User Experience Design for Accelerating Digital Transformation

The UX Trend Report 2020 highlighted that 76% of businesses find UX critical for business success and transformation.

Technology has transformed nearly every aspect of modern life, and banking and the financial industry are no exception. In today’s fast-evolving world, digital interactions are becoming a primary choice, and User Experience (UX) plays a significant role in giving a competitive edge to fintechs and financial institutions. Customers and users are very conscious when choosing financial institutions and user experience is paramount. The focus of businesses is shifting more and more to UX strategy.

[box type=”info” align=”” class=”” width=””]Digital transformation integrates digital technology into every sphere of the business process, adding maximum value to meet customer needs. At the heart of this lies User Experience Design (UXD). After demonetization, Indian consumers started to leverage online platforms for transactions of all sizes. That made simplified UXD a necessity, so both the young and older generations could adopt and adapt to technology in the easiest possible way.[/box]

As the pandemic intercepted our lives, it forced businesses and individuals into redesigning the way they functioned, with health and security taking the center stage. This urged corporates to think on their feet and almost overnight migrate business operations to the virtual world. Amidst this hasty transition, digital transformation became a necessity but not without benefits that would drive holistic success.

Decoding the benefits of UXD

Accelerating digital transformation

From data-driven dashboards to artificial intelligence (AI)-based personalized recommendations across day-to-day entertainment, banking, fitness, and entertainment apps, everywhere we are surrounded by UXD.

Methodologies for developing advanced personalization and generating futuristic trends truly make the user experience design unique and are also being brought into the consumer and enterprise spaces. UXD has always been a part of the consumer’s journey via touchless interactions, Voice User Interfaces (VUI), air gesture controls, voice-based chatbots, and more. Developments in AI have further strengthened the UXD toolkit to fast-track digital transformation.

Transforming business with the right UXD

UXD has become integral to digital acceleration across industries, and more specially in the financial sector. It has empowered financial institutions to create competitive differentiation among peers with immersive, intuitive, and hyper-personalized user experiences.

With the pace at which the banking industry is evolving, banks and financial institutions of the future will be capable of harnessing their digital capabilities to put customers in control of their choice of operations and to deliver products that are personalized, engaging, and efficient. With UXD optimizing every touchpoint of the user journey without the user even realizing it, consumer-centricity has become a key differentiator between a revenue-stagnating enterprise and a growth-positive enterprise.

Enhancing for better engagement & loyalty

The understanding of UX has pushed businesses to align their goals with users to create deeper customer engagement and loyalty. By placing the customer front and center, properly executed UXD ensures that user needs are addressed with appropriate, streamlined solutions that provide a frictionless journey. In addition, a well-designed UX provides customers specific products that allow them to better manage their lives, and create an emotional connection that eventually leads to customer loyalty.

The main goal of UXD is to simplify every interaction, be it a mobile application, via a website, chatbot, or voice, making it seamless for the end-user. It also allows organizations to identify problems and opportunities related to the usability of functions and solutions and use valuable information to further enhance the digital transformation process.

Developing operational efficiency

UXD and well-executed user interfaces (UI) have played a pivotal role in uplifting revenue through digital acceleration while enhancing operational efficiency, bringing meaningful gains to the customer and the organization. Today, UX teams are consistently optimizing costs, reducing risks, and ultimately increasing profitability with more focused and aligned teams leading to a lower risk of project failure.

[box type=”info” align=”” class=”” width=””]“A recent report by Forrester, “Total Economic Impact” highlighted that organizations implementing UI/UXD witnessed 200% faster Time-To-Market (TTM) [i] with a 75% reduction in design time, thereby increasing profits from the new customers and the higher present value of expected profits.”[/box]

What does the future hold?

As India embarks on becoming increasingly digital, simplification and personalization will be key to driving the right narrative. The next generation of super apps and advanced enterprise applications will be personalized AI bots that will think, suggest, and create solutions to uncomplicate the consumer’s journey.

Data will play an important role in driving personalization and relevance. A product’s value is communicated through the right design and UXD will always play a pivotal role in each step of the transformation.

In the banking and fintech space, the integration of products within a single core family is often tight. Technology providers will have to collaborate to build uniform products and experiences that can be seamlessly integrated to offer responsive design and create a newer user experience. Technology providers have over the years developed their own unique design language that enables fintechs and financial institutions to better compete in the marketplace.

That said, the ability to listen, understand and decode customer needs and behavior will enable organizations to offer a seamless user experience, increase customer satisfaction and loyalty, and eventually reduce costs. AI and machine learning will enhance the UXD development process offering trends, analysis, future predictions, and empowering organizations to create a product for tomorrow, today.

 

 

 

 

This article is authored by Vishal Pratapwant, Senior Vice President & Head for Engineering & Transformation Group, Fiserv Global Services.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of ET Edge Insights, its management, or its members

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