10 Reasons Why UX Is Trending in The Finance Sector

The recent years have seen a surge in the usage of apps, and the frequency has only increased with many businesses switching to an app-only mode. Reliability, convenience and trendy are the main reasons cited by users.
What about the backbone of our country-the financial sector? Has it become more customer-centric while engaging with their customers? The answer cannot be a complete affirmative as several banks are yet to design UX-friendly designs for their customers.

Take a look at the top 10 advancing trends that is making a deep impact on the finance segment.

1. Say hello to robots and virtual reality
Providing online chat sessions and chatbots boosts the banks’ presence amongst the users. Imagine getting all your finance-related queries answered by an online assistant. It bridges the gap between the customer and the bank while understanding the client’s needs.

It is predicted that by the end of the year 2018, user conversations will be primarily handled by robots. Commonly referred to as ‘conversational UX,' it is in its infant stage. Plenty of technology is available in the market- few of them untapped and the others already implemented by foreign banks.

2. Customer-friendly design
Traditional banking systems have one major drawback- they talk from the bank’s perspective. It is only in recent times that financial institutions have taken a call to implement UX.

There is a general myth that a business can survive only on its brand presence in the market. However, with the growth of financial and technological startups (fintech), creating a brand from client’s viewpoint will not be difficult.

UX designers are entrusted with the task of understanding user behavior, and design software to suit them. UX design is slowly gaining momentum, and will soon form a major part of branding shortly.

3. Learning from past mistakes
Often, when a product or service is reviewed by a customer, all the positives are highlighted. What happens to the person who has had a bad experience about the product?

Failure mapping or plotting all the negative feedback brings out the pain points in a system. Past data and case studies can be applied to see why these failures are occurring. Using this information, UX is designed to avoid these errors from resurfacing in the future.

4. Rapid prototyping
This iterative method helps create a prototype-or model-of the final product. Through this method, it is simpler to get user feedback and implement them in the model.

What are its benefits?
In the rapid prototyping model, resources such as money and workforce are saved. Rather than building the final model and destroying it later, one can make parallel changes in rapid prototyping.

There are plenty of tools in the market which UX designers can make use of. One can conveniently assess the model reliability and design features without pouring your head writing lines of codes.

5. Need for UX in finance
Experts are of the opinion that banks and credit unions are not yet accustomed to customer interaction, new methodology, and experimenting. It can arise due to outdated ideas that have been deep-rooted in the system.

Less attention is paid to UX by the development team. There are complicated sentences, confusing jargons and daunting features that turn away the user.

6. 3 Uncommon UX trends that boost the brand value
Experts in the field of UX emphasize the following key points that are relevant in today’s scenario.

a. It pays to be customer-friendly
While this might sound clichéd, it pays to talk from customer’s point of view. The majority of the retail banking has taken to UX compulsorily and insist on providing the best experience for today’s digital generation.

This translates to starting from the beginning. Banks that wrote information mired with complex words have to do a bit of rethinking. They have to start off fresh and design new products and features that will improve their relation with customers.

b. Treat design as a verb
Emphasis and priority on design is a must. Over the years, design and user interface has slowly evolved from being traditional to fun and friendly.

c. Big Data plays a huge role
For beginners, big data can be defined as large sets of data whose analysis leads to interesting patterns and trends about human interactions.
Big data has proved to be useful regarding designing the better user interface. Monotonous tables have made way for dashboards that contain a simple explanation of financial data. This has further helped improve financial literacy and develop a positive attitude towards banking.

As one of the experts put it, “It has led to the uberisation of banking.”

For banks that are working on building a better user experience, here are three golden rules from the top UX designers.

7. Customer is the buzzword
Again, before designing a mobile-friendly design, try and incorporate designs to suit your audience. Make your customers feel important and connect with them through VR or online chat assistants.

Know them first to get the brand moving ahead.

8. Simplicity is best
Often, businesses, in general, strive to achieve several things at one single time. Focus on customer feedback and experience and propel your resources in the right direction.

9. Look for ways to connect with customers
In any system, look for the various channels that exist. Design the interface or build the brand while engaging with your audience in every step.

10. Opportunities for UX design in finance
There are endless opportunities for every UX designer. Apart from the number crunching game and charts, one can look forward to these opportunities that exist.

Birds of feather flock together
There have been instances where several UX users work together, albeit differently. All of them are truly experts in their work and know the complete working of the system.

When you design for finance, you are building a brand in itself
UX specialists answer questions like the product’s contribution towards the business’ success, whether it meets the user requirements and so on. Everything from the basics to brand building must be addressed.

Another interesting fact is that any interface’s success is not measured by the number of clicks it receives. It is the ease with which a user navigates through the features.

It will not be long when UX makes its presence in the finance sector. All it needs is the right tapping and connectivity with potential customers.