Since the pandemic began, many people around the world now have more time and fewer distractions. This has increased productivity and revealed a shift in user behavior. Before the pandemic, we focused mostly on the UX journey and interaction with users. But since COVID-19 swept the world, this has become a somewhat invalid measure of success. In today’s changed work environment, it’s become increasingly difficult to enhance:
- Customer engagement
- Customer retention
- Customer referral
For a true consumer-grade experience, it’s essential that financial institutions focus on the journey before, during and—most importantly—after product usage. Banks have traditionally focused on fostering relationships with their customers via in-person business. Now they must ask themselves, “How can we do the same with users who digitally interact with our products and services?”
Banks thrive when their customers profit. That’s why we need to look carefully at how existing platforms build personal relationships with users and help them manage money more effectively. User success is equal to business success. This fundamental mindset transcends change and is a potent solution for unforeseeable challenges.
Nevertheless, the most important element in any customer-bank relationship is trust. When using a bank platform or application, users need to feel secure, that their needs are met and most importantly, that their financial assets are safe. Whether this is accomplished through direct human interaction, a teller machine or a chatbot, providing an experience that users can trust is key.
Lack of an emotional, human touch definitely impacts the user experience, leading to an inevitable disconnect between users and the products and services they’re being offered. As service providers, banks need to ask:
- Are we taking the initiative to encourage customers to use our products and services?
- Are we advertising enough on our display screens to make users aware and inspire trust in the safety of our products and services?
It’s evident that when it comes to technology, some financial institutions are still nascent in their stage of digitization. Even though they have a digital presence, a seamless user experience is either non-existent or not effective.
As service providers, we need to do everything we can to ensure the tools we offer inspire trust among our customers, and to make sure our offerings are highly intuitive and packed with ease of use for all user types. Let’s improve users’ experiences so they don’t feel exploited, but rather happy to recommend our products and services to others.