define the need and specs for the tech team, the tech team then needs to write the code, debug it, make modifications, create the infrastructure to support the new application, and integrate it into other systems used by the credit union. There’s so much to do that even a simple new feature can take months to implement. 

With no-code tools, that process is significantly shortened. Using simple drag-and-drop tools, non-technical staff can quickly create and deploy new applications or features, without the need for lengthy development cycles and testing or any supporting infrastructure. 

Enhanced Customer Experience

Today’s customers don’t have patience for long, confusing forms and processes and expect service to be tailored to their needs and preferences. But building user-friendly applications requires specific know-how and expertise that many credit unions simply don’t possess. 

With no-code development, credit unions can create intuitive, engaging, and visually-appealing  applications that delight members without having to hire an extensive software development team.  Offering engaging digital experiences for members can increase member satisfaction and loyalty, and attract new members. 

Improved Data Management

Various state and federal regulations require credit unions to collect large amounts of data to remain compliant. However, simply collecting the data doesn’t make it useful—you need tools to manage and organize data in order to gain actionable insights that allow you to better serve your members. No-code tools can help credit unions collect, organize, and analyze data more efficiently, allowing you to make better-informed business decisions.

Reduced Risk

Even the most committed, conscientious employee can make mistakes—to err is to be human. Whether it’s a simple typo, a missed step, or an oversight, mistakes inevitably happen. Add the ever-changing state, federal, and even international compliance regulations and demands that credit unions are held to, and mistakes are basically a given. And risks aren’t limited to employee errors. As cybercriminals and other threat actors become more sophisticated, credit unions are constantly exposed to new attack vectors and tactics. 

No-code tools can help credit unions reduce the risk of errors and compliance issues, as they provide built-in safeguards and ensure adherence to regulatory requirements. They also utilize the most sophisticated and advanced cybersecurity tools available, helping you stay one step ahead of cybercriminals.

Greater Flexibility

Credit unions function in a dynamic environment. Market conditions change rapidly, as do customer preferences and demand. No-code tools allow credit unions to easily modify or update applications and processes, so you can respond more quickly to changing market conditions and member needs, without having to wait for IT resources to become available.

Empowered Employees

Employees who work directly with members gain insights into their needs and challenges. Therefore, they often have great ideas for how to improve products and workflows, especially for members who aren’t tech-savvy and may be hesitant to work with new digital and online services. The problem is that in most cases, customer-facing employees don’t have the tech know-how or tools to implement their ideas.  No-code tools change that dynamic. Since they don’t require tech expertise, they enable many types of credit union employees to create and customize their own applications and workflows to implement their ideas. This, in turn, can increase employee productivity and job satisfaction.

Simplified Integration

Credit unions work with many third-party systems, such as core banking systems like Jack Henry and CRMs like Salesforce or Microsoft Dynamics. Any new applications have to be integrated with those constantly evolving third-party systems, placing an additional technological burden on the credit union tech team. 

No-code tools can be easily integrated with existing internal and third-party systems, so you can build on your current technology stack without having to replace or overhaul existing systems. This can lead to faster deployment and less disruption to day-to-day operations.

Competitive Advantage

In the past, credit unions had an advantage over banks and other financial institutions because they offered more personalized and member-focused services. Today, banks, fintech startups, and online lenders are creating stiff competition for credit unions by offering more attractive rates, fees, and digital services. According to the American Customer Satisfaction Index (ACSI) Finance Study 2021-2022, customer satisfaction with credit unions has fallen behind banks overall for the fourth year in a row. In addition, there is more competition among credit unions as  savvy consumers look for the credit union that can best meet their needs. No-code tools can help you develop unique and innovative digital experiences for your members and differentiate your credit union from competitors.