What Does No-Code Mean?
“No-Code” is an increasingly popular phrase in the tech industry, touted by many SaaS businesses. No-Code refers to software development that doesn’t require any traditional software coding skills to build and deploy, which enables regular business users to implement software applications without help from their organization’s developers.
No-code is applicable to many types of software development, including website development, mobile app development and AI/ML/NLP applications. For example, Accern’s No-Code NLP platform puts the power of artificial intelligence and natural language processing into the hands of citizen data scientists, business analysts, and other users in financial institutions.
Recent studies show that 86% of companies believe that AI is becoming a mainstream technology, with AI integration only accelerating due to disruptions caused by the pandemic. AI and ML are proving to be powerful tools for businesses across all sectors, especially in finance, and advances in no-code AI platforms are paving the way for AI to become more accessible for all companies.
The Challenges with Traditional AI/ML/NLP
Given the complexities of the technology, there have been specific barriers to entry when it comes to integrating AI/ML/NLP. For example, AI implementation can be expensive, and many firms may not have the capacity to bring on additional skilled employees like data analysts or computer programmers. However, this personnel is needed to perform regular management and upkeep of traditional AI models to remain in working order.
Many organizations also experience what is referred to as the black box problem or the lack of understanding of how traditional AI systems work and produce their recommendations. As a result, it may be challenging to gain company-wide support as employees may not see value in the technology. They may even feel threatened that AI technologies will eventually take over their roles.
Plus, the necessary infrastructure and routine maintenance cycle may challenge certain firms looking to implement traditional AI and NLP models.
How Does No-Code Work in Relation to AI/ML/NLP?
Helping companies break down the barriers that have traditionally kept them from implementing AI/ML/NLP, the advancement of no-code platforms has been groundbreaking in the field to make AI technologies more accessible to businesses of all sizes. For some time, developers have been working on ways to make an AI solution that is code-free and more straightforward for untrained employees while still allowing customization to fit a company's needs.
A user-friendly platform for AI, like a no-code AI builder, often has drag-and-drop capabilities to easily allow firms to create custom models for their intended purposes without coding a model from scratch. Traditionally, building AI models is costly and requires hiring data science experts. Helping businesses accelerate AI/ML/NLP integration, firms can typically choose from a wide range of pre-made models that best fit their needs. However, no-code platforms can be quickly integrated into a business's current technology for immediate use.
Why is No-Code important for businesses?
Allowing professionals at any level to reap the benefits of AI, no-code AI solutions make it possible for non-technical personnel to extract meaningful insights from this advanced technology. Modernizing operations and staying up-to-date on the latest technology is necessary for businesses to remain relevant and competitive in today's market. No-code AI builders can help firms in data-intensive sectors, like the financial services industry enhance their data analysis and decision-making capabilities.
Given the growing number of use cases for AI in business today, no-code AI platforms can help banks, insurance companies, and investment firms quickly and easily implement AI and NLP models into their operations. While AI adoption has been comparatively slower in small and medium-sized businesses due to cost and personnel constraints, no-code AI builders are the solution to making AI accessible for more firms.
What are the benefits of No-Code Applications in the financial industry?
Throughout the financial services industry, no-code AI allows for quick integration of AI models to enhance risk management capabilities, improve the customer experience, and analyze data quicker and more efficiently than has ever been possible. Without the necessity for trained personnel and costing less than traditional AI, no-code AI solutions are positively impacting the industry.
1. Accurate business intelligence solutions
Making quick and informed decisions can give firms the upper edge in the financial services industry, though efficiently processing and analyzing large amounts of data is not something that can be done through human efforts alone. No-code AI and NLP allows firms to quickly extract insights from mountains of information and ensure that no crucial data has slipped through the cracks and created a costly mistake for the company.
Improving business intelligence, no-code AI is free from human error, and firms can rely on the insights from these models to make accurate and informed decisions. With the growing amount of data available every day, firms cannot expect all data to be manually processed. But no-code AI solutions work around the clock and provide insights that empower firms to make informed decisions.
2. Automating manual processes
By implementing no-code AI, firms can free up time for employees to perform other value-added tasks that are less repetitive and require more critical thinking. Along those lines, a survey by PwC found that 54% of business executives believe AI solutions have increased productivity within their organization. So, no-code AI models can speed up operations and make a company's processes more accurate and efficient.
Since AI and machine learning do not need any downtime, these models can be running at all day hours and provide real-time alerts depending on new and emerging information that it analyzes. No-code AI can process documents, send invoices, and aid in the claims process, among other capabilities, improving efficiency for financial services firms.
3. Lower development costs
A significant benefit of using a no-code AI platform over a traditional model is the lower cost to firms. For example, Deloitte found that 40% of businesses noted cost as a significant factor in why AI is difficult to implement. Before this solution was available, firms wanting to implement AI into their operations would have to hire an in-house team of computer programmers and data scientists to code the custom models and perform proper upkeep and maintenance.
Hiring additional skilled personnel isn't always feasible for firms of all sizes, so no-code AI builders that are easy-to-use for employees of all skill levels can drastically cut down the costs of AI integration. This is especially true for smaller firms, and no-code AI platforms are making AI solutions more accessible for businesses at any stage.
4. Easy integrations
Rather than requiring an update of the current technology stack or overhauling established processes, no-code AI solutions can easily integrate into a business's existing workflows and technology architecture. Adapting to the firm's needs, no-code AI makes it straightforward for firms to integrate AI into their business.
Plus, no-code AI builders allow businesses to quickly integrate AI into their operations without waiting for a fully-custom model to be built out by computer programmers. The seamless integration that is possible through no-code platforms is a significant reason it's growing in popularity among financial services firms.
In sum, no-code AI makes it accessible for firms of all sizes to utilize AI to automate routine tasks and become more efficient. A more budget-friendly option that can easily integrate into a business's already established practices, no-code AI platforms are a powerful tool for forward-thinking financial services firms. Thus, these businesses can benefit from emerging technology without the hassle of hiring additional employees who are trained in the field of reconstructing their current workflows.
No-Code Solutions for Financial Services Firms
While AI use is increasing among businesses and no-code AI/ML/NLP platforms are making it more accessible for all firms to enjoy the benefits of this advanced technology, not all companies will have the same applications for AI within their operations. No-code NLP platforms like Accern allow users to zero in on unstructured and textual data—revealing insights that are impossible to mine with AI tools that only analyze structured and numerical data.
Depending on the financial services firm and whether it's an insurance company, investment brokerage, or bank, each sector will have its uses for AI and should choose the proper solution accordingly. To explore the NLP use cases most relevant to your firm, try Accern for free today.