User experience shapes the products and services we use daily and can make or break the success of a business or brand. In the digital world, where everything is shifting online. Why should I stand in a queue when I can complete my transactions via online banking. But we have already moved a step ahead of it. Rather than using traditional bank applications, we are now shifting to digital wallets, UPIs, card payments, and much more such ways where making payments is just a click away. Banks have to raise their bid, and only creating a delightful user experience can do that.
Importance of UX in Banking
- Everything is digital
The majority of the financial transactions these days are placed via some form of digital payment, be it through credit card, debit card, mobile wallets, net banking, or UPI. The need for efficiently designed financial solutions is higher than it has ever been. But the existing traditional banking interfaces are outdated compared to the modernized solutions offered by FinTech companies.
- UX is the differentiator to improve customer retention
Banks have traditionally fared very well without needing to overextend themselves when it comes to user experience. However, banks are beginning to see the signs of danger. Millennials seek innovation and convenience, and they and are ready to switch to financial institutions that provide that. Having a user-friendly application is the most important factor to retain existing customers and even attract new customers. Seamless user experience isn’t just a benefit in the user’s mind; it’s the new standard.
- Solve both the user’s problem and the banks.
Most banks have come a long way, but still, their apps are designed in favor of the bank rather than customers. People working for banks deal with finances every day and have a clear understanding of how finances work, but the same doesn’t hold for their end-user, for which banking is a complex and often confusing task. Banks need to empathize more with their users and design apps that not just offer to the bank but also teach their customers how to make smarter financial decisions
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