Banks are under increasing pressure to digitally transform “analog” processes and address rising consumer demands for digital experiences. Going digital, however, isn’t for the faint of heart—particularly in a complex and highly-regulated sector such as loan operations.

Custom enterprise software requires upgrading and integrating legacy systems, complying with an evolving patchwork of oversight, and competing for scarce IT talent. Factoring all these challenges together, developing enterprise software can be a painfully inefficient affair, with 85% of projects going over schedule and 70% of large-scale digital IT programs failing even to reach their stated goals. It’s perhaps little wonder why leading retirement solution providers are increasingly embracing enterprise no-code.

Unqork is a no-code software platform that empowers financial institutions and banks to accelerate the production of new applications to address the marketplace’s evolving needs. Recently, a number top banks in the US partnered with Unqork to develop a new housing loan product to grow their business and improve their clients’ returns.

The loan application solutions were deployed, on average, 3x faster than using a traditional development approach. With Unqork, the banks easily defined complex business logic, and build custom digital engagements for all key internal and external stakeholders.

With Unqork’s visual configurator, the banks rapidly built robust custom loan application solutions by simply drag-and-dropping modules from Unqork’s growing library of configurable pre-built modules representing user-facing elements and back-end logic. The result was the rapid development of a unified loan platform incorporating all key parts of the journey from application to acceptance—without writing a single line of code.

Key results Banks will see with Unqork for Digitized Home Loan Application Process:

• Speed to Market in eight weeks from ideation to production with only four resources and decrease bugs of 600x
• Simplified real-time integrations with third-party data & services
• Reduced operational risk with automated controls & reduced likelihood of data errors and need for application resubmissions
• Decreased cost of operations and by 3x
• Increased revenue potential capturing new market via a holistic loan origination platform

Read about Unqork’s no-code platform successes here and join the no-code revolution to drive Banking and Lending Innovation.