In today’s rapidly changing technology environment, companies must work harder to improve customer engagement, and brand awareness, and find new sources of revenue.
In a digitally driven world, using the most advanced techniques without investing huge amounts of time and financial resources is important!
A top-notch user experience (UX) measures a digital product’s effectiveness. A fast and user-friendly website or mobile application has become a sine qua non for surviving in a competitive environment.
Mobile First
In 2010, web designer Luke Wroblewski put forward the concept of Mobile First development. He suggested creating UI and UX first for the mobile version, and only then for the desktop version. Although many were skeptical about this approach, it remains one of the main trends in Financial UX/UI Design.
Just a few years ago, mobile applications were just an addition to online banks, and their functionality was strictly limited. Now, many companies have shifted their entire focus to applications and mobile versions of websites. People are increasingly accessing the Internet from their phones, which is confirmed by statistics.
Starling Bank was founded in the UK back in 2014 and provides services only through mobile applications. Clients receive instant notifications about transactions, can freeze cards, and quickly send money to family and friends. The application can be used through Amazon’s voice service. In addition, Starling Bank provides transaction reports broken down by category and tips on where to save.
Personalization is important
Companies are trying to be closer to customers: they switch to first-name communication, communicate in simple and understandable language, take an interest in their preferences, and emojis are more common in chats. All this brings the company and the user closer together. Banks are moving away from standard questionnaires to more informal methods: “Hi! How are you? Next, the questions are asked in a conversational form: “Can you please select the type of your government ID Card?”
In 2018, the consulting company The Boston Consulting Group published a study on the topic of personalization in the global retail banking market, where it highlighted the development of digital technologies and personalization as the main trends. By analyzing customers, their preferences, and needs, banks can develop individual offers and build more effective policies.
Voice assistants
UX developers of fintech projects are actively implementing tools for voice communication with the client. Voice assistants can recognize and interpret user requests, ask questions and chat on various topics.
The voice assistant can not only advise the client, but also independently make money transfers or, for example, book a table in a restaurant and sign up the client for a beauty salon. In the future, the assistant will be taught to recognize the client’s mood and change the tone of communication from formal to friendly.
In Cambodia, where the Cashwagon platform is also available, the illiterate population makes up a large percentage. Therefore, they added voice messages throughout the landing page: if the client cannot read, he can listen to them and call the office – managers will fill out the application for him.
Blockchain technology
One of the most exciting topics is the advancement of blockchain technology, which enables safe, transparent, and tamper-proof transactions. This makes it perfect for financial applications.
There is now a significant stumbling obstacle to using this technology in many regions of the world. Before beginning to design a blockchain-based platform, developers should research financial rules such as RegTech solutions, and anti-money laundering (AML) and guarantee that the product conforms with them.
These regulations are specific to each country and define the requirements for using blockchain in that location. Take cryptocurrencies as an example. Cryptocurrency trade is legal and regulated in some countries, including Canada and Singapore. At the same time, China has imposed a complete ban on the use of digital currencies.
Conclusion
Users of digital services always expect more. To succeed, companies need to constantly update and implement personalized experiences across various channels, as well as use innovative approaches to attract and retain customers. The most appropriate is the integration of UX design.
Customers can now change services faster than ever. This is why banks must focus more on customers and develop reliable online services for them.
