The financial world is the bedrock of our society. However, seismic shifts in the global financial industry, largely driven by technological advancements are forcing traditional financial institutions to constantly change how they manage risk, markets, and credit flows. In a world of ‘one tap’ payments, customers’ expectations of how they should be able to access, manage, and control their money is continually evolving. For two decades, Frontend.com has worked with both fintech solution providers and large financial institutions to help manage and shape that global change.
Technology has transformed the financial industry. Many financial institutions face the reality that to survive they need to embrace technology as a core competency. Digital challenger banks and technology giants such as Apple and Google are disrupting how people view and interact with their money. As software companies they are agile and often unhindered by legacy systems. Open API’s are also democratising financial data. Financial institutions are challenged to partner, explore emerging technologies, identify opportunities, and design customer-centric solutions to maintain their position and grow. And they need to act fast to keep up with the rapid pace of change.
Utilising Big Data
Financial institutions are often in the enviable position of having a wealth of customer data, but can be slow in utilising it. However, the opportunity of customised products and targeted offerings must be driven by products and services that are relevant to customers and that provide real value. Financial institutions need to have an integrated data strategy, often challenging in a siloed organisation. They need to enhance their data, integrate external data, and explore predictive analytics, artificial intelligence (AI), and cognitive computing to inform organisational decisions, earn a greater share of customer wallet, and become advocates for consumers.
Changes in Customer Relationships
While digital has transformed the financial industry many customers continue to use multiple channels, both for transactions and communication. But bad digital experiences will discourage use. Also, in some cases the human touch is required, whether for assurance or assistance. The challenge is to deliver digital experiences that mimic existing person-to-person interaction, integrate human intervention where appropriate and perhaps include AI features, such as chatbots and conversational UI. An integrated, multi-channel, customer experience strategy must be driven from board level and supported throughout the organisation, moving the focus of digital away from cost-cutting to improved customer relationships.
Our multi-disciplinary Banking and Fintech design team is based in our studio in Dublin, Ireland. Unlike most design consultancies, our research is conducted by professional researchers while our design team have two decades of experience in banking, fintech, usability, psychology, computer science and business process improvement. We engage with all stakeholders, understanding their environments and creating solutions that work at every touchpoint. Contact us to collaborate on your upcoming finance project.