July 26, 2018
Good services are verbs, bad services are nouns, the UK Government states. To a user, a service is something that helps them to do something – like learn to drive, buy a house, or become a childminder. Notice these are all verbs.
For a variety of reasons, the financial services industry is not traditionally associated with values such as user experience, transparency, and innovation. About 78% of the time that customers spend on offline banking services is wasted. It’s as big of a loss for the customer as it is for the financial institution.
As for online experiences, relatively minor attention is given to UI/UX design at the top level, leaving financial products at a stage of layering text over text, complex structures, transitions and other rather repelling features. Some estimates suggest that abandonment rates for online banking applications are somewhere around 97%. Others report that one in three consumers is abandoning the process of opening a new account because it is too difficult or takes too long.
Considering these numbers, many forward-thinking financial institutions are turning to digital identity technology companies like Payfone to enable faster, more customer-centric digital user experiences. By removing much of the friction associated with online financial apps and web experiences, digital identity technology is quickly emerging as a way that financial enterprises can gain a competitive advantage.
The complexity of the formal financial sector is often translated into the complexity of consumer touch points. In short, banks have long been a live proof of Conway’s Law, which claims that any organization that designs a system (defined broadly) will produce a design whose structure is a copy of the organization’s communication structure.
Fortunately, gradual transition to mobile-first, digital-everything experiences in the financial services industry and beyond is forcing businesses to revise customer journey road maps with an emphasis on building effective, efficient, and, more importantly, delightful experiences with financial products.
Design thinking emerged in response to rapidly changing consumer preferences under a strong influence of technology companies getting into the financial sector. Technology-first organizations instilled new habits – everything has to happen in a matter of four clicks or less; less is more; and extrem ...