#13 Five Digital Age Challenges that Digital Banking can Tackle with the Power of UX

It is April 2022 and UXDA just turned 7! 

This year, fulfilling a dream our Co-Founder Linda has had many years, we decided to put our soul into a song. 

Our UXDA Anthem. Enjoy! 💜

How would you react if your FI spent half a million and 2 years developing a new app but after launching it, the customer satisfaction decreased?  7 non-obvious factors can either lead you to a digital breakthrough OR completely sabotage it. 

Find out:

•  What are the reasons why UX/CX efforts so often fail?
• How to identify and avoid these blindspots in time to protect the success of expensive, large-scale digitization projects?
•  What’s the best way to bridge the gap between your financial brand and customer expectations?
• How to reach a digital banking beakthrough by implementing the right approach at seven levels of your business - culture, feedback, execution, design, value, brand promise, emotions.

Read the full article at UXDA's blog.

The pandemic created a monumental shift from physical to digital by accelerating the natural progress many times over. People have adopted new behaviors that will become habit-forming. Just being digitally developed is not enough to ensure the existence of any financial company.

Extreme customer-centricity is becoming a MUST to adapt to the post-pandemic world. 10 digital banking customer experience trends will help you to define the right strategy for the post-pandemic 2021 and beyond.

Read the full article at UXDA's blog. 

In times of global uncertainty, the key factor for choosing one brand over another is whether it cares about its customers. Emotional connection is what differentiates successful and loved financial brands from average companies. This connection is created by integrating UX, empathy and the Experience mindset into the DNA of the financial business. It consists of 5 actionable insights you can incorporate right away, 100% remotely, and without huge resources to become a loved brand:

1. Adopt the Experience mindset;
2. Use empathy to explore the Customer context;
3. Embrace a Disruptive culture; 
4. Ensure a rapid digitalization with the Financial UX formula;
5. Establish an emotional connection with the customers.

This is the audio recording of UXDA's keynote at the New England Financial Marketing Association fall conference. 

The COVID-19 crisis fast-forwarded the finance industry several years ahead. In just a few days, a great digital customer experience became the main differentiator between demanded financial products and failures.

Companies that overcame the crisis successfully were the ones that digitalized quickly and focused all their efforts on creating a user experience that would serve their customers in these harsh times. All of this was accomplished remotely for the most part, due to the strict gathering restrictions.

Read the full article on UXDA's blog.

Customer centricity is the bridge that bonds financial brands with their customers. Never before has it been so important to ensure a truly caring relationship between financial institutions and people consuming their digital products. 

In a way, the digital channels are replacing PR and marketing, becoming the new face of the financial brands. What does it take to create a banking app that bonds clients and financial institutions? And, how does user experience in digital banking determine whether there will be a long-lasting relationship between financial brands and their customers?

In this financial UX podcast episode, we sat down with UX strategist Alex Kreger to find out answers to the most asked questions about the user experience in banking and other financial services. 

The digital age has opened more opportunities than ever before for development and growth. This challenges the banks to adopt a new mindset, business approach and innovative technologies to take their services to the next level. Success in tackling these challenges relies on customer trust and loyalty.

How can you become a beloved digital brand that provides exceptional user experience and establishes emotional connection with your clients?

As this article includes a lot of important graphs and illustrations that help you understand the described processes, make sure to download the whitepaper attached to this audio version.

As well, read as the full article at UXDA's blog.

73% of digital transformations fail according to a study by Everest Group. In the process of digital transformation, the main focus usually is on the product, innovation and digital technology. But, in the digital age, customers are the ones who decide the product's fate. If it doesn't live up to their expectations, it will be quickly replaced with a user-centered alternative. To ensure a successful result, the primary focus should be switched from digital//to experience transformation.

As this article includes a lot of important graphs and illustrations that help you understand the described processes, make sure to download the whitepaper attached to this audio version.

As well, read as the full article at UXDA's blog. 

In this Financial UX design podcast, we will guide you through the differences between businesses that have adapted the experience mindset versus the ones that still think and operate in the outdated marketing mindset. These differences explain why some products are successful in the modern digital environment while others are not, even after expensive digital banking transformation.

As this article includes a lot of important graphs and illustrations that help you understand the described processes, make sure to download the whitepaper attached to this audio version.

As well, read as the full article at UXDA's blog. 

There are many digital products around us that look very successful. But sometimes that's only an illusion. In reality, their days are numbered. You all know the most striking examples from the past - Kodak, Nokia, Blockbuster and other giants who relied on the success of today and failed to predict the future. Currently, Amazon Pay, Apple Cards, Facebook Libra are disrupting the global financial landscape. In the digital age, changes in the market happen at the speed of light.

Customer expectations are constantly rising. The question is - how can financial companies survive the GAFA attack and ensure a successful digital transformation while it's not too late? The only way to avoid losing clients is to focus sharply on the value financial product provides to the customers.

As this article includes a lot of important graphs and illustrations that help you understand the described processes, make sure to download the whitepaper attached to this audio version.

As well, read as the full article at UXDA's blog.