Use Future Banking Trends and Human-Centered Design to Enable Next-Gen Financial UX
Alex Kreger
UXDA Founder | Premium UX Design for Financial Products | Top 50 Fintech Thought Leader | Forbes Business Council
Hi,?I'm Alex Kreger ?from the financial UX design agency?UXDA . Welcome to the Next-Gen Banking and Fintech UX - the exclusive newsletter for industry professionals who want to be ahead of the curve!
Don't miss out on this opportunity to stay up-to-date with the next generation of product design in the banking and fintech industry. Our detailed and actionable content is for those who implement a human-centered approach, purpose-driven banking, design thinking, and new-gen user experience design to drive business growth in the digital age. If you have a challenge –?let us know >>
Future Banking Trends 2023: Enable Next-Gen Financial UX
Digital technology democratizes the financial industry by making next-gen financial products and services more accessible and convenient for a broader range of customers. Let's explore the future banking trends of 2023 in terms of customer experience to define how innovations could bring more value to financial customers.
Trend 1. Humanization Due to a Global Digitization
Digital world transformations make the emotional experience, human-centricity and ethical consumerism into social trends. At the same time, in response to information overload, more and more people improve their quality of life through mindful living, enjoying everyday activities and practicing sincerity and honesty.
Trend 2. Personalization Provided by AI and ChatGPT Alike Technology
At the end of 2022, the world was shocked by the ability of AI to recognize, respond and generate human speech implemented in ChatGPT by OpenAI. This tool was a revolution, instantly becoming an automated assistant for millions of people, significantly increasing the speed and efficiency of their work. Personalization provided by AI in the banking industry is important because it can help improve the customer experience and drive business growth.
Trend 3. Extension by the Metaverse
The development of the metaverse will create a new virtual world in which people can experience innovative interaction, entertainment and work. And, financial transactions will certainly be in demand there as well as in the real world, but from the users’ point of view, it should be free from territorial, temporal or spatial boundaries.
Trend 4. Simplification Powered by Embedded Finance
This recent financial trend is carried out by integrating financial services into non-financial enterprises, making it easier for consumers to buy products or services that are being offered. Embedded finance is a great way to ensure the customer has a frictionless and efficient financial service when they need it the most.
Trend 5. Democratization Driven by Decentralized Finance
CBDCs' central digital wallets will disrupt traditional banking consumers' behavior patterns. And DeFi will fundamentally change people's financial experience, as the very perception of value will change. Virtually anything can be turned into an asset and used without intermediaries in a financial exchange with sufficient liquidity. Most likely, decentralized liquidity markets for different types of assets will be created spontaneously every second, just as easily as content is now being published on social networks.
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my.t money UX Case Study: Banking Super App Design to Modernize Mauritius
Mauritius Telecom?(MT), the largest telecommunications company in Mauritius, had the vision to ensure a powerful digital future for Mauritians. To achieve this, the MT team needed to expand their digital ecosystem by reinventing the existing?my.t money?app and transforming it into a digital bank. UXDA helped design an engaging and enjoyable digital platform that seamlessly integrates financial, telecommunications and lifestyle services in one place.
To achieve this, we had to explore, prioritize and validate hundreds of user scenarios to set the right priorities. Rich but well-balanced information architecture and a frictionless user journey were crucial to ensure easy access to essential everyday tasks while exploring multiple opportunities of the?my.t money?super app.
How Purpose-Driven Banking and Fintech Create New-Gen Products
The world's most successful products stand out from thousands of competitors through crucial differences. Some call it authenticity, essential benefit, value proposition, or uniqueness. We use the concept of a "soul" to describe the unique character or essence of the product and how it impacts its users.
In today's "experience economy," where consumers are increasingly seeking out unique and memorable experiences, it is more important than ever for digital products to have a sense of soul:
How does UX design approach helps to add "soul" to a purpose-driven company? In the context of banking, UX design can help to add a "soul" to the product by aligning the product with the purpose and vision of the brand; making the product easy to use and navigate; creating a visually appealing and cohesive design; incorporating features and functionality that meet the needs of the user; ensuring that the product is accessible and inclusive.
BKT UX Case Study: How To Improve Customer Service in Legacy Bank's App
Banka Komb?tare Tregtare?(BKT), the largest and oldest operating commercial bank in Albania, recognized that their digital offerings have lagged behind and needed a revamp to adapt to present-day service requirements. They challenged UXDA to update the bank's legacy operations by designing a next-gen banking app that would enhance customer service. The goal was to change the perception of the brand from complex and formal to friendly and pleasant.
Embracing change in a large financial corporation can be a daunting task, but BKT demonstrated that even big, established 100-year-old banks can successfully update their legacy to keep up with the digital age. They recognized that the banking app was more than just a digital channel - it was a?product in its own right.
These changes not only improved BKT's market position and increased customer loyalty, but they also opened up UX design opportunities to the bank's customer centricity. In 2021, Banka Komb?tare Tregtare was recognized as “The Best Bank in Albania for 2021” at the Global Finance awards ceremony for the Best Banks in central and eastern Europe, and in 2023 received this award again.