digital marketing

9 Perks of a User Experience Research Agency for the Financial Sector

01 Feb 2022

Today’s customers in the finance sector choose online platforms over brick-and-mortar financial institutions to conduct business. In fact, Insider’s Intelligence 2020 mobile banking study indicated 97% of millennials use mobile banking apps compared to 91% of Gen Xers and 79% of baby boomers. In addition to online banking, young adults also prefer digitised services for investing. According to wealth-management research by Accenture Consulting, 66% of millennials surveyed wanted to use an online self-directed investment portal. Customers who grew up with technology are savvy users and expect banks and investment brokerages to accommodate their digital preferences.

To gain customer trust and overcome competitors, the finance sector should optimise its digital products. One vital feature of digital design that makes a great starting point is user experience (UX). In-depth knowledge of UX and customer engagement helps companies increase the marketability and success of their offerings.

Key Features of a Good User Experience

Customers want quick, hassle-free interactions when using an online banking or financial platform. When creating or updating online banking websites and mobile apps, banks now implement several design principles based on user experience research:

  • Customisation
  • Ease of use
  • Transparency
  • Security
  • Features and accessories
  • Quick help and customer service

By covering these areas, financial institutions may satisfy tech-obsessed customers and impress others new to their services.

Perks of UX Research

It is important for businesses to understand how their customers interact with their website, apps, and other digital services. UX researchers thoroughly examine the attitudes and behaviours of customers and conduct tests on the product design to help improve the online experience. A user experience research agency can provide an in-depth analysis of what your customers want. Although user research can be costly, it has many potential benefits.

Gain Valuable Insights From User Data

How will you know if customers are confused by your online banking platform? Are people frustrated by the wait time to download a bank statement? This type of information reveals problems in your company’s digital features. You can’t make improvements unless you have this valuable data from UX research.

Develop and Monitor Customer Profiles

Your brand may have outdated customer personas or profiles that could affect the desirability of your product offerings. UX research can help you find inconsistencies in your assumptions about your clientele, and then you can update your profiles as needed.

Create a Successful Product

Data from UX research may lead to successful digital programmes. Using the information gleaned from UX allows you to customise your design to:

  • Make a product that is easy to use
  • Offer a product that customers enjoy
  • Understand how the product compares to those of competitors

Retain Customers

Easy-to-use banking and investment platforms will likely help your company retain its customers. According to the 2021 Digital Banking Report from Mobiquity, 46% of respondents under age 55 would change banks to receive better digital services. Prioritising UX will help to keep your existing customers happy and attract new customers, too.

Increase Accessibility

More people are conducting financial transactions online than ever before. Companies and institutions providing online banking websites or mobile apps allow customers to access services instantly from any location. These options are helpful for those who live in remote areas or have difficulty travelling. 

Cut Costs

Problems with UX are costly. You can prevent wasted funds for re-work by relying on UX research to guide your design decisions. UX data can minimise development mistakes when companies make wrong assumptions about their customers’ needs and preferences. Following recommendations from UX research can prevent poor products and save money.

Witness a Return on Investment

There are case examples of companies receiving a significant ROI after a digital redesign. AdamWard cites Walmart’s 43% increase in online sales and Bank of America’s 50% increase in online registrations after both companies used UX data to overhaul their websites.

Conclusion

Implementing recommendations from UX research results appears to have nothing but positive outcomes. Although it is an expense for your company, consider UX enhancements a worthy strategy for customer engagement and retention. A well-planned and user-optimised digital design may help you recoup your investment sooner than you initially thought!

Clickbiz Australia: Digital Marketing Sydney