No-Code refers to software development that doesn’t require any traditional software coding skills to build and deploy; a capability which enables regular business users to build 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, the Accern NoCodeNLP Platform puts the power of artificial intelligence and natural language processing into the hands of citizen data scientists, business analysts, research 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/ML/NLP techniques 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 to more companies.
Challenges with Traditional AI/ML/NLP
Given the complexities of AI, there are specific barriers to entry when it comes to leveraging AI/ML/NLP technologies. For example, implementation of compute intensive AI infrastructure is expensive, and many firms may not have the capacity to bring on additional skilled employees like data scientists and data engineers. However, these skill sets – which are in high demand and difficult to find and retain – are needed to operate and perform regular maintenance and upkeep of traditional AI models.
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 how they produce their recommendations. As a result, it may be challenging to gain company-wide support as employees may not see value or may feel threatened that AI technologies will eventually take over their roles.
How No-Code Works with AI/ML/NLP
No-Code AI Platforms are helping companies break down barriers that have traditionally kept them from implementing these groundbreaking technologies. For some time, developers have been working on ways to make AI workflows that are code-free and more straightforward for untrained employees.
A user-friendly platform for AI, like a no-code AI builder, often has drag-and-drop capabilities to easily allow users to create custom models for their intended purposes without having to code a model from scratch. Some no-code platforms can accelerate AI/ML/NLP model development with pre-made models that can be quickly integrated into a business’s existing infrastructure for immediate use.
Importance of No-Code AI in Business
Modernizing operations and staying up-to-date on the latest technology is necessary for businesses to remain relevant and competitive in today’s market. 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. No-code AI builders can help firms in data-intensive sectors, like the insurance 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 commercial banks, corporate finance, hedge funds, 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.
No-Code AI/ML/NLP for 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.
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 /ML/ NLP Platforms allow 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 /ML / NLP models reduce the likelihood of human error, and firms can rely on the insights from these models to make more 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.
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.
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 a solution like the Accern NoCodeNLP Platform 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, making AI solutions more accessible for businesses at any stage.
Rather than requiring an update of the current technology stack or overhauling established processes, no-code AI platforms can easily integrate into a business’s existing workflows and technology architecture enabling companies to leverage the benefits of AI with far lower risk.