The Future of Digital Financial Service and Fintech Experiences

Over the last decade, the financial sector has undergone massive transitions. Cryptocurrency and peer-to-peer payments have seen a fast and furious rise, digital wallets made up 48% of all global ecommerce transactions in 2021, and experts predict continued growth across nearly all global lending markets. At the same time, many traditional banks, insurers and wealth management companies face daunting technical debt. As consumers and competitors push organizations to become more agile and innovative, expensive, outdated systems often limit them – and few companies can easily rip and replace. Fortunately, financial services companies that focus on frictionless user experiences can keep customers invested in their apps and offerings.

Three critical focal points for financial service providers looking to future-proof include:

• Fostering an unwavering commitment to eliminating functional errors

• Emphasizing inclusive design to serve the broadest audience possible

• Adapting customer journeys to incorporate new technologies that deliver increasingly interconnected experiences.

1. Find and eradicate functional issues before they reach customers.

During the pandemic, many financial institutions accustomed to handling certain processes in person were forced to shift to digital in an effort to maintain business continuity. Many were ill-equipped to make the shift – and lost customers as a result. Glitchy websites and apps sent users flocking to support channels in droves. Overwhelmed agents relied on IVR systems and chatbots to alleviate some of the pressure, but all too often, customers encountered problems there as well. Many of those who weren’t already locked into a relationship abandoned hope and turned to competitors with more straightforward online offerings.

Often, a simple issue can be the deciding factor for a user who knows there are plenty of others willing to offer a loan, wealth management services, or credit monitoring at a comparable cost. Though I love my credit union and consistently recommend them, when my online application to refinance a mortgage kept freezing, I quickly turned to another lender who offered the same rates. Uncovering and fixing functional problems that prevent customers from completing their desired tasks is table stakes for financial services organizations that want to remain competitive.

2. Design inclusive experiences that serve all users.

Industry leaders are shifting priorities: accessibility conformance and compliance are no longer sufficient. With the European Accessibility Act slated to take effect in 2025, raising the digital accessibility bar for organizations that operate in Europe, many financial services organizations must take action now to prepare. Going beyond the minimum and shifting left to focus on inclusive design offers significant benefits. Software development organizations that take an empathetic approach to design, creating digital experiences that easily and effectively serve people with disabilities (PwD), set themselves apart.

PwD comprise about 15% of the world’s population – a substantial number of customers and prospects. Digital accessibility and inclusive design present an opportunity in product design and development, given that many features that benefit PwD appeal to a wide range of other customers as well.

3. Create more seamless customer journeys that smoothly integrate new technologies.

Every day, billions of financial transactions take place worldwide, often with multiple handoffs between banks, businesses, payment processors and other stops along the money train. Customers simply expect their transaction to work, without delays or complications, no matter what has to happen behind the scenes.

Cryptocurrency, AI, voice and AR/VR are becoming increasingly important – customers expect these technologies to be available to them and integrate into key portions of the customer journey. Beyond chatbots and automated voice systems to streamline customer service, account holders expect personalized recommendations for products and services that complement the ways they already interact with a company. They want intuitive, interconnected experiences that span all channels. Thoughtfully designing and thoroughly testing these experiences will be critical for financial services organizations that want to remain competitive.

Read the State of Digital Quality in Finance 2022 for more insight on how to design and deliver digital financial experiences that customers love.