User Experience Design: tips for digital finance
Enunciating the importance of customer experience, Amazon chief Jeff Bezos is quoted as saying “we see our customers as invited guests to a party and we are the hosts.”
Ben Wulff, UX content writer at userzoom wrote in his blog that “Apple doesn’t have customers, Apple has fans. Companies can learn a lot from this approach: detailed product descriptions, a simple page navigation and intuitive checkout. Products which not only look good, but also feel good.”
Goh Theng Kiat, chief marketing officer, Group Marketing, Global Consumer Financial Services at OCBC Bank in Singapore said that customer experience plays a critical role in helping businesses carve out a very different offering to consumers.
“Having a well thought through customer experience from the start of a customer journey from them finding out a product from us, to them transacting with us, and also getting after sales service – if the whole journey is well-thought through to delivering good customer experience that will give companies a huge difference in what we can provide to the customer,” he elaborated.
It is important to recognize that as an end state customer experience should not be limited to creating usable interfaces. It is about delivering banking services designed with a user-centered approach.
For financial institutions this means revisiting how products and services are thought-out, architected and coded into many of the applications that automate processes be it a query or transaction.
In the customer-first digital era, application development has become more dynamic and much more complicated because user experience has taken on new importance.
Bugwolf CEO Ash Conway says in this new paradigm, software is being shipped every few weeks rather than months and even years. “We believe this will shorten every further. This is compounded by the rapidly accelerating number of connected devices as well as the very fragmented nature of platforms and operating environments that software needs to be able to work with,” he added.
In banking and finance user experience from the digital perspective is becoming the primary channel, in some instances the only mode, for connecting with customers necessitating the urgency to ensure user experience is top of mind for developers are at stages of development.
In this exclusive interview with Fintech Innovation during the StartmeupHK Festival 2017, Conway offers what he calls critical user experience development strategies that banks and financial institutions may want to consider as part of their strategy.