UX Design as Strategy in Banking and financial service
Time for Disruption
Digital banking is one of the highest demands of the financial industry. Today, the survival of a bank is impossible if it keeps its processes compromised at the cost of digitization. The banking industry got that characteristic that more than 50% of a product roadmap is full of regulatory or compliance evolutions like PSD2, GPDR…which leave a few spaces for the rest.
In all this phenomenon, user experience is the key player that helps the banks to engage with their customers tightly. But how can banks and financial services follow the digital evolution trend with that lack of agility in their process, most of the time a poor UX Design culture, and internal politics arm wrestling?
Here is the UX design strategy guide, which the leading Fintech solution provider companies follow for their customers’ maximum satisfaction.
Formulate the UX Strategy
The UX interface is not only the requirement until you are unaware of the experiences that your customers will have to interact with. Global experience is the key, from the Brand identity perception, the onboarding and acquisition, and all cross-channel touchpoints that will make your customer live a great experience. Benchmarking, shadowing, surveys, and analysis of competitors’ customer journeys like simulating the best financial players in the market would help you know the best practices of the market.
This is the matter of how you will gauge who is the best player. Yes, try to find reviews of their customers through different sources. Based on the latest UX trends, you should finalize the design of various interfaces.
Launch the defined UX design for testing
It is high time to go for research on how the customers feel about your design efforts. It will help you to test the psychology of your customers in terms of your banking product. Now, it is mandatory to make the valuable suggestions part of your UX design. The strategy may differ from company to company how they manage to help the potential/existing customers for getting feedback about the UX design. Knowing your customers (thanks to UX qualitative methods as a focus group and interviews) is crucial if you want to understand their needs and expectations and answer to them with concrete solutions that create value. Ask for call-center ticket reviews or banking agencies to find and dig the contact’s reasons.
Let’s speak the data! Monitoring the main KPI’s and based conclusions and solutions on data remains the best judge. Metrics like Net promoter score, Customer effort Service, System Usability scale, Time-on-task, or analytics must be the shepherd that guides you to a user-centric consideration. Strong CRM like Infor or Salesforce or other ERP system, give also another nudge to analyze and improve the customer experience.
In the Fintech industry, the end customer is the most crucial entity, and the start-up culture is a law which allows with the lean process, quick and efficient release and delivery. Without including the opinion of the most crucial entity, it looks insane to go ahead for online banking solutions, which is why the test and learn are vital. In this whole process, your marketing team may help you how to reach the potential audience effectively.
All-in-one place strategy
The comprehensive UX designers look into the bigger picture and use a comprehensive approach to build a holistic design. The design is an all-in-one place where all the needs of business management, marketing, human psychology, and banking trends are holistically catered to the end-user.
Various online banking solutions keep a higher involvement of your phone along with a web or mobile application. Now, this practice is being discouraged by making mobile/internet banking more secure. Even the deep learning algorithms recommend excellent products to its customers over different eCommerce platforms. In contrast, the experienced UX designer keeps space for such user engagements at a single place.
UX and Banking practices with a global reach
It is the biggest challenge for a bank to transform the customers of other banks to theirs. To overcome this gap, you should be focused on online banking that caters to the demands of the businesses that operate throughout the world. ECommerce and freelancing is the trend of the day, and various university graduates think to become entrepreneurs by taking advantage of such opportunities around the globe.
That’s why banking with a global reach is the focal point of the banking sector to cater to millennials’ demands. This is how you can crack into banking needs all over the world. PayPal is one of the best examples that actively looks into such needs of the day.
A complete digital UX
From account opening to doing microtransactions, the whole process must be digitized if banks think to marvel in digital strategy.
It is easy to grab the new potential consumers by making them familiar with the easy way to account opening and other banking transactions. In this digital era, it looks more hectic to physically reach a bank, and the few banks that have digitized all of their processes take margin over those who are not open to such an opportunity.
Now, the banks only take the edge of their online presence. The online banking is today’s best strategy to beat the competitors’ strategy.
The UX design plays an essential role as it should use the nationally integrated authentication process. By which, the willing customer should fulfill all the account opening requirements digitally.
Always more personalization
As already discussed in the all-in-one place features of online banking, banking can be made more personalized by benefiting artificial intelligence and machine learning. By these technologies, the bank’s AI virtual assistance will predict the users’ intentions with the help of big data and different artificial intelligence models. To get closer to their clients, banks are proposing agregator’s app as Personal Finance Manager, that permit to work on data analysis and affine their personalized cross-sell products.
This is the most required application to drive the banking experience more intelligent, secure, and user friendly.
Critical customer care through chat-bots
In the banking sector, critical customer care is the in-demand service to your service consumers. The online banking providers who lack customer care, have more threats even to lose their loyal customers who need services with 24/7 availability.
Machine learning offered the opportunity to provide customer support.
To save costs, chat-bots can be the resourceful entity to include in your online banking solutions. They can make the client-company relation far better on onboarding, or core banking activities.
The interactive design that pulls all the information from the user’s profile will reduce the human resource cost to a minimum and the customers’ headache of getting support over email or phone call. It is artificially intelligent to resolve the most frequently occurring queries of the customers very effectively in a conversational way or voice bots.
In the Fintech industry, a few frequently implemented UX design and online banking strategic practices help the financial institutions meet the maximum satisfaction of their customers. In the whole study, the UI/UX team must remain topnotch throughout the online banking solution development.
They should be able to align their capacities with the necessary experiences of the customers. Most of the time, a strategy is driven primarily by business results based on commissions, fees, and old cross-selling models, not on user valued services. Acquire Fintech or start-up to gain agility won’t genuinely make change all minds. For sure make evolving mentalities taking a huge decision is not so easy to do, and it needs courage and a real wish of transformation from C-Level, middle management till the simple employee. But inventing the future of consumer banking and digital payment goes through implementing a UX culture and being able to execute it.
These are indeed the biggest bank’s challenges if they want to last, win the trust of their customer, and re-earn their stripes.