The User Experience (UX) of a digital service is an important part of the Customer Experience (CX). This is particularly important for banking, both because it is something that is prioritised by customers and because challenger banks are winning market share by achieving differentiation through UX. Banking and wealth management are personal to customers and while technological advances are significant, it’s worth remembering that there is always a person on the other end of any banking app or wealth management portal.
Understanding CX and UX
Customer Experience is the customer’s overall view of an organisation based on all interactions in person and online. This may include helpful staff, efficient service or more negative feelings relating to a dispute, a frustrating process or a significant delay. Seamless integration of on- and off-line services ensures a consistent CX and can protect the integrity of a brand.
User Experience is the customer’s view of an organisation based on their interactions online. This can include interactions, how simple a task is to complete, how intuitive the service is to navigate and the relevance of any content shared. Delivering a positive UX requires the development of seamless online services that put the customer, and not the organisation’s processes, at the heart.
Understanding UX case study: onboarding
You never get a second chance to make a first impression. That’s why a positive UX for onboarding new customers is so important. Delivering a good UX in this context means anticipating that people may not complete an onboarding journey in a single session. Customers may need to find paperwork to scan or refer to, or they may simply need to stop what they’re doing to attend to children or have dinner. It seems like an obvious point, but users are people and often a bad UX comes from putting the technology before the people it is meant to support.
So how can good UX design resolve this issue? Clear, concise messaging and design make the solution more intuitive. Colours, fonts, sounds, touch are all tools in the digital space that we use to ignite emotion, to engage the senses, to improve experience. The other aspect is to anticipate and solve a problem that a customer may have. In onboarding, this may be the option to save an application at any point and return to it when it is more convenient.
The commercial benefits of a positive UX
Our expert UX team doesn’t just benchmark our solutions against the market to ensure we are delivering a positive UX. Our researchers also work with clients to discover the commercial impact of UX improvements. Based on our research and standard performance statistics from financial institutions across the globe, we can show that a 20% improvement in UX has the following commercial benefits:
66% reduction in customer churn
15% increase in income
10% increase in profit
Speak to our team to find out more about how we can advance your UX strategy.
