The banking industry has seen a number of changes in recent years, including the rise of digital competition and an increased focus on customer experience (CX). In fact, the top U.S.-based banks have already adopted many of the UX design trends that will dominate in 2022. As you plan your strategy to keep your customers happy, consider these six top UX CX trends across the banking industry in 2022 as well as ways to implement them before your competition does.
1) The Role of AI in Enhancing Customer Experience
AI is taking over a lot of customer-facing services, which means that banks have to be ready to adapt their practices. For example, AI is being used by some banks to answer FAQs and provide live chat support. It's also used by some institutions to offer automated loan approval within minutes. And AI is used by some banks to detect fraud, as well as catch suspicious activity on credit cards and bank accounts.
2) The Importance of Personalization
Personalization is one of the most important and understated trends in banking. From a customer’s perspective, it feels like a small thing that banks can offer. However, from the bank’s perspective, personalization has been found to be a huge predictor of customer satisfaction. In fact, 92% of customers say they have an overall positive experience when banking if they feel their bank takes into consideration their needs and wants. It is no surprise then that personalization is proving to be one way banks are taking on fintechs head-on and making sure they don't become obsolete.
3) The Rise of conversational banking
As customers are beginning to adopt AI technology, it's becoming more and more important that banking institutions provide a seamless customer experience. In particular, conversational banking will be essential as customers increasingly want to transact with their banks via messaging apps.
Conversational banking is a new way for consumers to interact with their banks using voice commands or text messaging interfaces. Unlike voice-controlled assistants like Siri and Alexa, conversational banking allows you to communicate with your bank via text messages or chatbots. For example, if you have an account balance question, you can simply send a message to your bank's chatbot and receive an answer in seconds.
4) The Power of Video
Video has become an increasingly powerful tool to help businesses grow and connect with their audience. Not only can it be used on social media, but it's also been found to improve conversion rates by 80%. The key is making sure that you use video in a way that feels natural and is relevant to your brand. Let's say you're a financial institution providing wealth management services. You might include some video testimonials from past clients who have benefited from your services. Or, if you're just launching, focus on some of the challenges people face when starting out and how you can help them overcome these hurdles.
5) Gamification
Gamification is a technique that encourages customer participation, typically through the use of game mechanics like points and badges. Gamification has been around since the 1960s but has become a popular tool among banking brands in recent years. In 2018, it was reported that gamification helped boost user engagement by as much as 60%.
6) Design Thinking
Design thinking as a methodology is characterized by 3 core principles: empathy, iterative design, and human-centered design. A good way to make sure that you are being empathetic when designing something is to ask yourself if you are designing something that will be used by people with disabilities. Another way to ensure that your product is designed with empathy is to check whether it will be used by children. If it will be, then there should be no sharp corners or anything that can break easily so they don't get hurt. The more iterative your design process, the better because you can evaluate how usable it really is and what needs to change about it before release.
Final Note
Hire Website Design Agency should be able to provide you with the latest design trends that are currently being used across industries to stay ahead of your competition. The better informed you are about what is happening in the industry, the more likely it is that you will be able to stay ahead of what your competitors are doing.
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