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CEO/Founder at UXDesignAgency.com Joined over 5 years ago
In the next 10 years, 78% of customers expect to use an augmented reality (AR), virtual reality (VR) or mixed reality app to see how a product will look, according to Futurum Research. Though it might take years for this technology to become a part of our daily lives, tech giants are already actively working on developing it. There's no doubt that AR, VR and mixed reality will take the customer experience to a brand new level in all areas of our lives,- including banking. What to expect, and what's the best way for the banking industry to prepare and fully embrace the opportunities of the digital future?
According to CB Insights research of 101 startup failure post-mortems, 42% failed because they lacked market need. It's not only about “inexperienced” startups, this happens even to the “best of us”. Google failed with Google+ and Google Wave, despite enormous marketing budgets and award-winning ads. We see the same happening in digital banking. So, the question is - is it a good idea to first create a digital financial product and then stimulate a market need with tons of advertising?
To successfully transform financial services into demanded digital products, we use reverse engineering. It's a top-down approach that begins with defining the ultimate value for customers and ends with an action plan that includes architecture and design. This is the only way to ensure maximum user satisfaction and high demand in the digital age. In this article, we explore proven user-centered design methodologies that help digital financial products stand out among competitors.
There are many digital financial products on the market; some of them excel, while others lack demand and have to fight for their survival. What determines whether a product succeeds or fails? And how can one be sure that the millions invested in building such a product won't go to waste? Particular aspects seem to dictate the product’s faith. All of them are related to proper financial design integration into all levels of the company. Unfortunately, most often, these factors go unnoticed, ignored or are ruled insignificant, leading to a painful fiasco. How can you spot those threats before it's too late and keep your product safe from failure?
In the past six months, a banking software vendor company, ITTI Digital, has undergone a massive transformation. They partnered with UXDA to completely reinvent a 15-year-old core-banking solution. This transformation has ensured a dramatic increase in banking's service speed, employee productivity and customer satisfaction. The learning curve of banking employees has been reduced from several weeks to a few hours. Also, the potential for costly human errors has been significantly decreased. The new core banking solution has provided ITTI Digital with the opportunity to expand in the global market. With ITTI Digital’s permission, we are sharing an exclusive step-by-step case study on designing a next-generation banking back office that will definitely become a game changer in the industry.
It's trendy to talk about the use of User Experience design in the development of banking and FinTech digital products. But there is a great misconception about digital products that not a lot of people are aware of.
Check out this detailed future banking reinventing case-study from TOP3 banking innovative software solutions in Europe - UX Design Agency for Finance: http://www.uxdesignagency.com/ux-fintech-case-study-of-how-online-banking-design-should-work
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