1. Make Digital Onboarding As Easy As Possible

To create the best user experience, you should make it easy for customers to open new accounts. You can do this by providing a clear sign-up process with as few steps as possible and make the experience hassle-free once they've signed up. Banking clients tend to stick with their banks for years to come, so it's extremely beneficial if you make your digital onboarding experience as short and easy as possible.

This may surprise you, but some major banks like HSBC require as many as 99clicks on their website to get fully onboarded with an account. Plus, you also have to wait multiple days for the account to activate - 36 days for HSBC! You can get a huge advantage by simply being quicker and more convenient than these big corporations.

2. Offer Competitive Rates for All Accounts

Try to offer competitive rates on your savings, checking, CDs, and loans, because this will draw in new customers. In particular, those who are seeking to avoid the fees of other products. Not only will this attract new customers to signup, but it'll also allow you to retain existing customers with better rates than they can find elsewhere. To make this work, your best chance is by offering competitive rates on a variety of products.

That'll make it easy for customers to focus on only your business and not others. You can also offer other perks that improve your competitive edge, such as free ATM access and lower fees or higher interest rates based on their balance level. By offering these features in tandem with good customer service, you'll have more success at building relationships with people who will stick with you.

3. Provide a Clear, Easy-to-Understand Explanation of How Your Product Works

Your product will only be as good as the customer's understanding of it. This is why you should invest in creating a clear, easy-to-understand explanation for how your financial digital product works. This will help customers get what they need to do, as well as get them excited about using your products.

This includes providing all information on one page, with no need to dig around for anything or piece together bits of information. Again, this all falls back on the idea of making it easy to become your customer and get onboarded. Make sure it's not only easy to sign up with your product, but also to easily knowhow everything works.

4. Provide a Variety of Ways to Make Deposits

You definitely want a variety of ways for customers to make deposits. That way it'll be easier for customers to stay on top of things, as well as avoid for getting or getting behind in fees because they're unable to deposit at a physical location. Some of the best things to offer in this regard include online transfers, mobile check deposits, or e-check options.

Make this clear when customers are learning about your software or are creating new accounts. The more convenient everything feels, the more likely they are to sign up and become your client.

5. Allow Account Holders to Easily See Balances Online

It's best your clients can easily see their balances online because this will help them avoid overdraft fees. You can also offer the ability for users to set their accounts as inactive to avoid overdrafts or other fees if they're not doing much on the platform. By not forcing your customers to be active on your platform in order to follow what's going on with their data, you'll more easily retain them.

For the most part, once you've got your client signed up, they should be able to either immediately see their balance, or be one click away from seeing it.

6. Send Text Alerts

It's important to send text alerts when the balance falls below a certain amount. Its hould also happen if there's suspicious activity on an account as well. This will help with unnecessary fees as well as any potential for identity theft. Plus, by providing these types of notifications, you'll be able to keep your customer base informed about what's happening in their account.

The notifications should be clear and concise, as well as ensure that customers are aware of any changes (or sketchy activity) to their balances. And they should get a text notification immediately so they can take fast action if necessary.

7. Include a Customizable Budgeting Feature

One of the most important features to include with financial digital products is a customizable budgeting feature. Customers will feel more in control when they can set their own parameters for their budgets. And it also helps you retain customers by giving them the type of experience they want from your service. You should make sure this is an easy-to-use feature that is customizable to the needs of your customer base.

By providing this feature, you'll reduce churn because customers will feel more satisfied with their experience as they can stay on top of their finances more easily. When considering a budgeting feature for your financial digital product, it's important to make sure it includes both short-term goals as well as long-term ones. This will provide your customer base with more insight into their finances and help them stay clear on their financial situation.

8. Have a Clean and Intuitive Design

The design should be simple and user-friendly for your financial digital product. This will help the customer base feel more comfortable with using your service, which will reduce churn rates over time as well. It should also accommodate mobile devices as well. You want to allow customers to access their accounts from any device they want, without worrying about it being difficult or confusing in order to use your service.

By providing a smart design like this, you'll make it easier for your customer base to find what they're looking for on the site, as well as navigate around without feeling frustrated. On top of which, it'll also help customers feel more confident in using your service from their mobile device, as they won't be spending as much time trying to figure out how everything works. The impact on a brand new customer you've just onboarded will be much more positive if they have an easy time using your software right from the get-go.