Best Banking CX / UX Articles of 2020
Let’s find out our TOP 10 banking CX / UX articles that got the most views in the past 2020.
all articles by Alex Kreger, financial UX Strategist/Founder of UX Design Agency
1. UX Guide: How to Create Simplest and Most Beautiful Banking Design in The World
In order to edge closer to our goal and make the complicated world of finance a better place for the user, we dared ourselves to create the simplest, most beautiful and delightful banking UI experience in the world, while maintaining the full-scale digital banking functionality at the same time.
Light Bank mobile banking concept has been awarded by globally famous international design awards such as International Design Awards (IDA), London Design Awards, A’Design Award, DNA Paris Design Award.
The Light Bank UX design concept was also nominated for one of the world’s biggest and most prestigious design awards─the iF Design Award 2019 and the Red Dot Award 2019.
2. Does Your Mindset Fit the Digital Age and How to Improve It
In the old days, it was all about numbers. It was enough to focus on your budget, reach, conversion and, of course, sales. The outdated approach implies that the client should be seduced, and it is necessary to convince them to use your service. This requires bright, interesting advertising, placed wherever possible and repeated as often as possible.
Today, it’s all about people. You can reach almost anyone with no cost using social networks, but do you have something the consumer actually needs? Something that solves their actual problem and provides a delightful user experience? If not, there will always be someone who can and will. Some experts call this The Age of Experience. To fit into the new conditions, a business must integrate customer-centricity at the level of mindset and culture.
3. UX Case Study: How to Create a Super App
The definition of a super app first appeared in Mike Lazaridis’ statement in 2010. A super app is an app that delivers a compelling user experience by leveraging the unique capabilities of the platform.
Unlike mono applications that offer one function in the most convenient and understandable format, the super app advantage is in building an ecosystem capable of providing a solution for different consumer needs. Such a platform collects a large amount of data about users and increases personalization and the speed of customer engagement on this basis.
The presence of a large number of products and the flow of big data passing through the bank can become a promising basis for building a highly personalized banking ecosystem around a specific user. One of the biggest challenges is how to create and develop a banking ecosystem that could organically deliver dozens of products with the possibility to scale up into the bank-as-a-platform in the future.
This digital banking CX case study is aiming to create a motivation for the digital banks, as well as the traditional players, to strive for even better financial experiences for their users.
4. Master Digital Transformation with the Financial UX Design Methodology
Over a period of 10 years, we have tested and put into practice more than 100 UX design methods and techniques. Based on results and insights gained, we developed our own unique Financial UX Design methodology.
UXDA’s Workflow Pyramid is based on three complementary approaches: Design thinking, BUP (Business, User, Product) frame and UX design tools. Design thinking provides a methodical, iterative approach to explore and serve the key user needs. To ensure overall success, it’s not enough to think solely about the product. We have to take into account the interaction between business, users and the product, defining the possibilities and benefits of each. BUP frame allows us to do that. And, finally, UX design tools provide the best way to execute the whole process of Design thinking and the BUP approach, ensuring effective results-based financial product transformation.
5. Case Study: World’s First Mixed Reality VR / AR Banking UX/UI Design Concept
True mixed reality potential lies far beyond games; it’s a new digital platform that provides a revolutionary user experience. VR and AR technologies will merge digital content with the real world to create one constant reality.
VR/AR’s power to create an exceptional user experience is still undiscovered, which is why’ we took on the challenge to demonstrate how this kind of future banking would work. Let us introduce you to the first mixed-reality banking concept that includes virtual reality banking, augmented reality banking, tablet, desktop, wearable and mobile banking.
To create mixed-reality banking solutions, we need to develop technology that’s behind VR/AR, but the main success factor is still all about the user experience. First, we need to explore VR/AR features to understand how it affects user expectations, needs and behavior in mixed reality.
6. Ten Financial UX Design Trends of 2021 that will Transform Digital Banking
This is NOT another article covering such 2021 UI design trends as background blur, 3D elements, vivid colors, brutal fonts, etc. The goal of this article is to go beyond the surface level. Dive deep into the true impact that design has on the financial industry.
