The key to engaging customers in today’s digital world is to provide a frictionless experience that fits in with their lifestyles. For financial institutions, that means having the right digital banking approach is essential, writes Mark Little
Consumers expect financial institutions to provide a diverse set of services that are fast and reliable. This requires not just speeding up processes for the customer, but evaluating the entire workflow. People want to interact with solutions that are easy to use and that come almost as second nature, without actually having to think about the details of the process itself.
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By GlobalDataThink about driving a car. Driving is complicated. It involves many controls and variables, but we do it almost unconsciously. However, when we get in a rental car with a subtly different set of controls, the experience suddenly changes. Tasks as simple as starting the engine or turning on the wipers are no longer simple. That’s cognitive friction, and it can occur in any activity, including banking.
From checking a balance to applying for a mortgage, a frictionless digital banking experience means being able to complete a task without puzzling over the details. To ensure customers have the tools to efficiently, intuitively and successfully manage their money, here are a few key considerations for creating the best possible digital banking experience.
Create an optimal user experience by asking questions
Designing a digital banking platform with consumer experience in mind involves investigating what works but especially, what doesn’t. That means frequent identification of any gaps between the actual experience and what is expected.
Through user experience benchmarking, financial institutions can test their digital banking platforms regularly, asking questions such as: Is the product effective in supporting key tasks? Are consumers able to efficiently complete tasks? Do they describe it as easy to use?
Identifying and measuring key performance indicators can help uncover friction points, improve ease of use and deliver a responsive digital user experience that positively affects how a financial institution is perceived by the user.
Regularly testing the user experience provided by digital banking platforms, as part of updating and designing these solutions, is critical for financial institutions who seek to provide the best possible experience for their customers.
Ensure you are providing end value to the customer
Value in digital banking is measured differently from one user to another. Each customer has different needs and requirements. From accessing a balance instantly without logging in, to analysing spending and budgeting details, customers’ needs vary. Digital services can be tailored to add value to each customer individually, no matter what their needs.
It may be simple, make it secure
Ease of use and effectiveness has to be a goal, but in financial services security can’t be sacrificed. Advances in technology are making it possible to eliminate the historic trade-off between convenience and security. Biometric authentication, for example, improves security and removes the friction and risk of remembering a password. This makes it a great way to enhance ease of use while adding improved protection.
Contribute to a positive emotional experience for the customer
Satisfied customers are more likely to remain loyal customer of a financial institution. Enabling customers to quickly and easily manage financial tasks will drive satisfaction. When a process works as it should while avoiding friction, people can complete tasks without anxiety or tension and will return again and again. Users who constantly come up against friction or absent capabilities may find themselves looking for another more intuitive and innovative option for managing their finances.
Removing friction across channels and tasks not only leads to a transformative digital banking experience for customers, it also helps ensure those positive outcomes translate to business success for financial institutions.
Customers will take note when they can easily use self-service tools to manage their money in a way that fits their lifestyle. Financial institutions that regularly test their platforms, listen to their customers to understand how they use products and services, and maintain security while removing friction, will win in the digital banking market.
Mark Little is Senior User Experience Researcher, Digital Channels, Fiserv
