From retail banking accounts to stock trading platforms, mortgage associations and beyond, the financial customer experience extends across numerous pivotal life stages and impacts virtually every consumer in the world.
Banking experiences are often disjointed due to outdated technology and the wide range of financial services available. Agency 39A partners with large financial institutions and community banks to simplify these processes in order to scale. We prioritize the user experience to create better digital systems and more useful tools for both internal and external stakeholders.
Approaching the Financial Services User Experience
Before we can innovate, we need to understand the financial services industry. Our team of user experience researchers conducts in-depth observation, interviews, qualitative research, and innovation workshops to connect with users at every organizational touchpoint. We speak with the client’s administrators, bank tellers, and account holders to gain insights and identify opportunities for improvement and innovation at every angle.
From these conversations we identify end-to-end customer journeys for each party and build detailed customer maps to represent these life cycles. The experience maps are then used to inform digital designs, prototypes, and high-fidelity wireframes of new proposed workflows and product experiences for the client.
During the design phase, we ideate on various digital solutions to meet consumers’ needs. We use recommendations from our UX research team to create new interfaces and brainstorm solutions for improved workflows. Along the way, we continue to collaborate with our financial clients to get real-time feedback and make sure we are forging down the right path.
Opportunities for Digital Transformation in Financial Services
Many financial brands struggle to find a competitive advantage because of how similar their financial product offerings are to other banks and financial institutions. This is where digital transformation takes flight.
Creating innovative digital solutions begins with the user experience roadmap. During our initial user experience research phase, we identify core challenges and pain points across the industry. For financial services, these largely include:
- Protecting sensitive customer data
- Modernizing the internal tech stack to meet customer expectations in the digital age
- Marketing challenges faced by industry saturation
Digital banks have disrupted the industry by challenging the concept of brick-and-mortar financial institutions. These online platforms position themselves as customer-centric entities that offer convenience paired with a sleek design. Beyond the interface, they offer competitive yields on savings accounts that appeal to a broader market than most traditional institutions. How can retail banks adopt this digital solution and reap the benefits for both themselves and their end users?
There needs to be a heightened emphasis on financial services website and app development. The digital standard for today’s retail banks is to have a banking app that allows users to perform basic financial activities on-the-go. This includes checking account balances, depositing checks, and transferring funds. This is the customer expectation in today’s mobile-first world. Unfortunately, many local banks and financial institutions do not have access to the correct technology or proper resources to create a great user experience on these platforms.
Agency 39A approaches projects like financial services app development with cross-team collaboration, digital strategy, software development, and a well-rounded view of innovation opportunities. We work with clients to not only build intuitive web and mobile financial apps, but to better manage customer and employee experiences through digital solutions.
Innovation opportunities in financial services extend far beyond basic mobile and web apps. New fintech players like Buy Now Pay Later (BNPL) organizations, tap to pay point-of-sale processors, and ApplePay are all great examples of digital solutions to modern problems in the industry. Each of these innovations is built with the consumer in mind to make their transactions easier and, ultimately, improve their lives.
Agency 39A works with financial brands to assess opportunity areas and find untapped competitive advantages. Digital transformation brings them to life.
Marketing of Financial Services
This digital strategy extends from product experiences to branding and content strategy. Due to the amount of competition and saturation in the industry, there are many challenges in marketing financial service brands. Just take a look at the logos for some of the top financial performers: they all use similar colors and brand elements to associate themselves in the industry, making it harder to stand out.
Agency 39A assesses the competition and pinpoints our clients’ strengths, weaknesses, opportunities, and threats. We focus on the area of most opportunity and utilize the clients’ strengths to capitalize on this momentum. This helps build a strong brand strategy that outperforms competitors and differentiates our clients’ brand.
We also work with clients to utilize content marketing to better educate consumers on their financial journey. We identify our client’s target audience and build marketing campaigns that appeal to every touchpoint on their journey. Finances are confusing for most consumers — the brands that stand out will be the ones to approach branding and content from a human-centric lens and help consumers easily navigate the complicated world of finance.
From building experiences to meet the industry’s standards to innovating on new products and services that stand out — there are many opportunities for digital transformation in financial services. Agency 39A works with financial institutions to create truly innovative and adaptive user experiences for today’s modern bank consumer. We can help you meet your customers where they’re at and stand out in one of the most competitive industries around.
The financial services industry is ready for innovation. Are you?