Futurecasting: Revolutionizing Finance Through UX

There is a revolution going on in the way online businesses are expected to provide for their customers. That revolution lies in user experience (UX). No sector is immune to it, not even in finance. The finance sector is the gold standard of customer service; from friendly clerks with lollipops to dedicated brokers looking out for their client’s unique needs, financial institutions have always understood how to treat their clients right. 

Now that so much of the world’s business is moving to the digital world, clients expect that same high-caliber service to be translated into the modern age of banking. Crafting a great online user experience is what STAUFFER does best, and today we will be noting current trends and futurecasting the ways we could see the financial world pivot its client service approach in an era of AI, AR, and VR. 

The UX Revolution in Finance

Financial institutions are shifting their focus to prioritize user-centered design, the first step comes in the design and overall look of their apps and sites (both mobile and desktop). Banks and credit unions frequently revamp their digital interfaces for a more user-friendly experience, using iterative testing and setting qualitative benchmarks to see which versions of their design yield the best conversion rate.

We have discussed iterative testing and how STUAFFER uses it to fine-tune our own UX projects. To learn more, read our article: UX AND WEB DESIGN: THE IMPORTANCE OF A/B TESTING

UX-Centric Fintech Disruption and Innovation

Fintech startups are reshaping the financial landscape through intuitive and user-friendly solutions. This new wave of financial technologies marries customer service and products in a modern, savvy way that engages customers and better delivers crucial financial services for the modern age.

Fintech disruptors, such as Square and Robinhood, harness modern tech and engineering to facilitate secure transactions for stocks and over-the-counter sales. Combined with intuitive, constantly evolving interfaces optimized for desktop and mobile, have revolutionized the way customers expect their financial institutions to serve them their products.

Current UX Trends in Finance

The prevalence of mobile-first design has tremendously impacted accessibility and convenience. Banks knew 30 years ago that not all of their customers could access their ATMs fully, so they put in braille for the blind and headphone jacks to assist those with hearing disabilities. These restraints for customers have stayed in the online space. Accessibility remains a top priority in user experience and can be solved through widgets that can adjust font sizes and provide text-to-talk services for those needing them.

The rise of contactless payment interfaces backed by user feedback has simultaneously created a remarkable advance in ease of use and reducing fraud, a simple but effective solution that benefits both banks and their clients. This technology serves as a great example of how we think about merging other new technologies with financial services in the future, including virtual reality, augmented reality, and artificial intelligence

Emerging UX Trends and Predictions

STAUFFER is always looking to enhance user experience with the wealth of new intuitive and immersive capabilities at our fingertips. We envision a world where AI, AR, and VR seamlessly integrate into our lives and drive a simpler world for both businesses and individuals. 

Artificial intelligence (AI) is customizing experiences

AI-driven personalization is further reshaping financial services by creating tailored and engaging user experiences. Gone are the days of generic recommendations and standardized services. AI algorithms analyze user data to predict and offer services that align with individual financial goals and preferences. For instance, leading banks are implementing AI-driven chatbots capable of offering real-time, personalized financial advice, saving customers time and money. Additionally, predictive analytics can anticipate a user’s needs, from suggesting the best credit card to suit their lifestyle to offering investment advice that aligns with their risk tolerance. The future holds even greater potential as AI continues to learn and adapt, creating seamless user journeys that foster trust and loyalty.

The result is heightened user engagement and satisfaction, setting the stage for continued innovation in the financial industry.

Augmented reality (AR) banking experiences will uplift user financial awareness 

The future of UX in finance is poised to embrace augmented reality banking experiences as a dynamic and interactive way for users to manage their finances. With AR glasses or mobile apps, users can visualize their financial data in a physical space, making tasks such as budget tracking and investment portfolio management more intuitive. For example, users can see their spending patterns overlaid on their living room walls, gaining a deeper understanding of their financial health. AR can also offer real-time, location-based advice, such as highlighting nearby ATMs or offering promotions from local businesses. As AR technology advances, expect seamless and personalized interactions that blur the line between digital and physical finance, delivering information and a visually engaging and informative financial world.

Virtual reality (VR) banking experiences will bring financial institutions closer to their clients – wherever they are

Virtual reality banking experiences represent the next frontier in the evolution of UX in finance. In a VR-driven financial world, users can enter immersive digital environments where they interact with their financial data in unprecedented ways. Picture users walking through a virtual bank, meeting with a financial advisor in a digital boardroom, or exploring 3D representations of their investment portfolios. VR can simulate being physically present at a bank branch, making remote banking interactions feel as personal as in-person visits. Beyond convenience, VR can also enhance financial education, with users participating in interactive VR financial courses. The future of VR banking experiences promises convenience and a deeper connection between users and their financial institutions, transforming how we engage with our finances.

UX brings businesses and their clients together

UX is, and always will be, the compass guiding financial institutions through digital transformation. STAUFFER encourages all financial institutions to embrace UX-centered strategies to excel in the evolving finance industry. Adaptation is a game of listening, trial, and error. Find what works for your clients and see what gives you those desired (and most coveted) conversions. STAUFFER has 20 years of experience providing UX techniques that do exactly that. If you want to make some improvements, schedule a time to speak with one of our consultants today.

Did You Know...

Stauffer can help you navigate security considerations on your digital systems.

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