What Are the Top Three (2018) UX Trends in the Banking Sector?

Archana Chowty
Sep 3, 2018 · 4 min read

Banks are slowly but steadily realizing the value of good user experience and most are turning to agencies to revamp their digital experience. The need to meet the millennial’s expectations is driving them towards digital renovation. The old style of banking is not really appealing to the young customers who want a quick, easy and hassle-free customer experience. They want everything to be at their fingertips, and they want the bank to come to them rather than they go to the back, unlike the conventional mode.

Banking trends

There is a big shift in the way we relate/work with banks today than our previous generation did. We hardly go to the bank to do any banking activity, most of it is done online, through mobile, only as a last resort we will go to a bank if we are left with no choice. So going to a bank is not even a choice for today’s young customers.

Addressing this paradigm shift is not easy with conventional mode of functioning. It needs a major digitization of the bank’s legacy system from their application form to approval time. Let’s look at the top three trends which I have categorized for the ease of understanding:

Design Trends

The design obviously is mobile first. Keeping mobile as the first interaction touch point for banking changes the way we look at content, design, and interaction. Banking redesign is including more visual based process diagrams that indicate the flow and time taken to complete a task, tables to showcase content in easily understandable manner, generic queries are all taken care in FAQs page using various content formats. Prominent display of statistics (numbers of customers, loan amount sanctioned, branch numbers etc.) as a persuasion technique to build credibility. The design is more affirming, trust building, empathetic and user-centered.

Content trends

With shrinking screen size, reduced attention span, the need to provide the right content, at the right time, the right context is challenging content design in more than one way. Before even creating content, to come up with the content strategy that defines a clear roadmap for content is key.

The content first design is a necessity rather than an option to get the experience right. Content is crisp, simple and straightforward. Say what you need to say without wasting too many words. After all, it’s a mobile world we live in. Most of the banks have moved away from a lot of marketing content like why you need a loan? What is a specific (wedding)loan?

Users know what loan they are looking for. You don’t need to tell them what is a loan. Content is grouped into categories that users understand. Example, A loan page will have an overview, eligibility, documents, fees & charges, calculators, FAQs. Basically, these are the content needs of bank users. These categories help users find information easily without really wasting time to go through multiple pages. It is upfront and clearly categorized.

Most important part of the content design is to ensure there is no corporate/banking jargon used in the content. Why use words like term, avail, disbursement when you can just use simple words like a period for terms, get for avail, etc. Making content simple and meaningful to users is the key in content design. Empowering users with content that helps them take a right decision is a most followed content trend in the banking sites.

Banks are also providing additional loan guides, contact numbers, email IDs to help users connect in times of emergency. A personal touch in the digital world is established through these features to connect back.

New Banking features/functionalities

Customer needs are always evolving. To meet the expectations of evolving users needs demands a good planning during the design phase itself. The need to compare loans, understanding the Equated Monthly Installment (EMI) amount, loan period, interest rate, how the interest rate works, loan options are all emerging needs of customers. Banking sites have included various calculators to help users plan their loan.

Instead of simple Apply Now button, View more, View all buttons, you see contextual Call to Action Buttons (CTAs) in the place of Apply Now button, example, check my fit, I am interested, Get my loan etc. Every interaction on the banking websites is talking to the users directly like the way it happens in a real (physical) bank. There is a human touch in every interaction making it more engaging and trustworthy.

These trends are appreciation worthy as they are making a customer’s life easy by providing relevant, specific and useful information. Whether you like it or not, banking is an integral part of our lives and no one can do away without knowing it. When banking is simplified, one core aspect of our life is also simplified. I am for any design that simplifies and eases the pressure out of our daily life.

NYC Design

A publication for designers in New York and followers all around the world. Design thinking is what makes us write here on Medium to share with the designers of the world.

Archana Chowty

Written by

A mother, content strategist, technical writer who loves food, fun, friends, and family.

NYC Design

A publication for designers in New York and followers all around the world. Design thinking is what makes us write here on Medium to share with the designers of the world.

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