Driving Toward Innovation in Digital Banking User Experience
The need for delivering on a user experience strategy necessitates the use of common and sometimes confusing lingo like CX, UX, information architecture, UX design and UI design. It introduces ways to gain deeper understanding of customers through methods like personas, journey mapping and Kano analysis. It commands phrases like customer-centric, experience-driven, and ideation/visioning. In the past 4 months, I have interviewed more than half a dozen agencies to engage one that could go beyond the buzzwords and the methods described above. I want to be convinced that great and meaningful changes can happen to UI’s. After all, talk is cheap.
The Science of UI
Our goal is simple for our UI Transformation project. We want the 3 “E’s” - allow business users to do their job effectively and efficiently, while being happily engaged. ‘UI Transformation’ is only 2 words, yet they pack a wallop when trying to verbalize to agencies what you mean. After all, UI can be viewed as science or art. The trend is to make it more science. The science delves deep into everything about your customer, including their demographics, pain points and use cases. It’s fascinating intelligence. It can take a lot of time. Can it help drive innovation? This is where the line in the sand gets drawn between art and science.
The Art of UI
Henry Ford is attributed to the axiom “If I had asked people what they wanted, they would have said faster horses.” This statement imparts the notion that true innovators ignore conventional wisdom. For software, think Steve Jobs. This is where delivering a stellar user experience becomes an art. It’s not design by committee. Here there is a leader who has the wherewithal to make changes through an innate sense of what is right and wrong. Someone who is not afraid to question history by looking at history through a different lens and then turning that on its head. The end result is not only giving the user what he wants, but what he needs. For Ford, the user knew what they wanted but not what they needed.
Striking a Balance
A great user experience should be the balance between the science of understanding the customer with the creativity of thought and presentation via art that can invigorate users and go beyond just delivering wants. You can liken it to the Bauhaus movement, which sought to bring back soulfulness to manufacturing. The efforts of this movement rejuvenated design into everyday life, delivering their ‘form follows function’ philosophy that has influenced everything from art, gadgets, and furniture to architectural designs.
This is what a UI transformation should be. It’s the marrying of science with art while keeping in mind the customer you are trying to delight. Not a new concept, but one where I see the industry losing sight on how to achieve results by not taking the user experience beyond the science stage. Maybe Buckminster Fuller, another visionary who invented the geodesic dome, had it right when he called himself a “comprehensive anticipatory design scientist.” He sought the potential of innovation in design to do "more with less" and thereby improves our lives. He worked at the perfect marriage of art and science. It’s where the industry is started to head.
A Step in the Right Direction
A few financial institutions are starting to get more ingrained with design agencies to drive innovation in their UI. They are realizing that pure science is only half of the equation. Driving home the importance of blending science and art is a very small trend for the larger FI’s to bring agencies into their fold via an acquisition. Your next step should be to take a hard look at your digital user experience. Where do you fall on the innovation spectrum? How are you getting there?
Look for more posts as we take our Universal Online Banker solution to the next level of transforming our customers’ digital banking UI experiences.
Related Blog Posts
Customer Innovation: Erste Bank [Q&A]
The global banking sector is becoming both more strategically focused and technologically advanced, responding to rising consumer expectations while trying to defend market share against an increasing array of competitors. A great deal of emphasis is being placed on digitizing core business processes, and reassessing organizational structures and internal talent to be better prepared for the future of banking.
Regulating for Real-Time: The Role of Government in Payments Modernization
Dr. Leo Lipis and Craig Ramsey, Head of Real-Time Payments for ACI Worldwide, continue their discussion on real-time payments and the findings of the new white paper, Get More from Real-Time.
Issuing and Acquiring in a Real-Time and Open Payments Ecosystem – The Global Picture
Dr Leo Lipis and Craig Ramsey, Head of Real-Time Payments for ACI Worldwide, continue their discussion on real-time payments, stemming from the findings of the new white paper, Get More from Real-Time. See part one.
Four Questions to Drive Your Retail Banking Payments Strategy in 2019
I keep hearing that it’s “an exciting time to be in payments,” and I certainly agree that there is a lot of noise. However, when I look below the surface, I’d argue that the interesting activity is not with the payment itself, but with all the related events and steps in the value chain.
What Can the Re-Regulation of Other Industries Tell Us About Open Banking One Year On?
UK Open Banking just reached its first birthday milestone (on January 13 to be precise) and given my own commentary – including in the ACI blog – on this topic, the first anniversary of Open Banking in the UK certainly won’t pass without a debrief on the progress that’s been made and what challenges lie ahead.
Instant Payments in Italy – And Beyond: Lessons from Il Salone dei Pagamenti
ACI was invited back to Il Salone dei Pagamenti – Italy’s premier payments event organized by the Italian Banking Association (ABI) – to participate in a panel, “SEPA Inst – the Future.” As expected, the session was packed with stats and advice for a more efficient roll out of instant payments – in Italy and beyond.
To Regulate Or Not To Regulate – Is That Thy Question?
Debates are healthy, and as someone who spent a little time during my college years dabbling around the edges of the speech and debate team, I can tell you it’s something that I personally relish. A chance to really talk through the pros and cons of an argument and lay out the bare facts… and then be judged based not only on those facts, but on the presentation and power of persuasion—sign me up!
Request for Pay – What Does It Mean For Financial Institutions?
What do banks – one with $60B+ in assets, one a mid-size regional bank, and one, a small innovative credit union – have in common with payment networks and the ‘Big 4’ consulting firms? They were all part of the first ACI #PaymentsForBreakfast event in North America! The theme was real-time payments, but the focus was more specifically on Request for Pay.
Why Open Banking Might Need to Rely on a Magic Illusion of 24x7 Availability
The adage “the more things change, the more they stay the same” appears to ring true when applied to the early phases of the evolution of open banking (or open payments). Especially when you contrast it with the early days of ATM withdrawals; particularly those made in the dead of night so you could pay cash for your after-party greasy feast.
Sibos Preview: The Five Trends Transforming Real-Time Payments
Real-time is now a reality, with more than 30 schemes live around the world. And real-time is in the spotlight as banks and financial service providers make their way to Sydney for Sibos 2018. What better time to look ahead at the key trends that are going to shape the ongoing development of real-time payments.