According to sources, it has been estimated that 80% of the time users spend on offline banking transactions is wasted. Surprised? Not really, because as a consumer you wouldn’t want to drive a long distance and wait in the queue just to do submit a form or complete a transaction.
If given an option, majority of the consumers prefer finishing their bank related tasks online rather than offline. Time is too precious to be wasted and a large chunk of the working professionals are time starved. This means one would like to transfer funds or view services of the bank through a simple click of a button.
Consider this scenario. You are going through your bank statement and looking for a particular transaction that you made in January. You simply can’t find it and going through the pages of your passbook seems an arduous task.
The banking and finance sector has slowly made progress in digitalising its services, albeit with careful steps. Mobile banking is not yet a reality in certain parts and even the small portion of the banks who do so offer limited services to the end user. Banks who have adopted digital technology face two problems- a deficiency in the appearance and usability.
Users often complain about poor panel or dashboard, complicated descriptions and usage of jargon. This can be intimidating at times, and makes banking a harrowing experience for the user. UX specialists are hired to design the webpages, but fail to yield the desired result. The problem lies in the archaic thinking that has been deep-rooted in the system. Banks are hesitant to go from being product-centric to user-centric.
In-depth Research Of All Online Users
Ask pertinent questions like what the users would like to see on the bank’s website. Newsfeeds, custom buttons and images. There are several options, and experts in the field of UI/UX have listed 7 key principles.
Personalisation of user account, transparency, self-service, mobile apps, ease of design, pleasant appeal and a complete banking experience was cited. These form the KPI or key indicators to determine the quality of the banking solution. Amongst all the features analysed, users needed the emotional appeal. They were looking at features that made banking a fun experience. Users understand that banking is not all about transactions, cash and numbers.
Find Out User’s Requirements
Here’s what customers say regarding the UX experience. They want the necessary things to be made fast; an attractive appearance that appeals to customers; supports the individual in their language. This is the age of the millennial kids, and they are seeking a delightful banking experience in contrast to the traditional forms. A UI/UX specialist should be able to understand their customer’s needs and walk in their shoes.
Identify the key tasks that goes into creating a user-friendly interface. Understanding human psychology plays an important role, and this further enables the designer to solve their problems. According to Alex Kreger, Banking and Finance UI expert, there are 7 key ideas that should appeal everyone. Here are they:
Designing the Digital Page
Identify the organisation’s mission and list the pain points of traditional banking (like standing in long queues). Join the dots, and you will get the perfect picture that user’s desire. Prototypes are required for feedback and testing. Design the user interface once changes are implemented.
- Create an introduction page for banking apps
A bank’s website has to look creative with an emotional connect. It should not drive the customers away with heavy words or jargon.
Include sign-in details, contact number of bank, new user registration form, branch locator, currency conversion chart and interesting newsfeed.
- Come up with a panel for balance and transaction history
This feature can include monthly pay, statement of balance, monthly or daily household expenses, transaction history and easy access menu.
- Add multiple account and budgeting features
Users can avail the multi-account system, easy payment option, sort by divisions and view statistics. With a single click customers can switch between accounts.
- Easy bill pay is a boon
Payments include easy availability of wallets, default bills, words of advice from bank personnel, video talks and bill payment reminder.
- Money transfer
Although Net Banking is popular among the masses, features like transfer between two cards, international money transfer, quick transfer to individual mail and social accounts can be incorporated.
- Customers can take a sneak peek into the bank services
Banks are not about transactions, forms and cash. There are several products that a bank can offer. Add an online shopping store for financial services, and include available offers. Go a step ahead and curate top services for users.
Advances in UI/UX Design Trends For The Future
2017 seems to be the year for UI.UX specialists to flex their creative skills. Experts in this area cite the following reasons:
UX Strategy For All Banks
Financial institutions have to ensure that every service is digitalised. Creating a user-friendly interface is not sufficient. It should beyond this if banks want to maintain a good relationship with their customers. It’s not the role of a UX specialist alone. All the staff and banking personnel should coordinate with each other to provide good banking experience for customers.
Human Psychology Plays A Vital Role
Apart from A/B testing, user reviews and feedback, all UX specialists should understand working of the human mind. For instance, colours and images might appeal to few of the users while another section may prefer descriptive details. Proper research must be conducted, right questions need to be framed to get the exact interpretation of the information collected.
UX Specialists Will Be In Demand
For banks that are making efforts to be customer-centric, UX designers will be sought after. UX architects, executives and heads of various divisions will be a part of the regular meetings conducted in the bank.
Banks Will Look At A Holistic Approach
UX engineering encompasses several areas like marketing, financial services and information technology. UX specialists have to look at the bigger picture to create appealing interfaces.
Millennials Will Be Targeted By UX Designers
It is the age of the millennial kid. They have a different outlook towards things and form the majority of online users. Greater interaction must take place between them and UI team.
As is evident, UI/UX is going to change the design of banking. Everything from boring texts to dull colours will make for simple fonts, design and user-friendliness. It depends on a lot of users- the UI team, bank staff and customer reviews to make this a reality.