What makes a great digital banking CX and finance design? When it comes to a field as specific as finance, the ability to design interface elements accounts for only a minor part of required competence! Truly great financial products are based on great usability in sync with specific user needs inside a well-developed digital ecosystem.
The world is rapidly changing, and so is the financial industry. Customer expectations are growing along with the necessity to satisfy them. We have highlighted 10 design trends that demonstrate the power financial design has in shaping the future of banking products.
7. UX Design Case Study: Complete Banking Back-Office Transformation
A banking software vendor company, ITTI Digital, has undergone a massive transformation. They partnered with UXDA to completely reinvent a 15-year-old core-banking solution. This transformation has ensured a dramatic increase in banking’s service speed, employee productivity and customer satisfaction. The learning curve of banking employees has been reduced from several weeks to a few hours. Also, the potential for costly human errors has been significantly decreased. The new core banking solution has provided ITTI Digital with the opportunity to expand in the global market.
The impact of an outdated back office is much stronger than it seems at the outset. It drastically reduces the speed, quality and value customer service could provide. But, most importantly, such core banking solutions demonstrate to banking employees that a modern digital approach is not valued. Thus, despite fancy-looking customer solutions, the inner culture is often negatively impacted by a lack of human-centered solutions.
With ITTI Digital’s permission, we are sharing an exclusive step-by-step case study on designing a next-generation banking back office that will definitely become a game-changer in the industry.
8. Five Emerging Digital Age Challenges that Businesses can Tackle with the Power of UX
When it comes to banking, 75% of banking customers feel that their bank’s performance falls short on their financial goals, according to a study by Segmint. And according to Statista, the number of complaints about banking services in the UK alone exceeded 2 million in 2019 while according to Esteban Kolsky research, only 1 out of 26 unhappy customers complain and the rest churn.
From our experience, creating a product with the main focus on its features, marketing goals and profitability results in customer rejection and failure. At the same time, many financial companies believe this is the right approach to creating digital products. As stats show, 80% of CEOs believe they deliver a superior experience, while only 8% of customers agree with that, according to Bain & Company.
The digital age has opened more opportunities than ever before for development and growth. This challenges the banks to adopt a new mindset, business approach and innovative technologies to take their services to the next level. Success in tackling these challenges relies on customer trust and loyalty. How can you become a beloved digital brand that provides exceptional user experience and establishes emotional connection with your clients?
9. UX design raised the Banking App Rating from 2,8 to 4,7 in Six Months
The BOJ initial app’s Google Play rating was 2.8 stars out of 5. People were excessively complaining about its complexity, outdated look and overall inconvenience. If we take a look at the user reviews we have saved from Google Play, we see that users share their frustration with words like “PLZ update it to a totally new one” or “remove it forever.” “Better to keep users from a heart attack while using it” or “Soo baad. If there is less than one star I will choose it.”
It took six months for the Bank of Jordan’s mobile banking app to go from a 2.8 to 4.7 star rating on Google Play. In a step-by-step UX case study, we guide you through this unique digital transformation that completely changed the way so many people view their banking.
10. UX Dos and Don’ts: Next 5 Ideas to Boost the Customer Experience Instantly
Is it possible to improve the customer experience of a financial app in just a few days? You can instantly increase the overall user satisfaction by easing their most common struggles. In our four-article series, we guide you through 20 examples that demonstrate how you can detect improvement points using the power of financial UX design, and achieve great results with little effort.
To guide you through real-life examples, our UX architects extracted 20 of the most interesting UI banking app examples from our unique 200+ financial solutions database, which includes BFSI financial products from Europe and the US.
These 20 examples clearly demonstrate the dos and don’ts leading to a great financial customer experience. We have added a detailed description of each of these examples so you can understand where the problem lies and what exact steps you need to take in order to simplify this pain and turn it into a pleasant experience in your own financial product design.
