How to Create a Win-Win Digital Banking Experience

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When you bank with a digital financial institution, you can access their services from any place. You can use their mobile apps to make payments, check your balance and get a statement online. In addition, you can set up direct debits and standing orders. You can even send money to friends and family members.

The digital banking experience is becoming more and more popular among consumers, particularly millennials and Generation Zs. It’s more convenient and easier to handle than going into a traditional bank branch.

Many digital banks now offer powerful financial management tools that you can use to track your spending, create budgets, and view your most recent credit report. These are features that you can’t find in any other bank, and they make managing your finances far more convenient.

Moreover, digital banking is more time efficient as it allows you to make transactions from anywhere in the world with internet access. This is especially helpful for people who work long hours and are unable to travel to their nearest banking branches.

Another benefit of online banking is that you can avoid the fees and charges associated with a branch. For example, you are less likely to be dinged with a fee for maintaining a low balance or if you want to make a purchase using your card.

It also offers a better customer service experience as you can speak to a representative or a specialist over the phone rather than having to wait in an unfriendly queue. Some online banks even have their own call centres for customers who have a specific problem or require specialized support.

This is an important point, as a 1-point improvement in CX index score can increase your bank’s revenue by $123 million, according to Forrester. This means that improving your customer experience is crucial to your bank’s bottom line.

To provide a digital banking experience that will be a winner for your customers, you need to focus on a number of factors. Here are a few to consider:

User-centric approaches: UX specialists must understand the psychology of users and their behaviour, problems and needs, so they can architect financial services that match their preferences. This requires extensive research and analysis that goes beyond A/B testing.

Agility: As you digitize your bank, make sure that you can quickly make changes to meet customer needs. This will help you build a strong digital bank that customers love to use and become loyal to.

Applying to a banking product: Application abandonment for new products is on the rise, so it’s vital to improve the application process as part of your overall digital banking strategy. A poor application experience is one of the leading reasons why consumers quit a banking product before they’ve even started.

The best banks have a user-centric approach to designing their applications. They ensure that the application is easy to use and intuitive, and that the information they’re submitting is fast and accurate. They also ensure that they allow customers to save their progress as they move through the application.