User experience, as a concept, although has evolved over the years, it yet relatively new to most of us, and especially to the banking and financing sector that was otherwise reliant on the conventional techniques so far. However, as a matter of fact, rather as good news, user experience is evolving in the banking sector too and has lately undergone a lot of developments. With users getting smarter, demanding and more tech-savvy by the day, decision makers at the highest levels of hierarchies have taken up user experience seriously, and have incorporated technology in their product, to make it more user-friendly, and utility oriented. The objective of this blog is to acquaint you with the need for enhancing user experience, the scope of user experience, and how SMEs and larger enterprises would benefit by embracing the ongoing user experience revolution.

The Need for User Experience of your Financial Product

Graduated from a ‘why’ question to a ‘why not’ one, user experience, owing to the several developments and upgrades that have happened all through these years, has become almost customary for every finance and banking institution. Today, websites aren’t enough! Users have become accustomed to the usage of smartphones, and quite organically search everything over it, along with an application that simplifies transacting with the institution. So today, user experience is counted as a fundamental requirement of an institution’s virtual ventures, alongside facilitating safe, secure, prompt, and accurate transactions.
Almost everyone follows user experience, and hence, as a part of the global race, it is important for every banking and finance institution to step out in the sun, and make efforts towards enhancing user experience. It could become quite a challenge for the conventional ones to adapt to this change, however, with time, it would become obligatory, rather than remaining optional as it still might be today.
User experience contributes to attracting customers all over the world. A financial institution, for instance, operating in Japan, if plans for operational expansion in the Indian market, will have to develop an application and localize its website to make it work best in the Indian context. Something that worked in Japan may or may not work in India. This calls for a detailed contemplation during the initial phases of the project, and develop strategies accordingly.
For the banking and finance sector, in particular, that deals with a large consumer base across the country or the globe, it is necessary that the approach be more user-centric, rather than being product-centric (as in the past), and the emphasis be given to factors such as transparency in the transactions, navigational ease, innovative thought process, complemented by thoughtful and prudent executions.

The Scope of User Experience in Financial Products

User experience, as we’ve seen earlier, has evolved over the years to disrupt every traditional perspectives, processes and customer service techniques. Today, user experience covers a huge scope right from defining the objectives to the browsers channelizing the website. It has become a comprehensive element that constitutes functionalities, website or mobile app content and the platform’s interactivity with the user. It fundamentally deals with the feeling that the user gets on landing, browsing, using and finally, interacting or transacting with the website or the app.
Hence, it wouldn’t be wrong if one says that the more user experience oriented your virtual platform is, the better your approach towards your customer is, and the better you are at servicing your clients! User experience in banking entails factors such as objectives, targeted market and, audience, comprehensive and web-friendly sitemaps, functionalities, the use of appealing, but appropriate and relevant color schemes, the authenticity of the content, navigational ease, user flow charts, infographics, devices, CTAs, browsers, etc.

Benefits of User Experience to Financial and Banking Institutions

We’ve already indicated them in the preceding paragraphs; however, we’ll highlight them in the following ones. User experience is beneficial from the viewpoint of being a comprehensive virtual banking partner for your users and all types of accounts. Besides, users get instant access to almost all the banking services at once, seek vital information and analysis about the user’s financial behavior and habits, enjoy easy access to make instant payments and transfers, track digital footprints of all the transactions for more clarity, and receiving investment tips, thus looking at your organization as an investment advisor, than a mere banking partner. All of this eventually contributes towards building a strong and sustainable consumer base.

Now that we’ve established the vitality of user experience in the banking and finance business, it’s time for action! Get in touch with LinguaSol at [email protected] for the best localization services incorporating user experience as well the market relevance element.

Ref. No- LSB11181008



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