In the digital age, there are countless types of financial services for users to choose from, with many new services entering the market every year. Consumers often feel overwhelmed by this diversity, and their expectations for service experiences are also rising. To succeed, businesses need to recognize that customer experience (CX) is the distinguishing factor between successful and failed businesses.
Identifying and simplifying the difficult situations users face will help them have a more enjoyable and easier experience.
1. Data Visualization
Humans tend to struggle with processing numerical information, especially when it comes to comparisons or performing complex calculations. That is why conveying that information in a visual, easy-to-understand format is crucial. Data visualization has been widely used in reporting and analysis. And it has a lot of potential for application in deposits, loans, investments, and other financial activities.
Data visualization is effective because it shifts the balance between perception and cognition to maximize the brain's capabilities.
Swift Perception: Visual information is processed quickly by the visual cortex, allowing users to easily and rapidly absorb information.
Cognitive Load Reduction: Visualization helps alleviate the burden on conscious cognition, enabling users to focus on decision-making rather than analyzing complex numbers.
Traditional methods of presenting and receiving data require conscious thought for most stages. Data visualization changes the balance towards utilizing more visual perception, leveraging our eyes as much as possible.
2. Develop a tool, not an ad-filled page.
Unless the sole purpose of a product is marketing, there will be a host of other user needs that must be met. While placing ads on a product may bring some benefits, overwhelming customers with unrelated messages through a financial product can have a negative impact.
Even if your product has a high level of trustworthiness, many users still harbor doubts about new features. In an unfamiliar digital environment, they often do not want to be confused or reduce the visibility of their useful information.
It is important to address core value and navigation to meet user needs; products should display everything that users feel is important. Marketing messages must be subtle to enhance the user experience.
A tool that empowers users and puts them first will be more effective in improving customer retention and increasing sales.
3. Provide relevant and personalized content
When buying new clothes, one of the first criteria people consider is how well they fit. The same goes for financial products. Personalization allows systems to identify users as a group or individual while providing appropriate content and functionalities for that user.
For example: In asset management, there is a lot of information about performance and investment risks that can be tailored to an individual’s assets. There is so much detailed information that people barely have enough time to understand it all. Moreover, no two customers are the same.
Products should function as personal assistants, extracting and presenting crucial information concisely, making it easy for users to access without feeling overwhelmed. From there, users can choose whether to explore further — this is just a starting point through which users can discover more of your products.
4. Create a smooth product introduction process for customers
To deliver a perfect experience from the first encounter, it is crucial to introduce the right services to customers. Users need to clearly understand the value that the product offers from the outset.
Achieve their short-term and long-term goals
Understand the value of your product
Improve customer retention and minimize dropout rates.
When people hear the term “feature introduction,” they often think of a series of initial forms describing the application's functions and collecting basic user information. However, the introduction process is not just a simple presentation of functions but also a way to quickly and effectively connect users to the product's value.
To understand your users, identify who they are and what the most effective ways to communicate with them are. Instead of simply focusing on product-market fit, delve into users’ specific needs and develop the product to suit them.
Those who have invested or borrowed through digital platforms are familiar with the smoothly designed product introduction process. Financial companies invest heavily in this, as customers using financial services typically bring high value. Therefore, businesses will gain significant benefits if they focus on appropriately and effectively introducing services to customers.
5. Make customers feel special
Gold, platinum, and other elite cards primarily provide a feeling of exclusivity to the holders, rather than actual value. In previous decades, this exclusivity was limited to wealth management clients but is now spreading into banking, retail, and various other sectors. The goals of special customer programs are not only to show appreciation but also to retain customers, encouraging them to return for regular service usage.
Don’t get me wrong — I don’t encourage you to deceive your customers, but rather to make them feel special. The goals of special customer programs are not only to show gratitude but also to retain them. You want users to come back, making the product part of their daily lives, and you can achieve this by regularly rewarding them. Provide offers that clearly demonstrate user benefits and encourage them to use it daily.
