5 features you will implement in digital banking without developers

Launching new functionality requires blood, sweat, tears … and a lot of development. How to make the process simpler?

Even a new loan offer or a basic travel insurance functionality usually require months to be deployed live. It is because even a small functionality involves a lot of work: coordination of many teams, design, development, testing, releasing new versions of the applications etc.

33% of retail banking customers plan to increase their use of online and mobile banking services in 2020. Developing digital banking faster is becoming crucial in this context. 

No-code and low-code banking

No-code and low-code platforms are used to add functionalities instantly, without the need to start the whole machinery of IT processes. A bank employee becomes a “programmer” and implements functionalities single-handed, on the fly.

As estimated by Gartner, “by 2024, low-code application platforms will be responsible for 65% of all application development activity.” Interestingly, in the latest no-code solutions, such as FINANTQ’s Extentum, bank employees don’t create software, but concentrate on designing the best possible interaction with the application users.

According to our calculations, using Extentum can help save even 30% on annual costs of front-end development.

Different needs, different interfaces

Extentum has a broad range of applications. The use cases below are only a fraction of the capabilities of Extentum. If you would like to find out more about it and see further examples, please download our Product Overview.

In Extentum, each functionality can be configured by a bank analyst without programming skills. Contact us to schedule a demo and see for yourself how simple the configuration process is.

Let’s take a look at how Extentum can be applied to specific scenarios of sales of banking products and services. Below we present five different use cases created within three different interfaces.

Use case: Holiday loan

Holiday season is coming up. Bank X has been working on the special promotion “summer loan” for a long time now. As usual, due to various circumstances, the project is dragging on. What is more, the main competitor of Bank X is just starting an advertising campaign for a very similar offer. The release of a new version of the application takes at least a few months and requires the cooperation of many departments and teams, which only increases the risk of not meeting the launch deadline. 

Fortunately, Bank X has recently implemented Finanteq’s Extentum, so the digital channels department is prepared for such a situation.

With the new solution, a bank employee who has never programmed in their life is able to prepare such a functionality on their own, without any IT knowledge whatsoever. 

It is enough for the employee to prepare specific questions that may help them to examine the customer’s expectations regarding the loan (e.g. the amount of installments) and then arrange them in a logical order. Based on the gathered answers, the system will present a well-tailored offer to the customer. 

Use case: Holiday loan

Let’s go back to the holiday loan scenario one more time (after all, is there anyone who is not dreaming of a little rest in some beautiful place now?).

A bank that has prepared such an offer for its customers does not want to wait until developers implement it into the application. Introducing the functionality through the Simple Form interface will help to quickly create the purchase path. 

We should add that using Extentum does not require long training. It is a very easy and user-friendly system. To create the scenario below, the bank does not have to involve programmers, UX designers, graphic designers, testers, release managers and other people whose work is usually indispensable in creating new functionalities. This means they can commit themselves to more demanding tasks.

Use case: Sale of travel insurance

When a customer pays for a hotel (which implies they are going on holiday), an offer of travel insurance pops up the confirmation screen. This teaser created with Extentum is the beginning of the path that eventually leads the customer to the purchase of the insurance. The customer chooses the destination of their trip, length of stay, number of companions, etc. This way, the bank collects the necessary information to prepare a personalized offer that will guarantee peace of mind and a sense of safety during the journey. Extentum helps the bank to understand the customer and their needs even better, so as to prepare a more customized tourist offer.

An important advantage of Extentum is the fastest UI and the highest possible UX adjusted to the standards of a given device and operating system (naturally, tailored for a particular bank).

Use case: Blocking a card

Suppose a bank doesn’t have a functionality of blocking a payment card through the application. Extentum can be employed to create the entire process of blocking the card (presented below) as well as the menu for managing any other other card-related options. For instance, it is possible also to configure processes such as a card limit increase or the display of the latest card transactions.

USE-CASE:  Applying for mortgage (CRM integration)

A bank needs to improve its mortgage servicing process. In order to do so, the bank would like to integrate its CRM system, which is currently used for internally handling loan applications, into its front-ends. How could the mortgage servicing process be configured in Extentum? For instance, if the customer is currently applying for a loan, they can be notified about the progress in the process. In the next steps, Extentum can enable the customer to supplement their loan application with the missing documents.

USE-CASE:  Loyalty retail benefits program

Extentum can be used e.g. to configure the operation of a bank loyalty system run together with partners (merchants). Thanks to the bank’s promotional campaigns in the media, customers know that when they are in shopping districts, they can take advantage of interesting discounts. When launching the banking application, even before logging in, the user receives information about local discounts thanks to geolocation.

Other use cases

Extentum enriches digital banking functionality with both simple and sophisticated use cases such as:

  • selling, cross-selling and up-selling using micro-segmentation,
  • researching and verification of market hypotheses on selected groups of customers,
  • A/B testing,
  • onboarding,
  • pre-scoring,
  • market research surveys and crowdsourcing,
  • processing and management of documents and motions,
  • service and support,
  • notifications, information, push messages,
  • extending existing functionalities by adding more options,
  • redirecting to external tools (e.g. like FINANTEQ’s Pocket Branch) or performing other action types (like opening the bank website or establishing a phone call with the bank’s consultant),
  • providing fast-to-market workaround functionalities that were planned in a roadmap for future development,
  • many others limited to human creativity.

To sum it up

Extentum is a “no-code” platform for adding new features into any digital banking – on the fly.

From now on, building new functionalities extending web-and-mobile banking apps can be implemented by business people (non-programmers). Simplified visual designing is faster than ever before, and results can be deployed without waiting for new software releases. Using Extentum does not require any IT involvement – all IT-processes have been automated or eliminated, including even UX-designing.

Provide extensions and workarounds in a day!
Surprise competitors, customers and top management with the speed of your actions.
Written by
Celina Skalska
Celina Skalska
Key Account Manager at FINANTEQ