Customer experience management
As traditional banks’ legacy systems can be difficult when introducing digital solutions, more and more people are turning to online-only banks.
fashioned insitutions are under increasing pressure to provide the same offering. It’s not just about providing online services, but ensuring they are user- friendly, accessible and innovative. If anyone understands this, it’s Koplewicz. She has been working in UX design in France for more than ten years and has served as a consultant for traditional banks and insurance companies looking for advice on how to improve their user experience. “It’s definitely a fact that banks are thinking about UX, and it’s not something new,” she says. However, Koplewicz acknowledges that their needs are becoming more complex: “Customers are unique, diverse and have extremely [varied] expectations; therefore, it is no longer enough to follow usability standards by the book. Today, it is essential to rethink design in a multi-contextual way, taking into account many different kinds of usages.” As Koplewicz explains how the way her company thinks about UX has changed in recent years, she cites the example of when she was asked to improve a given screen with her UX expertise, when these days teams are thinking about “journeys” and “end- to-end user flows” instead.
“Our customers must be able to interact with the bank whatever the channel, to pause a task and pick it up later, to start something online and potentially finish it together with their advisor at the bank… or vice versa. The user experience must be delightful, whatever path the user chooses,” she adds.
Just a click away
These changes are being accelerated by the rise of online-only banks offering fast, contactless services.
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With banks such as N26, Revolut and Wise claiming it takes a few minutes to set up an account, customers are expecting more from their banks than ever before. “Neobanks can represent a threat for traditional banks,” Koplewicz says, pointing out that N26 claims that it’s possible to open an online account in only eight minutes. “The bank charges are usually very low or inexistent and the design is often very sleek and even fun,” she adds.
In May 2020, UX consultancy Built for Mars investigated the amount of time it takes to open an account with 12 UK banks – both well-established high street names and challenger banks. The conclusions were startling. Built for Mars found that neobanks were considerably faster than their traditional counterparts in almost all cases. Monzo and Starling Bank topped the list at two working days, with Revolut not far behind on three. At the other end of the spectrum, it took 22 working days to open an account with Nationwide and a shocking 36 for HSBC. Even so, conventional banks weren’t always slower: Barclays only took two days and Lloyds took three. Similarly, in terms of the number of clicks it took to open an account, Revolut took 24, Starling 38 and Monzo 45, while HBSC took 99 clicks and First Direct 120. What’s more, Barclays was the only traditional bank surveyed that enabled users to open an account via its app – something that neobanks have been pioneering for a while. Similarly, many conventional banks, such as Santander, HSBC and Lloyds, still don’t allow customers to digitally verify their identity when opening an account.
Future Banking /
www.nsbanking.com
Volodymyr Plysiuk/
Shutterstock.com
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