Part 1 of 3: Through the Eyes of the Developer: The Importance of UI / UX and Your Digital Banking Platform
Why a Prudent UI/UX Strategy is Key
Bank tellers have existed since the dawn of banks and credit unions, to perform transactions but also to assist account holders with financial advice and to suggest new products and services. That said, professions that have come about in the 'digital age' are relatively young and seemingly always evolving with the changing market and user behavior. UI (user interface) and UX (user experience) strategies are now more important than ever to complement the traditional branch experience and expand engagement into the digital channels.
The Digital Age
Before the digital age, attractive welcome packets, inviting branches and a friendly greeting were direct representations of how to influence the way your account holders feel. Nowadays, the vast majority of interactions are digital, so it goes without saying that that same attention to detail and level of personalization needs to translate into the digital space. A positive or negative digital user experience is one of the main influences around a consumer's loyalty to a brand, as well as the level of trust they place with them. Many times today, the only chance a business or financial institution has to win someone’s patronage is through a digital channel and without any in-person exchanges.
Much of this may seem as though I'm stating the obvious, but it's important for financial institutions to say more than "digital is important to us." Instead, it’s critical for FIs to make digital a fundamental and cornerstone value that they treat with as much respect as any other product or service they provide. With so much third-party usage, a lot of UI/UX feels outsourced, which is why it's vital to work with partners that share your customer experience vision and can adapt to deliver exactly what your account holders want and need.
Poor Design = Potential Consequences
In addition to meeting users' needs and providing a positive digital experience, there are some other major benefits that come with taking a deep vested interest in your digital footprint. Recently, a major financial institution was ordered by a judge to return hundreds of millions of dollars to creditors due to a poor UI design - the back office wasn't intuitive or clear enough, causing transaction processing errors. This is just one of the many ways that demonstrate the importance of taking extreme care of your UI and associated processes to prevent unintended actions and mistakes, and to proactively avoid the potential fallouts that may result.
Delivering a Great User Experience
With all this said, how do you ensure users receive a great experience? In a future article, I will focus on building an effective UI/UX strategy, but at its core, there are 3 tips to remember today:
- Listen to your user base
- Provide them digital access to services commonly offered in the branch
- Partner with vendors that value UX
These core fundamentals can help to ensure your users' happiness, while building engagement and institutional loyalty. For true success though, UI/UX must be an organizational-level pillar and a part of the culture of everything you do digitally.
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