CEC Bank, the oldest financial institution in Romania, is pioneering the use of low-code application development in the banking sector, with the launch of business current account packages that SMEs and sole traders can register for and manage 100% online.
This is the latest app development by CEC Bank using Aurachain’s low code application platform and comes at a time when SMEs are increasingly interested in accessing online banking services. Research by Pay.UK shows that 34% of SMEs chose advanced digital features as the most important banking factor when looking to switch accounts. CEC Bank’s acceleration in digital transformation could set a standard for other banks to follow suit.
The low-code app allows CEC Bank SME customers to open an account remotely by scanning and uploading relevant documentation and their business’ registration certificate to the CEC Bank platform. A video call is then required to confirm the identity of the legal representative and the final account contract is signed electronically.
This project comes as part of CEC Bank’s wider move towards digitalisation which includes several pioneering low-code digital transformation projects developed in partnership with Aurachain. These include a system for monitoring and maintenance of the bank’s ATM and POS fleet and plans to launch an online trade finance solution for SMEs.
Bogdan Neacsu, General Manager of CEC Bank, said: “The partnership with Aurachain allows CEC Bank to continue its digital transformation and align with the best available technologies worldwide.”
The low-code development platform provided by Aurachain, allows developers and business sponsors to work collaboratively on the development of software applications. Minimal code intervention and a visual approach using drag and drop interfaces to construct the app from a range of elements such as database connections, other software applications and logic elements, and even blockchain implementations.
All three projects will be implemented this year and come in addition to digitalization initiatives already launched by CEC Bank for private individuals such as online opening of accounts and online personal loans available through CEC Bank’s virtual store.
Adela Wiener, CEO of Aurachain, said: “Low-code helps financial services organisations achieve an unprecedented speed of digitalisation, as most applications can be built with reduced need for coding. Business sponsors, analysts and tech teams, can work more effectively to achieve a scalable enterprise apps which until recently, were mainly the territory of legacy systems. CEC Bank is a great example of a bank taking a revolutionary approach to significantly improve customer experience. And this is where we bring value.”