User Experience (UX) is a crucial factor that can determine the success or failure of a financial platform. Whether it’s an app, an investment tool, or a payment service, institutions must offer their customers fluid and intuitive experiences.
However, despite the significant investment in customer experience in recent years, many banks and financial institutions still make critical financial UX mistakes that can hinder this experience. Here, we will explore the main financial UX mistakes to avoid in your customer journey.
1. Not being customer-focused
For many years, traditional banks and financial institutions focused their efforts on their systems. Today, it’s essential that all platforms are focused on delivering the best customer experience.
To achieve this, it’s necessary to rethink the entire current journey, considering who will use it and where they will use it, aiming to build new experiences according to your customer’s needs. After all, customers have changed, and ensuring that they will remain loyal to your brand may not be so easy. According to Zendesk, more than 50% of customers switch to a competitor after a single bad experience.
2. Lack of clarity and confusing navigation
Financial services and information are inherently complex. Therefore, presenting them in a confusing or overly technical manner can confuse or even intimidate users. Use clear and accessible language, along with icons, graphics, and images to explain complex concepts, for example.
Additionally, a disorganized information structure can make it difficult to access the desired functions. So, to prevent the users from leaving and never coming back, conduct usability testing to identify friction points and improvements.
3. Information and functionality overload
Not finding the desired options can frustrate users, bombarding them with excessive information can confuse and paralyze them, especially those unfamiliar with the digital environment.
Therefore, it is important to strategically consider how users will navigate your platforms and what is the most appropriate way to interact with the information presented during their journey. After all, an excellent financial UX is one that the user can use intuitively.
4. Ignoring personalization
Fintechs have changed how financial institutions interact with their customers, who now expect companies to understand their individual needs and expectations. Treating all users generically can fail to meet these expectations. According to Salesforce, 62% of customers would change financial institutions if they felt they were being treated impersonally, like numbers and not people.
Offer the best financial UX to your customers
Avoiding these common financial UX mistakes is essential to offering efficient, pleasant, and intuitive experiences. At Luby, our team of over 300 multidisciplinary employees designs each solution with a personalized approach from start to finish. Here, we put companies and their customers at the center of our projects.
Count on Luby’s 22+ years of expertise in the financial market to help you provide the best experiences to your customers. Contact us today to learn how we can transform your customer journey!
