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
All I Want For Christmas (Or Any Holiday) Is… Instant Payments Gratification
Mark, some of us are fast approaching the end of the holiday shopping season, some of us are fast approaching that time of year when we consume too much egg nog, and some of us are fast approaching too many viewings of Die Hard or It’s a Wonderful Life or Love Actually or Christmas in Connecticut (I’ve disclosed too much about myself). To segue slightly more than slightly, I was at Target over the weekend, braving the holiday shopping crowds, to buy toilet paper, paper towels and tissues… and I took advantage of the 5% off that I get from using my Red Card. I surveyed the throngs of other consumers in the nearby checkout lines and not once did I see another store card. During this, the biggest shopping season of the year, why wouldn’t consumers use loyalty/rewards cards when making purchases?
Fraudsters Don’t Wait for Peak, So Neither Should You: 2019 Fraud Strategy Starts Now!
In existence for barely two decades, eCommerce has transformed not only the way we shop, but also how retailers plan and execute their marketing strategies around the peak shopping season. Now that we’re deep into this period, retailers will have prepared for changes in buyer behaviors, relaxed their strategies to be within the limits of manageable review rate, and most important of all, put strategies in place for increased fraud attempts.
Women in Payments Australia: 8 Insights for Success
Women in Payments continues to go from strength to strength, expanding its footprint globally and running events from Canada (where it was born) and the U.S., to Australia and now the UK. ACI has been a proud global sponsor of Women in Payments since 2014, which has allowed me personally – along with a number of colleagues around the world – to be a part of the growing calendar of Women in Payments events that take place around the globe.
Cybersecurity: Risks, Controls and What to Expect in 2019
The world of Cybersecurity has brought about several subtle changes in 2018. For example, malware and targeted 'Spear Phishing' were on the rise, while the focus on protecting the perimeter has begun to take a back seat to hardening internal controls. As we enter 2019, the changing threat landscape is certain to result in a barrage of additional considerations in how we protect data and systems.
‘Soup To Nuts’ – A Multi-Layered Fraud Menu for the Holiday Season
The holiday shopping season is well underway, with Black Friday now behind us and many retailers around the world braced for higher levels of eCommerce fraud, from Cyber Monday all the way though until Christmas.
Success Speaks: Exploring the Future of Payments Collections in Auto-Finance with SAFCO
When it comes to improving collections, there’s one simple question your organization should ask before embarking on any type of payments project: what does “customer service” mean to our customers?
How Merchants and Consumers Can Fight Fraud This 2018 Holiday Shopping Season
For International Fraud Awareness Week, I want to bring special focus to the upcoming holiday season around the world. Here in the U.S., the holiday season kicks off with Thanksgiving, which is now only a week away. But as consumers and merchants around the world gear up for peak holiday shopping season, fraudsters are also preparing to triumph.
19 for 2019 (Payments Predictions Galore!)
Can you believe it! Snowflakes in the Northeast, which means getting the skis tuned up to race down (steep) hills. And speaking of racing, businesses are racing to complete their 2019 plans and put the finishing touches on remaining 2018 campaigns, which I hope are resounding successes. It also means (delicious or disgusting egg nog… #judgementfree), office holiday parties and prognostications galore!
A Postcard from Money20/20
Greetings from Las Vegas. By the time this note finds you, I will be back at my desk pouring over my follow-up notes from another crazy, wonderful, insightful and totally exhausting Money20/20. The event itself has grown to become the annual ‘must-attend’ on the financial technology schedule, and this year’s event didn’t disappoint with new attendees, old friends and an agenda that kept you on your feet for 4 days (and nights).
Preparing for Peak: Tactical Recommendations for Stopping Holiday Season Fraud
Business might be booming for eCommerce merchants, who see increases in holiday spending climbing steadily upwards each year, but with fraud growing nearly twice as fast as sales, merchants need to have their fraud strategy fine-tuned to ensure that peak retail season is a success. I spoke to Erika Dietrich, ACI’s Leader of Risk Services, to find out how merchants can best prepare their fraud management strategies for the holiday season, ensuring risk strategies are effective – with low friction for genuine customers and high accuracy in detecting fraud.