Digital Transformation in Banking Powered by Next-Gen Design
Alex Kreger
UXDA Founder | Premium UX Design for Financial Products | Top 50 Fintech Thought Leader | Forbes Business Council
Digital transformation in banking, powered by next-gen product design, can significantly enhance customer experience, streamline operations, and foster innovation. This approach is often underestimated by banks due to traditional mindsets, risk aversion, and the complexity of integrating new product designs within established systems.
Modern product design principles focus on user-centric solutions, simplicity, and leveraging cutting-edge technology, which can revolutionize banking services, making them more accessible, efficient, and personalized. However, embracing such transformation requires a cultural shift and a willingness to invest in long-term innovation strategies.
I'm Alex Kreger from the financial UX design agency UXDA. Welcome to this exclusive newsletter to stay up-to-date with the next-gen of product design in the banking and fintech industry. If you have a challenge – let us know >>
Digital Transformation in Banking: Purpose-Driven Strategy
With a purpose-driven strategy in their digital transformation journey, banks can create long-term value for all stakeholders while positively contributing to the broader society. It enables them to build a sustainable competitive advantage, attract and retain customers, foster innovation, and navigate the ever-evolving landscape of the financial services industry.
The quality of purpose-driven strategy implementation in the business DNA of a financial company is determined by five factors:
1. How well the customers context is taken into account;
2. How does your organization’s culture meet the strategy requirement;
3. How effective is your digital strategy in terms of digital age;
4. Is design implemented at all levels of your organization;
5. How does the value of your product match the market requirements.
New Case Study by UXDA: Making Investment Easy and Accessible for over 90M Filipinos
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The Philippines’ #1 Finance Super App, GCash, with 22 financial and lifestyle services, has challenged UXDA to integrate an entirely new investment experience into its existing product ecosystem.
The new and improved GInvest service was aimed to provide Filipinos with an investment opportunity that previously seemed unattainable. An experience designed by UXDA is set to transform the mindset of 90 million Filipinos, showing that investing isn't only for rich and financially savvy people.
Usually, the creative design process involves a certain degree of freedom, but here it was very important to ensure consistency by integrating the new service into the existing GCash ecosystem with its already established architectural and visual features.
DesignOps in Banking: Must-Have for Every Financial and Fintech Company
There are many digital financial products on the market; some of them excel, while others lack demand and have to fight for their survival. What determines whether a financial product succeeds or fails? And how can financial company be sure that the millions invested in building such a product won't go to waste?
Particular aspects are related to proper financial design integration into all levels of the company. Unfortunately, most often, these factors go unnoticed, ignored or are ruled insignificant, leading to a painful fiasco. Design Operations, commonly referred to as DesignOps, is a framework or discipline within organizations that focuses on streamlining and optimizing the design process.?
Spatial Banking: Designing For A New Dimension In Financial Services
The year 2024 has started with a new digital platform that could form the next digital revolution: the Apple Vision Pro. After incredible success in developing mobile computing, Apple is taking its first step into spatial computing. As the founder and CEO of the financial UX design agency UXDA, I'm eager to explore the experience spatial computing could bring to banking customers.
Ten UX Design Trends in Digital Banking
Let's go beyond common digital banking trends and?highlight the significant impact of design in the financial industry. In this article I review 10 UX design trends that are innovating digital financial products and reshaping principles of how financial interfaces are created and perceived by users.
The focus is on driving innovation in banking to improve customer experience, increase efficiency, stay competitive, meet regulatory requirements, and drive growth, showcasing the transformational power of financial UX design in addressing these areas.
The world is rapidly changing, and so is the financial industry. Customer expectations are growing along with the necessity to satisfy them. Truly great financial products are based on great usability in sync with specific user needs inside a well-developed digital ecosystem.?In this article, we will explore the power financial design has in searching for banking innovation ideas.?