How Can UX Design Break or Make the FinTech and Banking Brands?
Consumers expect digital banking products to solve their problems and make their lives easier. 63% of consumers state that the best brand is the one that succeeds in meeting their expectations, according to a study by Don Norman, an IT researcher, professor, and author. However, only 19% of companies have UX specialists familiar with fintech, and 69% of the customers who planned to leave their banks said they were leaving because of poor customer experiences rather than poor products. Therefore, building a solid team of in-house or outsourced fintech UX/CX experts is the first step to establishing a financial brand that can offer what the customer wants. It is in a company’s best interest to educate organizations to know their customer’s needs to ensure that the process meets the client’s expectations. If top executives actively contribute to raising the brand’s value by supporting a customer-centered strategy in the services and products they offer, they will help solidify customer loyalty.
The UX team’s mission is to integrate a design thinking approach deep into the operational and strategic processes of a company, ensuring the financial solutions match the user’s needs and expectations.
Redpoint Global found three key areas where financial brands fail to meet consumer expectations based on their survey.
Consumers felt the following:
23% of banks understand their customer’s expectations.
23% of banks did a good job personalizing the consumer’s experience.
28% of banks provided a consistent omnichannel experience
These are dismal results however all is not lost!
Financial UX Action Plan
Because 53% of wealth management clients view digital as the #1 factor influencing their client service experience, banks must listen to their clients to create financial solutions that customers want to satisfy their needs. Creating products that primarily focus on market share and profitability (which is the traditional approach financial companies have used to create products) in the long run has a higher probability of losing customers to a competitor financial institution. There is a consistent gap between companies that believe they are delivering an optimal consumer experience versus what they are surprised to learn when their customers are actually polled. It’s critical to listen to the consumers’ needs and instill a customer-focused culture. In fact, 76% of the customers expect their financial institution to understand their needs. If they are not satisfied, they will begin to look for providers that can regardless of previous bank loyalty. Research also shows that a customer will choose products and services based on their lifestyle and at times, an emotional connection between the brand and its customers is created and becomes the critical factor determining brand loyalty. There are five things that financial companies can do now to ensure customer satisfaction:- Focus on customers’ needs by creating a customer-focused mindset at every level of the company.
- Understand what motivates the customer to use certain products and services by gathering digital and offline data along the consumer’s journey.
- Embrace a culture that is customer obsessed by taking the quality of customer experience to a new level.
- Focus on the emotional components of the consumer’s journey to build relationships that create brand loyalty.
- Integrate customer experience-based methodology in every department of a company from product development, quality assurance, marketing, sales, and product distribution.
Consumerization of the User Experience
Best-in-class websites & applications help drive a positive user experience. In terms of design, we experience it daily in our personal lives as consumers.Optimal digital experiences are designed to:
- Be interactive and an enriching experience.
- Have a personalization built upon user wants and desires.
- Minimize the need for excessive clicking and screen manipulation.
Payoda, UX Design, and Business Impact
Payoda goes into great depth to transform Fintech UX design from conjecture to positive user experiences. Payoda’s user-centered strategy has been honed and proven to provide measurable business impacts. We understand that customer-focused businesses enjoy higher revenue multiples, have greater customer loyalty and have a more satisfied and empowered workforce than their competitors who are not customer-focused. Come and visit Payoda Technology and speak to one of our experts to learn more about how you can create a customer-focused culture at your enterprise for maximum business impact.Let’s Talk!
