How No-Code AI Is Changing Financial Business

Companies seeking to implement artificial intelligence (AI) solutions often find themselves faced with a lack of knowledge and high costs, and that’s before they even get started. According to a 2017 survey by Deloitte, 47% of businesses complained of difficulties integrating AI projects into their current systems. Meanwhile, 40% noted cost as a significant inhibiting factor. And 37% said managers simply don’t have enough expertise to implement AI successfully, making artificial intelligence and its benefits inaccessible.

But it doesn’t have to be that way. In recent years, AI developers have been working on a new way to access AI without in-depth coding knowledge, the costs of implementing fully custom software or finding specialists for the job. It’s called no-code AI, and it’s changing things in a big way across industries, to include finance, my company’s area of focus.

So, what is this innovation, and how could it change the face of technology in business?

What is no-code AI?

No-code AI is a code-free system that empowers companies using AI to perform various activities, such as data classification and analysis, and the building of AI models that serve specific business purposes. Usually, no-code AI is introduced via a custom-developed platform or model that the company can integrate into its current technology stack and start using right away. Some even come equipped with features, such as a drag-and-drop interface or a custom desktop, to make the system even more straightforward. But no matter the implementation, it is designed to be as usable as possible.

What are the benefits of no-code AI?

No-code AI is created to help democratize the use of AI and machine learning (ML), making it more accessible for a wider variety of companies. Within just four years, usage of AI grew by 270%. However, as of 2019, just 37% of surveyed companies had adopted AI in the workplace. For companies with fewer than 1,000 employees, this number was even lower — 29%. No-code AI:

• Integrates easily. Using platforms and integrable modules, no-code AI can be adapted to meet a company’s specific needs. While no-code AI will never be fully custom software, it can often be adjusted to fit particular business demands.

• Speeds up processes. AI can be used to automate repetitive processes, such as invoicing, contact validation and form filling, which allows a company to complete certain processes more quickly. A 2017 PwC survey of 500 execs found that 54% of respondents said AI increased workplace productivity.

• Lower cost than custom AI. Implementing fully custom artificial intelligence solutions is expensive. For businesses looking to adopt AI with less stress and no need to onboard an AI team, no-code AI could prove a compromise.

• Empowers business intelligence solutions. It is just not possible for a human to analyze the same amount of data as a computer. AI solutions can, and they can also deliver valuable insights that allow smarter business decisions.

No-code AI in practice — what does it look like?

Now that you know a little more about no-code AI, let’s look at what it can do in practice. Depending on the industry you’re in, no-code AI can be used for a number of things, such as: automating processes, decision-making, analyzing data, creating marketing campaigns, customer service and chatbots, and more.

For example, let’s look at no-code AI in finance and marketing. 

• No-code AI in finance: The financial sector is data-driven. Every decision, from deciding on the target market to creating the right products for the market to customer service comes down to data. In the financial sector, no-code AI tools can be introduced to fulfill a variety of purposes, for example, reducing the risk of bad credit for lenders, choosing where to open or close a bank branch, automating online onboarding forms and much more. All this goes toward making the business not only more effective but cost-effective, too.

• No-code AI in financial marketing: While the marketing world is highly creative, it’s vital that creativity connects with the intended audience. No-code AI modules can be introduced in the marketing sector to target and align marketing campaigns to customer demand more closely. For example, this may involve closely tailoring a Facebook ad to ensure that it finds the potential customer who needs and wants to see it while avoiding inundating those who do not. No-code AI in marketing can better inform current and potential clients about solutions they want and need.

What should businesses think about before onboarding no-code AI?

Choosing to adopt no-code AI in your business isn’t a matter to be taken lightly. Like all business decisions, it’s essential to analyze specifically how the intended solution should fit within your overall ecosystem beforehand. Fail to do so and you could be left with a pretty pricey piece of tech that doesn’t work as you intended. In some cases, your business may better benefit from a fully custom AI solution rather than a no-code variant. However, this will only be uncovered via a deeper analysis of your business’s specific needs. 

In addition, finding a vendor who suits your needs is a must. Make sure your vendor will be ready to answer any questions you may have before investing. The market today has many offerings, and what works for one company might not work for another. So, before you decide to onboard any no-code solution, make sure you try it out first and see how it works for you. Always try before you buy when it comes to tech.