By: Omar Arab, EVP Corporate Business at Veritran

The pandemic has shifted the way consumers interact with brands. Users are taking a more digital approach to complete the simplest task, from buying groceries online to using an app to connect with a physician.

This shift is also occurring in the financial services industry, where paper checks and the use of physical money is slowly becoming obsolete for many consumers. This presents a golden opportunity for banks to recruit more digital customers and foster long-term loyalty.

Improving the user experience now will pay dividends in the future.

Sophisticated artificial intelligence tools can help banks offer a customer-centric digital experience with modern characteristics such as financial consulting, which helps build customer confidence and loyalty.

But before AI or modern add-ons such as financial health features enter the digital playing field, banks must first obtain the right mind-set. For a superior user experience, they should place the customer front and center when developing or improving upon digital banking platforms.

PUTTING THE CUSTOMER FIRST: FUNDAMENTAL FOR GREAT UX

Client-centricity is perhaps the most important pillar in designing a note-worthy user experience for your digital customers. Veritran has recorded a 200% increase in digital transactions in the early months of the pandemic — with this sharp rise in online transactions and overall business migration to digital, a stellar user experience in digital banking is more important than ever.

Using the in-person banking experience is a great starting point when building UX for digital banking. Digital users should have a sense of belonging, just as they would receive from seeing a teller in-person at a local branch.

Client-centricity means remembering that behind each user is a person with their own thoughts and feelings. Understanding how users interact on digital channels is an essential first step of the UX design process. This discovery phase will help you understand what your customers are looking for in a digital banking app.

Once you have a solid understanding of who your customers are and what they want from your application, you can better take advantage of artificial intelligence.

AI: UPGRADING UX FOR A WORLD-CLASS EXPERIENCE

Artificial intelligence is an advantageous tool that can help institutions see patterns in user behavior and understand why customers make certain financial decisions. This deep level of understanding allows banks to offer a personalized experience and services to customers using digital channels.

Using AI in the digital banking space, along with traditional customer driven UX research, allows institutions to create robust user personas. These personas can then be used to tailor UX to individual users through platform customizations, automated notifications and other capabilities.

The stigma toward using AI is still somewhat skeptical, however, it is important to remember that AI is a key component to improving UX and creating deeper, more nuanced experiences. Without it, developers would be driving blind into the digital abyss.

LOYALTY BUILDING THROUGH FINANCIAL HEALTH OFFERINGS

By using a client-centric approach and AI, your bank is well-equipped to recognize and develop the features that are most important to users. This can include anything from frictionless digital onboarding processes to offering digital wallets.

Analytic tools to improve financial “health” are another area where AI and client-centricity come together to form a more wholesome user experience.

The combination of financial health tools in a digital banking app helps generate trust and loyalty for the institution on a long-term basis. It is an example of the mutually beneficial solutions that can be achieved by a first-class user experience.

To ensure that your financial institution makes the cut, use this three-tiered approach for developing your digital banking application.

 

Andy Tran