Today there are so many Internet banks being created. I can vividly remember 10 years ago, we barely had online banking services, which are available now with every commercial bank.
Fintech is emerging to the surface and digitizing banking services, where most of the banking services can be done through mobile or Internet (web) platforms. In the past, there were a lot of regulations toward financial institutions.
Now we are living in a ‘Hyper-connected’ era, where most of the services are being processed by digitization. Especially, online banking has saved a lot of time for those who can’t visit the bank during business hours.
Why is User Interface(UI) is the key of Fintech
User Interface takes out major role of the bank. Since every transaction will be done online, the User Interface needs to be crystal clear to the customer, so they don’t confuse themselves. The User Interface needs to be tailored to every customer’s point of view, which means that it’s not customized for any specific group. When creating global services, you might have to keep in mind the different groups of customers.
For example, people of varying ages will be using the Internet bank. Foreigners will use the service as well. The login screen (interface) needs to be kept simple and easy for the user to login, and putting a multi-layered security services might be good for securing the account. However, it might make the end user switch to another Internet bank that has a simpler User Interface.
Why does User Experience (UX) take an important role in Fintech?
The Fintech industry is developing rapidly. Now I’ve come to realize that User Experience will take a crucial role in fintech as well as User Interface, where interfaces and functions of the Internet bank need to be practical and easily understood by the customers or users.
Most of the bank’s services are often portrayed as difficult services. Most people would only use savings & checking accounts, whether using a physical bank or an online bank However, if clients are not satisfied with these basic services, most likely they won’t use that bank (in terms of experience). That being said, customers are experiencing difficulty with UX even today.
Creating an Omnichannel platform is a cornerstone of User Experience(UX)
Fintech services provide a convenient environment for customers to interact with the bank. In the past, banks preferred to have a multi-channel platform: such as having an offline branch, ATM, and direct marketing (through traditional channels).
Most of the time, the customer needed to visit the branch to process physical transactions (such as withdrawing cash or renewing the account). This was a very inconvenient experience for customers, with limited options to process transactions, each very time consuming and with the common occurrence of waiting in long lines.
However, recently most banks offer a digitized omnichannel approach, where banking services can be accessed via tablet, mobile, computer, and wearable devices. Due to having omnichannel availability, the customer started to have a better user experience. Below are the features of omnichannel availability.
- Self-Directed Services
Without any help from a teller, the transaction process (End to End) is solely done by the customer on the Internet bank site.
Services need to be designed with simple and direct as I mentioned above to reduce to confusion.
- Anytime/Anywhere Services
Provides consistent user experience from any devices in terms of time and places. It is conveniently done through the online channel, and even transactions could be done while abroad if you are away for work or vacation.
Moreover, when customers process transactions within different bank channels there’s neither disconnection nor repetition.
- Cross Channel Customer Services
Every channel’s transaction process or problems are analyzed by this service, if the channel is unstable or having some sort of error or issues while having online transaction, it will provide a context driven experience for every client, Context sensitive customer services will quickly recognize the issues that customers are going through.
Whether customers are using offline or online channels there will be a specialized relationship manager, who handles customer’s use cases like solving the personal issue during the banking services.
- Out-Door Sales/Services
Although an Internet bank is mainly servicing customers through an online channel, there are situations where they need the assistance of professional banker services. This could be done by video chat, but I believe that some services like personal asset management will still need physical support.
But being in an omnichannel platform, a customer can use a reserve system to pick specific times for an appointment online. A professional banker will visit the customer and assist with the financial services and have a consulting session.
This means that the omnichannel user experience will be done in physical way. But the service itself will be focused on more efficiency and customer centric experience value.
- Central Online Banking platform
Central Online Banking platform offers customized user experience functions such as dashboard, personalized menu and navigation bar, customized financial products, and contents preference.