Many organizations still feel that focusing on user experience (UX) is a luxury; in the financial sector, much greater importance is attached to security and functionality. While these are important, the value of a positive UX should not be underestimated.
A Forrester report, The six steps to justify a better UX, have suggested that a well-designed user interface (UI) can increase conversion rates by up to 200% and that a good UX can improve those rates by 400%. It’s time for banks and other financial institutions to recognize that UX is not a luxury, it’s essential for business success in the modern world.
Customer expectations are rising
The rise of e-commerce, social media designed to drive engagement, and intuitive online communication tools have increased people’s expectations of online services. The growth of challenger neobanks and digital wealth services has been driven by meeting these expectations. This in turn has put pressure on more traditional financial institutions. At this point, creating a “good enough” online service is no longer good enough. Frustrating or complex online processes, communication breakdowns between the online and offline world, or apps and websites that regularly fail, crash, or require users to call or visit a branch are no longer tolerated. It’s not just that consumers are now used to organizing everything online, from their weekly shop to their annual holiday, it’s that the challenger brands have proven that this high level of service is possible even in an industry where safety and regulatory requirements are high.
Understand the cost of inaction
In the digital world, ignoring user requirements can come at a high cost. Challenger brands are increasingly accepted as a viable alternative to a traditional bank. Once dismissed as a risky alternative or the preserve of young people, these challengers are now established players and these young customers are growing up and looking beyond traditional banks for mortgages, savings and more. At the same time, the pandemic has increased the use of online services and heightened expectations for customers of all ages. There is no turning back and it is imperative that banks act quickly to catch up.
Putting users at the heart of digital banking
It may seem that putting the customer at the heart of digital banking is a more qualitative and less commercial goal, but the Forrester report suggests the opposite is true. The report highlights that every dollar invested in UX generates a return of $100.
It shows that the stakes are high and the rewards are significant. This is why UX has such a priority in CREALOGIX. We have developed a User Experience Framework (UXF) to facilitate, organize and accelerate digital projects, governance of user interface components and alignment between business and technology. UXF provides a seamless user experience for a secure and easy-to-use digital bank that meets high consumer expectations. The solution is customizable for a range of financial products and brands, making it faster and easier for financial institutions to innovate to keep pace with competitors and customer expectations. Additionally, the advanced toolkit for accelerated UX design and development can help banks and wealth management companies put their customers at the heart of their digital solution. In a digital world, UX isn’t just about an app with a cool design (UI), it’s about providing premium UX that not only meets but exceeds customer expectations, builds customer loyalty and supports business growth .
Also take a look at our recently published article infographicswhere we focus on the importance of UX and how banks can accelerate their business by improving UX.