Banking Future Is In Creating A Well-Designed User Experience

In today’s world, the modern digital wave has touched almost every industry — be it local or international. The banking sector too has adapted to digitization as nowadays, customers look for an enhanced digital banking experience while choosing their banks. According to a report by LinkedIn on future trends of digital banking UX design, customers are taking the virtual route for all the principal banking activities. 88% of users go online to check balance, while a good 58% rely on the digital avenue for bill payments and money transfers. They also use online banking for studying transaction history as well as for branch & ATM map. Thus, it’s getting increasingly crucial for the banks to forward a convenient, pragmatic and well-designed UX online. The key to such fulfilling UX lies in a simple, exciting and most importantly intuitive digital interaction which personalizes customer service & account onboarding.

So, what are the futuristic trends to create a well-designed user experience in digital banking? Well, here are some expert insights for you!

Simplicity Is The Key

“Intuitive digital interaction” is really important to ensure a better experience and simplicity is essential to facilitate that. The smart UX designers always focus on simple elements & lines, minimal copy, clear icons & a smooth flow. Your customers want a suitable platform where they won’t have to waste hours or ask for help to navigate through the banking activities. You have to make it as user-friendly as possible, so that they can get the job done and quickly move on to other important activities. Most of the experts emphasize on the need to implement great micro-interactions in the digital platform in order to create a dynamic UX.

Instant Authorization

It’s a busy world today and every moment counts. One of the latest trends in online banking UX is instant authorization — without compromising with safety. The old world password protection is still there, but the UX experts are also stressing on biometrics for banking. It assures instant authorization to use banking services. The biometric system will scan your facial features immediately and offer access in the blink of an eye! The process is a lot faster than typing a complicated password. Also, you won’t have to take the trouble of answering those security questions if you forget the password. Undoubtedly, Biometric scanning is perhaps the most secure way of protecting passwords as the possibility of hacking is almost nil.

Main Dashboard Should Be Easy-To-Use & Appropriately Informative

Another way to improve online banking UX is to focus on having an easily operable dashboard that can clearly convey the necessary information in short. The user should get his principal banking information from the main dashboard only so that he doesn’t have to waste time in unnecessarily browsing through the sections on the website. Added to the display of overall balance, the dashboard must also feature the user’s latest financial notifications & transactions. But what about those with several accounts in the same bank? Well, UX designers today are offering an intuitive switching in between the accounts through cool swipes on the main dashboard only.

Mobile-first approach

With 70% of online activities taking place via smartphones today, a mobile-first approach is required for improved digital banking UX. The UX designers are constantly trying to achieve a responsive user experience to help the users go through the bank details and manage their accounts from their mobile devices in a hassle-free way. Several banking apps have been developed which are gaining popularity among the masses. In the near future, the stress would be on aligning the digital platform with wearable and VR solutions.

AI-based UX

This is certainly one of the most important ways to enhance UX in online banking in the upcoming times. As per the sources, Artificial Intelligence is fast become a defining force in bank activities. So, with online banking becoming the first choice of most of the customers, the same is especially relevant for digital banking UX. It’s all about making things more personalized for the users to make him or her feel more special. Every customer must feel that he or she is being attended well by the concerned bank. A personalized care is one of the fundamental principles for achieving 100% user satisfaction. With an AI-based digital banking platform, banks would be able to allot personal bot assistants to each customer. These bots will guide and assist them in their required banking activities and transactions. For example, the AI bot can help a customer with possible savings opportunities based on his or her spending history and available balance.

With the various methods stated above, you can efficiently create a remarkably well-designed user experience. But only you can be the best judge when it comes to deciding which strategy to adopt and which one to discard. Needless to say, each customer has his or her own specific needs. For example, while some customers might get impressed with biometric scanning, some might be more comfortable with the old system of password security. But even then, with increased instances of cyber-crime today, most would go for the new and advanced system of biometric scanning. So, it may be concluded that if you try out new trends and strategies and then stick to the ones which work best for your concerned customers, then you can smartly create a well-designed user experience in no time!