Digital‌ ‌for‌ ‌Finance‌ ‌-‌ ‌A‌ ‌Covid‌ ‌Advantage‌

The need for the digitization of the financial services sector has been apparent well before the pandemic with Fintech’s clearly indicating what is possible for competitive advantage. With COVID- 19 accelerating a digital path creation of customers, we look at how this transformation can spell out a more resilient and futuristic strategy for its various stakeholders. 

Mohita Jaiswal & Stuti Mazumdar

Digital for Finance – A Covid Advantage

The most obvious change due to the pandemic has been the swing to online-only models. Majority of banks have moved nearly all their interactions with customers to digital. While the use of financial apps and mobile banking services has increased by 72% in Europe as a result of lockdown.

As financial institutions are working towards a digital future the pandemic has created an environment to demonstrate what is possible. Investing in the right customer experience strategy is now key- to avoid customer disillusionment and mitigating credit and reputational risks.

We look at the emerging trends that would help financial leaders to navigate through the unprecedently shifts in human behavior and that which are demaning new ways of working for financial institutions.

Source: Research – Devere Group

 

The time for Digital UX in banking

Brick-and-mortar branches are getting increasingly obsolete and will no longer be essential for banking in the future as they compete with online experiences. While awareness of online banking is increasing, to remove a crucial touchpoint like in-person banking entirely would need the online counterpart to rapidly innovate. 

Banks are age-old institutions that hold trust, authority, and security at the very center of their existence. A crucial question would be on how can design translate these experiences in the digital world and disrupt the most traditional sector of our economy?

Insight for Designers:

Evoke a sense of ease and security through digital design to bring the same trust in decisions, deals, and transactions as in-person interactions.

 

Personalize experiences with a robust data strategy

Today, banks don’t want to just sell you more products, but want to understand what motivates and drives you so that they can help you in the most relevant manner… and have the data to do so. 

Finance is increasingly becoming dependent on technology to reach the right audience.

With a combination of AI and big data analysis, financial service providers are creating personalized campaigns and offerings. Design must take the onus to use the data wisely.

Insight for Designers:

Show restraint in personalization. While a tailored experience may keep a user delighted, crossing the line may make the user uncomfortable about how much the platform knows about him or her.

 

A seamless and coherent journey across touchpoints

We are no longer living in a world where users are kicked about just technology. Users are instead asking, “What’s in it for me?”. Design must add context and personalization to user journeys to make the product immediately relevant and shift focus back to the features, and not be swayed by the charm of technology.

Customer experience across digital touchpoints is being improved with the help of big data and user behavior. Right from the customer onboarding to cross-selling of financial products, interactions and processes on financial platforms are continuously being optimized for ease of use

Insight for Designers:

Rediscover efficient ways to capture the users’ needs, such as their spending behavior, and areas of interest to guide their journey and educate them.

 

Design for new-age Customer support experiences

With the advent of rapidly advancing technologies in the fray, an era of the informed consumer has begun, with evolving expectations to match. Customer experiences must catalyze financial well being and dispense financial advice, strategies, and support effectively and in a robust manner.

Channels of customer support including helplines, relationship management, and information disbursal need to evolve with increasing user awareness.

As customers increasingly make and analyze their financial documents and decisions themselves, customer support will need to cater to this change in user behavior by offering more value or risk of being outdated.

Insight for Designers:

Create intelligent designs for virtual assistants and bots, ensuring ease of self-service. Create digital journeys that encourage user education and discovery so that the users feel empowered.

 

Over longer-term, digital shifts would become a fundamental step in boosting profitability and returns in the sector. With an eye on disruptive technologies and focus on the right digital experience – this would become crucial to offer a fitting value proposition with the largest payoff.

Mohita Jaiswal

Mohita Jaiswal

Research, Strategy and Content consultant. With a master's from IIT Delhi, Mohita has diverse experience across domains of technical research, big data, leadership development and arts in education. Having a keen interest in the science of human behavior, she looks at enabling holistic learning experiences, working at the intersection of technology, design, and human psychology.

Stuti Mazumdar

Stuti Mazumdar

Experience Design Lead at Think Design, Stuti is a post graduate in Communication Design. She likes to work at the intersection of user experience and communication design to craft digital solutions that advance products and brands.

 

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