With today's technology, creating personalized experiences for each customer is easier than ever. Small adaptations in service can create a high-end and exclusive feel, helping customers feel valued and encouraging them to continue using the product.
6. Design to enhance security
Consumers desire a seamless and familiar mobile payment experience while demanding high levels of transparency, honesty, and financial data security. With the rise of appropriation methods and increasingly sophisticated digital financial attacks, security has become a top priority not only for users but also for financial institutions.
To maximize security, banks should implement multiple protective measures beyond traditional password authentication, such as biometrics and gesture patterns. Biometrics are hard to spoof and provide quick access with high levels of security, improving the user experience without compromising usability.
Additionally, consider the following methods when designing digital passwords:
Add an auto-lock feature after several unsuccessful attempts.
When creating a password, ensure the font size is large and easy to read.
Keep passwords hidden while being entered.
Allow for a login expiration option after 1 to 5 minutes of inactivity.
Do not accept easily guessable passwords like 0000, 1111, 1234, …
7. Leverage all capabilities of devices and new technologies.
The growing popularity of mobile devices is having a significant impact on the development of Fintech technology. With increased pressure to achieve profits alongside the rise of emerging startups, most businesses will seek ways to optimize their current operations.
In recent years, AI has become an integral part of the Fintech industry and its popularity is on the rise. Key areas of AI usage include gathering and managing data, analyzing personal spending habits, and facilitating transactions. The ability to provide customers with personalized experiences and perfectly suited products will soon become a significant competitive advantage in the Fintech market.
Technologies such as eKYC allow banks to verify customers online automatically and comply with regulations. Additionally, chatbots and virtual assistants are becoming more popular, helping users conduct transactions more easily. AR and VR technologies also open up new opportunities to engage with customers, creating unique experiences in financial services.
8. Communicate and respond clearly to users at all times.
Users should know where they are and what is happening at all times. For every action, appropriate feedback should be provided within a reasonable time frame. Don’t make your users guess. Let them know what their actions have led them to.
Uncertainty causes anxiety, so it should be avoided whenever possible. Anxiety escalates when handling financial transactions, orders, and similar things.
Whenever users interact with a system, they need to know whether that interaction was successful. Current status notifications allow users to feel more in control of the system, taking appropriate actions to achieve their goals, and ultimately build trust in the brand.
As a designer, your job is to make users feel safe when interacting within your application space. Communication increases trust, one of the key factors affecting customer retention. When a system appears to withhold information from users or unilaterally makes decisions, users begin to lose trust and no longer feel the relationship is equitable between themselves and the business.
Users need to clearly understand their status and progress in every interaction with the system. Timely feedback helps them understand whether their actions were successful, thereby reducing anxiety, especially when performing financial transactions. Uncertainty can cause anxiety, so clearly communicating the current status will help users feel more in control and build trust with the brand. As a designer, you must create a safe and transparent environment for users. Clear communication not only increases trust but also retains customers. When the system fails to provide complete information or seems to conceal it, users will feel distrust and no longer view the relationship with the business as equitable.
9. Communicate in the user's language
In the field of financial technology (Fintech), effective communication with users is crucial, as customers are not industry experts. To help them understand your products and services, use simple and accessible language. Avoid complex technical jargon, as most users are not familiar with them.
In addition to using understandable language, you should also pay attention to tone and style of communication. Many Fintech products often have an overly serious tone, which can create a gap between the brand and customers. Choose a friendly and approachable way of communicating to build better connections, helping customers feel more comfortable and trusting when using your services.
Another common issue with how Fintech products communicate with users is tone and voice. For some reason, it often comes off as too serious, formal, or boring. This depends on the brand's overall personality and values. Perhaps people think of banks as serious organizations, where everyone wears formal suits.
This may suit traditional, long-established private institutions, but as times change, even these banks are shifting their messaging as their clientele becomes more diverse. In personal finance, such seriousness truly creates a boundary between customers and your brand.
