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Home Insights Investing in user experience design adds value for financial services organisations – here’s 4 reasons why
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Investing in user experience design adds value for financial services organisations – here’s 4 reasons why

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Posted in: gbst digital
Published: 23/06/2021

Taking a user from A to B in a seamless and frictionless manner online is no easy task. I’m sure at some point, you’ve been the user stuck at an online checkout, or have had a banking app crash on you just as you’re trying to send your friend that $20 for dinner. The outcome is a frustrating experience followed by a lack of desire to return to that site, or further bank with that brand.

What underpins a great customer experience online is when a user achieves their aim in the most effective way possible. User Experience (UX) design helps you do exactly this. It’s the process of enhancing user satisfaction by improving the usability, accessibility, and enjoyment achieved during an online interaction.

There are four key areas where investing in UX design adds value for financial services organisations.

  1. Solving business and user pain points
    Tackle complex problems and user pain points in simple and intuitive ways through design thinking. Identify and make use of common patterns and conventions in your industry to increase a user’s familiarity with your product.
  2. Improving conversion rates
    Successful UX design helps users achieve their goals faster and can increase conversion rates through ease of use, reduced number of steps, and clear call-to-actions.
  3. Increasing customer satisfaction
    Ensuring users can easily navigate your digital assets and ultimately enjoy using your proposition leads to greater customer retention, trust, loyalty, and engagement.
  4. Fast-tracking development
    Design prototyping allows developers to more accurately estimate the time and effort to build. It also enables more efficient testing and validation of features to avoid scope creep in development stages. Design empowers you to get it right the first time, avoiding costly updates and reworks.

 

UX design can help enhance public facing assets of financial services organisations. These include:

  • Member portals – A properly designed member portal tailored to your brand optimises the online member experience you aspire to deliver.
  • Tools and calculators – Calculation engines and interactive tools improve your digital experience and help your customers make informed financial decisions.
  • Enterprise software – By solving design problems, software can become more effective for enterprises in the wealth management, tax, insurance, or union space.
  • Public websites – High performing websites with a strong visual design enable a smooth and immersive UX for website visitors.
  • Mobile apps – Engaging, accessible, and efficient ready-to-use apps will provide optimal mobile satisfaction for your users.

Want to learn more about GBST’s user experience and digital design services? Download the brochure to find out more or get in touch with Brianna Dobing, the team’s Digital Manager.

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