User experience shapes the future of digital banking

It is becoming increasingly necessary for entities to get closer to consumers and get to know them better. It is vital to establish internal policies that maximize the value of the user experience to find the perfect customer journey.

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On average, it takes us 80% longer to carry out a bank transaction in a physical office than in a virtual space, such as a web page or an App. People cannot waste their time and entities need to improve their relationship with users to establish long-term relationships.

That is why it is so important for the financial sector to collect valuable information or insights for its business strategy.

The era of enrichment has arrived

According to a study by Cornerstone, the penetration of mobile banking has increased significantly in recent times, reaching 95% in the case of Generation Z, 91% for Millennials, 85% for Gen X and 60% of Baby Boomers. We could say that almost all banking customers regularly use digital platforms to check their balance, make transfers and pay bills.

With this in mind, you need to serve customers online in the best possible way. A special care in the UX is a guarantee of success for financial institutions. This is where insight strategies come into play. Through the enrichment of transactional data, you will get the information that allows you to discover needs, preferences and tastes in order to make the best business strategy.

Mobile Banking Adoption by Generation

How to improve the user experience ‍

The first step is to find out how a person feels when they interact with a product or service. All impressions, emotions and attitudes towards the software can be measured to obtain a global picture of the feeling towards the entity. The objective is none other than to enhance the quality of the service. A happy user means a better conversion rate, more sales and an increase in loyalty.

For online banking customers, this implies having more control over their finances, knowing where their money is going, having all their data organized in one place, and easily navigating their accounts and financial products. Due to this empowerment, they are able to make decisions based on information that improve their domestic economy.

Improve customer loyalty with AI

Having a good user experience makes you stand out

“Let’s face it, there’s not much you can do to set yourself apart.”

Many entities offer similar products, so it is vital to have an exceptional user experience and transactional data enrichment. After all, your App is the main contact that your customer has with your brand, the place where they will decide if they want to reach something more with you or not.

We tell you why banks and insurers should invest in UX:

  • Build trust and retain customers. When it comes to money, most people take it very seriously. They want to feel secure with their bank or insurer, and not engage with an app that provides a poor user experience.
  • Reduced sales funnel. The more steps a customer has to take to complete an action, the more likely they are to abandon the process. By improving the user experience, the number of steps in the sales funnel is reduced.
  • Increased usage and engagement. When your design is simple and intuitive, the number of abandonments is reduced and engagement is increased. This leads to more conversions for your bank or insurance company.

Enriching the banking transaction improves your user experience

A really good user experience is basically a seamless experience across all platforms and touch points. This means that banks must change their strategy to make it easier for users to search and offer them access to relevant information anytime, anywhere.

Enriched data can tell users when there is a risk of an overdraft, a subscription ends, or insurance expires. That means being able to anticipate and have the tools to manage personal finances effectively. For financial institutions, it means knowing what their customers like, what products and services they buy most frequently, and what their favorite brands are.

All this generates a huge number of sales opportunities, and what is better, it avoids intrusive messages by only making communications when we know that they are useful for the user. The improvement in customer service is based on a totally personalized service, which takes into account this and other information that they provide when interacting with the App.

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What do you need to enrich the banking transaction

Although banks have vast amounts of data about their customers, they often lack a complete and uncluttered view of their transactions. Extracting the power of raw data in order to use it effectively can be difficult and requires a large investment of time and money. The role of FinTech is to carry out innovative developments that meet expectations.

Thanks to our AI engine, COCO{Enrichment}, you can clearly identify and show your customers the stores where they shop, their location, category, name, logo and associated carbon footprint. All their expenses are identified in real time to facilitate the management of their finances. With this module you ensure a longer time of use of your platform and an increase in engagement.

There is no longer an excuse to maintain an outdated user experience, it is time to know more about your audience in order to improve your turnover and your retention rate.

Begin to enrich the transactional data of your customers and launch hyper personalized products with guarantee of success!

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