User experience (UX) matters for financial brands, and their customer-facing tools, services, and resources. Focusing on UX gives brands an opportunity to add value to their offerings in a way that matches the brand profile, creating a distinctive competitive edge against other financial brands, some of whom may be offering similar products and platforms.
Why Worry about UX?
UX plays into not just how customers interact with these offerings, but whether or not they will seek out what a financial brand is sharing — and whether or not they will stick with it.
Think about a mobile banking app: if it’s easy to use and does everything a customer wants, they will use it regularly and be more open to other services the bank rolls out. On the other hand, if a mobile app has a clunky, annoying interface, or – worse yet – the bank doesn’t even have a mobile app, what would stop a client from switching to the bank with the better app?
UX does not necessarily mean having a product or platform that is packed full of features to try to keep everyone happy. A design that is less complicated, but does exactly what it is supposed to do, and does it well, can actually be a better choice.
How UX is Different in the Financial Industry
User experience engineering is different in every industry. Financial brands need to consider branding, marketing, and design, like any other industry, but the financial functions of each tool and how it relates to UX are equally important.
Marrying financial psychology and user experience engineering ensures that a financial brand’s tech doesn’t just look good, but appeals to customer emotions and financial behavior for lasting impact.
Automated user interaction platforms like chatbots, voice recognition, and voice activation may have a place in UX within the financial industry. It’s important to note, however, that especially for high wealth clients, the value of talking to a real person and not a robot (or perceived robot) should be considered.
A financial brand’s use of forward-facing automated interaction depends on the clientele. A good UX strategy will accommodate this. Still, automated interaction can happen behind the scenes, with software and tools to personalize experiences.
It’s possible – and, for many clients, desirable – to do all of one’s banking and access every financial service digitally. Gone are the days of walking into the bank to meet with an advisor in person! Today’s financial clients want quick and easy self-service as much as possible.
With a strong UX strategy, your financial brand can be the one providing your clients with exactly that. Keep your clients happy by giving the UX the attention it deserves.
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