Covid-19 caused many customers to switch to virtual or online solutions when interacting with financial institutions. In a recent study, 41% of respondents found that about 50% of their customers switched from in-person to digital services in 2020. This means that to keep up with the competition and to meet customers’ needs, financial institutions need to continue investing in customer experience solutions.
Low-code empowers institutions to do just that. Washington Federal Bank, a retail and commercial bank managing around $18 billion of assets, needed to innovate its UX. Competitors were moving, and customers were demanding change. A migration could take up to 3 years, so there was no time to waste.
Washington Federal tried an off-the-shelf solution, but they couldn’t customize that solution to their needs, and they scrapped it after eight months. Needing a solution that could get them ahead immediately, Washington Federal turned to low-code.
Within six weeks, the Mendix low-code platform helped Washington Federal eclipse what their previous vendor had done in eight months. Less than a year later, Washington Federal had an online banking portal built on low-code. Customers can enroll, see their information, transfer, and pay bills. All of this is personalized to each customer. And, maybe best of all, the portal integrates seamlessly with Washington Federal’s existing APIs and systems.
Rabobank also faced a big issue with their customer-facing savings experience, used by 500,000 people each year. Customers were having trouble with the interface, leading to churn. However, any kind of upgrade would be complicated. Being multinational meant that Rabobank had unique IT in each country. Plus, shifting regulations and compliance requirements would always take hold over CX upgrades.
By selecting low-code to build their new online portal, Rabobank realized a 50% reduction in IT cost. Their existing teams were able to develop on the Mendix platform quickly and easily. The results brought a revived energy to the Rabobank team, and they’re working on utilizing Mendix in a wide variety of ways.