Blog
Manish Tripathy
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Highly regulated industries such as Financial Services, Insurance and Accounting can reap incredible benefits from low code development, both minimizing risk and directly addressing compliance issues.
In a world that demands far more visibility than ever before, highly regulated industries such as financial services, insurance and accounting face an uphill battle to play within the rules and stay compliant. In the last ten years, we’ve seen businesses adopt software solutions to overcome a wide range of compliance hurdles – but there are many other regulations that are still dealt with manually and, as such, are slowing organizations down.
These processes offer limited transparency for internal staff and low levels of visibility for external stakeholders, leaving the potential for service gaps, financial and reputational risk, as well as a high chance of miscommunication with regulatory bodies. The solution is to adopt an agile framework that can be built to standardize the majority of compliance activities whilst simultaneously automating processes. This will significantly improve the efficiency of compliance initiatives while increasing the speed of the business as a whole.
Building a framework that accomplishes all of this is, of course, no easy task. However, with a low-code platform, it is possible to create a cross-enterprise solution to regulatory requirements, giving businesses the speed, power and agility to rapidly build new apps, make changes, and maintain visibility, helping to standardize costs and control the allocation of resources.
Our automation experts have identified the top 4 benefits of low-code development for highly regulated organizations.
1. IT ALLOWS YOU TO MOVE FAST
Low-code allows you to rapidly develop compliance applications, optimizing processes and easing the pressure when meeting regulatory deadlines. Being able to deal with compliance issues quickly and painlessly is a long-term goal for most businesses and low-code can fast-track that objective. Think about it like this: when the goal posts (regulations) move, the ball (low-code platform) automatically moves too.
2. IT HAS AGILITY BAKED INTO ITS DNA
Constant change is part and parcel of dealing with compliance issues. A long-term business strategy backed by a robust low-code platform simplifies compliance requirements, empowering your team to deliver flexible solutions to regulatory changes as and when they arise.
3. IT PROVIDES YOU WITH THE POWER TO THRIVE
By its very nature, compliance requires collaboration from many departments and stakeholders. Low-code is the fastest and most intuitive way to digitize this process. When combined with business process management (BPM) and robotic process automation (RPA) tools, systems can be put in place to remove the majority of errors and significantly improve efficiency.
4. IT OFFERS EFFORTLESS BUSINESS-WIDE VISIBILITY
You can’t have compliance without total visibility. One of the best things about low-code is its ability to offer a single view of all data, allowing for shared accountability and compliance across your entire business. Consolidating data into a single view provides quantifiable metrics and incredible insights that can be actioned immediately, significantly improving quality control and reducing risk, while providing value to customers.
Here at Roboyo, we’re not only low-code experts, not only hyperautomation experts but Financial Services, Insurance and Accounting experts too. We’re ready to help you access the latest technological solutions that create value, generate impact and are designed to take your business to the next level.
Contact us to book an introductory call.
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