The Importance of Customer Digital Experiences in Banking

In 2021, over 80% of banking customers check their balance online, and more than half pay their bills digitally. With such an overwhelming majority of your customers taking advantage of virtual options, it makes sense to pay attention to their user experience. In fact, providing everyone with an excellent digital product has many advantages for both the end user and the financial organization providing it.

Not only can digital access save customers a lot of time, but a great experience will also evoke positive emotions, which makes them more likely to choose your institution's products in the future. By being able to complete transactions from the comfort of their own home or on the go, your customers will gain a sense of control. If you keep your product simple and easy to use, you'll also increase accessibility and inclusivity.

Digital Access Saves Time

The main reason why customers are switching to digital banking is that it saves them time. In fact, studies have shown that 78% of the time spent visiting a bank in person is wasted, either by driving there and back or by waiting inline. Online products can save this time, so your customers can get the same task done much faster.

However, this only works if the product is well organized and easy to use. An app or online banking platform should be secure yet simple to access, and all the features must be displayed clearly. Many of the larger banks still fail to provide the level of usability and appeal that clients are looking for.

Online Financial Products Should Be Accessible to Everyone

When it comes to providing your clients with a great digital product, accessibility is key. Not everyone is used to dealing with technology on a daily basis, but online banking can be an important way to simplify and streamline people's daily tasks. For example, a person with reduced mobility can benefit greatly from digital access to their financial assets.

While a complex tool might be suitable for early adopters who are excited to start incorporating digital services in all aspects of their lives, it won't be used by the more reluctant customers. The simpler your options are, the bigger the chance that they will attract a large customer base.

Emotions Can Be Evoked 

User experience consists of all the thoughts and emotions your customers have when they interact with your staff members and service. When a customer visits the bank in person, they might be influenced by the length of the line, the convenience of the facilities, and the helpfulness of staff. It is a more personal experience than the online option, but that doesn't mean that your customer won't feel similar emotions during digital banking.

If the login process is complicated, the functions your customers need are hard to find, and the system is slow, they will feel that they have wasted their time, just as they would if they were standing in a lengthy line at the bank. When designing a product, keep in mind that negative emotions usually weigh more heavily than positive ones, so removing potential pain points can provide the greatest benefit.

Customers Can Get a Sense of Control 

Digital banking can be extremely freeing because it allows your customers to gain a sense of control over their financial life. They can not only complete their banking tasks from their home but also on the go, as long as they are connected to the internet. An intuitive platform can make staying on top of their personal finances easier than ever, and this will make a strong positive impression on them.

The Most Important Principles 

Now that we've discussed some of the reasons why digital experiences are so important in the banking sector, let's have a look at some principles of designing a great product. In addition to making your service useful and simple, you should also pay attention to the individual needs of your customer. You might be serving very different population groups, and your online financial products should reflect this.

Know Your Customer

Customers don't just want a generic product, but they need individualization and a design that fits their personal needs. There are several ways to achieve this, but one of the easiest is to learn more about who is using your service. Every user should have a great first experience and be able to do the most frequent tasks- checking their balance, topping up their account, and transferring money -very quickly.

Any delay in these tasks might prevent them from using the tool frequently. To find out what your customers need, you can interact with and interview them directly, but you can also create user personas. These are fictional people that represent your typical or ideal user, and once you've established them, you will then create the product according to their needs. You will need several different user personas since your product appeals to a wide variety of people.

Make Your Product Useful

Although your product should always be enjoyable to use, one of the most important criteria is usefulness. Flashy features and an attractive design won't make up for a lack of function, so focus on your customers' key needs first. Once the product you've created solves your customers' problems and you've addressed the main pain points, you can always work on making the design more attractive and interesting.

Make Your Product Clear

As mentioned, simplicity is key. All of the most important functions should be easy to use, so your customer won't have to spend a lot of time figuring out how to work with their app or online banking tool. There should also be a very limited room for user error. For example, it should be easy for customers to fill out input fields correctly, and the product should signal clearly if something has been forgotten.

Digital experiences are just as important as in-person experiences when it comes to providing great financial products to your customers. Every time they interact with your brand, they will feel either negative or positive emotions, depending on how well your product works for them. The better the functionality, the more likely they are to choose you again in the future.

Although knowing your customer and making your product useful and clear sounds simple, this isn't usually the case. Launching a new digital product is expensive and time-consuming, and understanding your customers' behavior can be a challenge. By working with experts in this area, you can develop new solutions faster and at a small fraction of the usual cost. Get in touch with Cotribute today and schedule your demo with a member of our team.