An Effective Guide On UX Designs For Banking

Banks these days, have channeled their thought process from being product-oriented to being user-friendly. Credit unions and financial institutions hire UX (or user-experienced) designers who can translate customer’s needs into innovative marketing.

Experienced UX professionals have to be hired to design software that meets the expectations of users. There are few do’s and don’ts which every UX specialist must look into.

Here are some of the trending UX designs that are making waves in the banking industry.

UX designers will be the most sought after
UX professionals will play a major role in banks that aim to be customer-oriented. Moving up the hierarchy level, highly experienced designers, and officers will be sought after.

Never underestimate the power of the human mind
All UX professionals must address the working of the human mind. This includes asking pertinent questions –what, why, where, and how –when conducting interviews. All questions must be framed legibly, and the data can be used to arrive at a conclusion.

For instance, colours play an important role when purchasing. On a similar note, UX specialists must test the placement of the buttons and their colours. Focussing on customers’ requirements, problems and their knowledge of finance will go a long way in providing the best design.

UX in banking is a wholesome package
Designing a software encompasses categories like effective marketing, understanding human psychology, latest technology, and trends. Put all these together to create a smart online platform.

Age of the millennial
The millennials are touted to be the biggest game-changers in the current market trends. They can be rightly defined as being smart, independent and addicted to technology. UX specialists must address the needs of these millennial kids for long-term survival of the bank.

The customer is the king!
Simply put, this means predictive analysis and AI will be the key to satisfied customers. With the help of IoT (internet of things), it is possible to predict customer requirements when they are not online.

Digital UX holds good
Gone are the days when you had to wait in queues to submit an application form to the bank. With the advent of technology, users look at digital makeovers by the bank. From viewing their current balance, applying for a new facility or making a transaction- banking goes digital.
DIY guides, step-by-step tutorials, and online support are few things that can be incorporated into effective user experience.

Pictures speak louder than words
Forget the good old spreadsheets and move over to attractive GUIs. Simple descriptions, simple icons, and pleasing colours are the order of the day.Go for bold colours that will make an impact on the reader’s mind.

Omnichannel banking
This refers to the different types of shopping or design options that are available to the user. Mobile phones and apps have already dominated the market. Think of other innovative and creative sources like wearable and virtual reality. Even a simple and efficient desktop feature will look into the customer requirements.

Use alternative user interactions
You can expect the use of chatbots and VR tools to assist you in banking. This has become one of the major challenges for all user experience specialists.

5 Do’s for banking UX
A list of 5 important features all UX specialists must follow.

1. Communication is the key
To know more about customers, financial institutions must communicate with them. Research must be conducted on the negative aspects of digital banking platforms and feedback (if any) can be included.

2. Make things simple
These days, everyone wants things to happen at the snap of a finger. With hectic schedules and time crunches, banks must provide a simple solution for all banking needs.

3. Implement emotions
Emoticons are now a popular form of conveying messages. Whether you are happy, angry or sad, emoticons say it all. Incorporate fun in banking by adding relevant icons with easy to understand the flow.

4. Tap the potential of startup companies
The majority of the startups have interesting ideas and case studies you can look into. Understand the user’s online behavior and patterns to make attractive GUIs.

5. Be human
Though this might sound like a popular tagline, the key here is to be informal with customers. Show that there can be a fun side to banking too. These are clearly few of the challenges most banks face. Never hesitate to serve your customers with enthusiasm.

5 things all UX designers should avoid
On the flip side, here are few things to steer clear.

1. Do not neglect creative UX strategies
Users’ expectations have risen, and they switch to content that offers them the experience they are looking for. If you are hesitant to opening with new tools and technologies, you might as well lose your customer to others.

2. Never be afraid to try new things
All great things were achieved with that one initiative step. Start off with a simple plan, and move ahead to involve your client’s needs. Do not hesitate to ask for help and find better solutions.

3. Old is gold, but not always
Sometimes, all it takes is an emphatic outlook to see how things are. If you are basking in your bank’s decade old glory, you might as well get real and see the bigger picture. View things from your client’s perspective to understand where the bank stands.

4. Do not complicate matters
Keep it simple, always. Often, users get daunted by endless information and jargon used. Add a few fun elements, simple images, and clear descriptions to retain customers.

5. Avoid manipulation
UX design is more about connecting with one’s customers. Give them the service and brand value that has been promised, rather than manipulating them.

How does this surreal bank appear in the future?
Traditional banks have heavy jargon, confuse readers and speak only from the bank’s perspective. This is in complete contrast to the banks that will surface few years from today. This surreal bank is customer-savvy, knows their clients well and hides the thin line between them and users.
It can be looked upon like an online store with all the required services neatly arranged. The bank’s vision statement greets the customers on arrival. You can navigate through these sections without getting manipulated or attracted by false pretenses.