Hi! Click one of our member below to chat on WhatsApp
The world of finance has been revolutionized by digital technology over the past decade. Whereas once, online banking was strictly a niche activity, used by early adopters, it is now a standard and established part of how the world manages money. As customers grow used to instant access to their banking, their user experience must move from simply ‘connected’ to ‘seamless’.
The digital revolution in banking has
been driven by two things.
Firstly, as digital technology has taken over every part of our lives, the need for integrated financial systems has driven innovation. Platforms such as Amazon or Uber simply could not work without easy and intuitive online payment options. The technologies demanded by constantly emerging new products have supported a wider set of innovations within the growing fintech sector.
Secondly, as customers have used these technologies more, their expectations about what a good banking experience is have changed too. A whole new generation of customers now has an absolute expectation that processes will be speedy, secure, intuitive and integrated with other aspects of their lives. Opening a new account should feel like a pleasure rather than an ordeal. A payment made from one account to another should appear instantly. Security checks should be robust but not intrusive.
Taken together, these two related changes, – technical innovation and rising customer expectations, have created an operating environment where banks need to develop new and ever more intuitive approaches to delivering on the needs of customers.
At the heart of any effective online finance platform is user experience. It is no longer enough to simply offer a digital version of a traditional analogue service to your banking customers. Instead, you need to offer them a tool which fully integrates with their lives, which uses data and contact points to build customer experience and brand loyalty. That is at the heart of creating a great user experience.
We asked our team what the six most important features were that banks should bear in mind when designing world-class user experiences for their customers.
Remove Friction
First and foremost, the customer experience has to be seamless. Any friction in your processes needs to be removed because modern consumers simply will not tolerate it. This lack of friction can only be built by ensuring that you have a deep level of understanding when it comes to the individual needs and requirements of customers. You cannot remove bumps in the road, without first understanding from the customer’s point of view, what those bumps are.
Gather and Use the Data
The level of insight you need to build a great customer experience comes from the intelligent capture and use of data. If you use the data that your platforms generate intelligently, then it allows you to personalize the customer experience, to offer products and solutions which are relevant to the individual customer using your service.
This provides digitally active banks with an enormous opportunity to create personalized customer experiences, and to make every user feel valued.
Ruthlessly Simplify
The best applications are designed for simplicity. Every process needs to be reduced to the fewest number of clicks or steps. Display screens and options should always be simple, clear and uncluttered. Anyone using the platform ought to be able to work out the correct steps first time and every time.
Redefine Purpose
A great quality digital finance platform is not only about finance. It is about lifestyle. Making a payment, or buying a product is not simply a transaction. It is a key part of the everyday life of the user. This is something that cannot be forgotten when designing great user experiences. Online banking is not an end in itself – it is usually done as a means to achieve something else.
This provides an opportunity for you to learn more about what your customers are interested in, what they see as being important in their lives. That in turn allows you to build products and processes which reflect and respond to those needs.
Great Design
Design is not only about how a product looks. It is also about how it works. The best design starts with your users and is built around them. The most effective strategy is not to focus on what you do as a business, but instead to focus on what they need as customers. Fundamentally, your customers want something which understands and responds to their needs, and which is clear, simple, secure and trusted.
Never Forget the Human
Finally, remember that a great user experience is not just about the technology. Customers also want great customer service. In fact, increasingly, it is not the quality of the products which differentiates banks, but the quality and accessibility of the support. Remember, it is now easier than ever to switch your bank to a different provider. One poor experience is often enough to get the customer to click the button which triggers that option.
Remove Friction
First and foremost, the customer experience has to be seamless. Any friction in your processes needs to be removed because modern consumers simply will not tolerate it. This lack of friction can only be built by ensuring that you have a deep level of understanding when it comes to the individual needs and requirements of customers. You cannot remove bumps in the road, without first understanding from the customer’s point of view, what those bumps are.
Gather and Use the Data
The level of insight you need to build a great customer experience comes from the intelligent capture and use of data. If you use the data that your platforms generate intelligently, then it allows you to personalize the customer experience, to offer products and solutions which are relevant to the individual customer using your service.
This provides digitally active banks with an enormous opportunity to create personalized customer experiences, and to make every user feel valued.
Ruthlessly Simplify
The best applications are designed for simplicity. Every process needs to be reduced to the fewest number of clicks or steps. Display screens and options should always be simple, clear and uncluttered. Anyone using the platform ought to be able to work out the correct steps first time and every time.
Redefine Purpose
A great quality digital finance platform is not only about finance. It is about lifestyle. Making a payment, or buying a product is not simply a transaction. It is a key part of the everyday life of the user. This is something that cannot be forgotten when designing great user experiences. Online banking is not an end in itself – it is usually done as a means to achieve something else.
This provides an opportunity for you to learn more about what your customers are interested in, what they see as being important in their lives. That in turn allows you to build products and processes which reflect and respond to those needs.
Great Design
Design is not only about how a product looks. It is also about how it works. The best design starts with your users and is built around them. The most effective strategy is not to focus on what you do as a business, but instead to focus on what they need as customers. Fundamentally, your customers want something which understands and responds to their needs, and which is clear, simple, secure and trusted.
Never Forget the Human
Finally, remember that a great user experience is not just about the technology. Customers also want great customer service. In fact, increasingly, it is not the quality of the products which differentiates banks, but the quality and accessibility of the support. Remember, it is now easier than ever to switch your bank to a different provider. One poor experience is often enough to get the customer to click the button which triggers that option.
At SPARK we specialize in building great user experiences for our clients in the world of banking and finance. We have already worked with banks like Ithmaar Bank and Meem to build world-class user experiences for their customers. We start with understanding customer needs, and then design products and processes which are simple, secure, intuitive and effective.
To learn more about how we can help you build great user experiences, get in touch.
Have a project in mind? Want to discuss your business challenges? Get in touch with our experts.
