The banking industry no longer uses the traditional mode of doing business. Technology plays an integral role in providing effective customer services. It is estimated that more than 90% of people have mobile banking apps globally. Thus, most banks focus on developing efficient web products for their customers.
Recently, customers had to follow bank processes to accomplish their tasks. Even if it meant long queues and untimely hours, you had to work within the bank’s schedule. But with technological advancements, banks now offer efficient services through various web products, achieving 24/7 availability and flexibility.
Customers have many banking options to choose from, and banks have to keep up with user demands, or they will lose out on business. Financial institutions hire experts to design trendy apps with excellent UX to beat the competition. So, if you have decided to enter the digital banking industry or want to expand your current service with digital solutions, a user experience design agency can do the job for you.
This article offers insights into the UX design trends for banks in 2022.
Incorporating Digital Processes
The rise of digital processes in apps and websites is a current UX design trend. Most clients are looking for efficient and fast processes online. No one wants to visit a local bank branch to fill out forms or waste time in the queues. That is why incorporating digital processes is an effective way to enhance services.
For instance, most banks are phasing out PDF forms. Customers want simple and intuitive interfaces and access to different services without feeling frustrated. Customers will leave and scout for other banks if your bank app does not offer a seamless user experience.
The main objective is to put the customer first by meeting their expectations and needs. Hence, financial institutions are creating products with simple steps and logical processes. Tech experts personalize the digital UI to satisfy the users and offer an excellent experience during product interaction.
Using AI-Powered Tools
Artificial intelligence is a powerful technology many industries use to enhance service delivery. Banks are not left behind in this technology because AI simplifies many tasks. The bank employees can work while AI-powered tools create customized customer experiences. AI can solve customer support issues or detect fraudulent activities. When it comes to using AI tools, the service options are diverse. That is why AI integration is a common UX trend in today’s banking industry.
Chatbots and Virtual Assistants
Most banks experience labor shortages. They find it expensive to hire customer service agents who are on call 24/7. The digital world is growing, and many people want instant services. Thus, banks are now adopting chatbots and virtual assistants to help customers transact and solve issues. These chatbots are powered by AI and can offer various services. Moreover, these bots operate 24/7 and can offer reliable customer support through chats. Even though users know that chatbots are not humans, most experience satisfaction from getting instant answers and constructive solutions.
Chatbots are among the top UX trends in 2022 that allow users to use self-service choices in banks. Conversely, virtual assistants are voice-based tools that assist users in accomplishing daily activities. They answer questions by combing through online resources to offer accurate solutions. Examples of modern virtual assistants include Siri and Alexa. These tools enhance the banking experience for customers.
Since the upsurge of mobile technology, over 6 billion people own smartphones globally. It is estimated that 29% of smartphone owners often abandon a web product within seconds if they don’t find what they want. Today, mobile banking is the new normal. Many people have banking apps on their phones, making it easy to transact conveniently. You can easily check your bank balance and send money and deposit to your account without visiting your branch.
Mobile banking is a growing trend worldwide and will continue evolving with new UX designs. Banks must prioritize building user-friendly, seamless, and responsive apps to offer optimal customer experience.
Use of Biometrics
To enhance security, banks are now adopting biometrics for verification purposes. It is a rising trend in 2022 as financial institutions offer secure banking services. Unlike traditional pins or passwords required to access your account, biometrics is now a common trend. This technology uses unique human identifiers such as fingerprints, voice, or facial ID. Others also use the patterns on the fingers or the palm.
Experts predict that biometrics will also simplify mobile payments in the coming years. People will opt to use this convenient option for making payments.
Banks also benefit from this technology. They adopt biometrics for authentication purposes to prevent identity theft and fraud. Thus, it is a simple and convenient option with many benefits for all stakeholders.
Gamification entails adding game elements to web products to engage users. Most banks are incorporating gamification into their apps to entice customers to use certain products. For instance, games can make saving more fun and encourage a healthy saving culture. Managing your finances is no longer a stressful exercise. You can do it with a few clicks at your convenient time. The game-driven UX designs help customers to enjoy using the banking apps.
The banking industry is shifting to a mobile-first approach by developing multi-functional products. Today, you can access several services in one application.
Banks are rushing to embrace multi-functional products, a new UX design trend globally. Many banks now develop super apps that meet the high demand of users while maintaining the organizational framework of financial institutions. Such solutions stand out because of their exceptional UI/UX. You can access different services in one app without encountering friction.
Many recent design trends have a positive impact on the banking industry. The primary goal is to meet customers’ needs while offering a top-notch user experience. In the coming years, we will see more AI-powered trends. Machine learning technologies will pave the way for innovative products in the industry.
Customers prefer to use apps that are user-friendly and appealing. Having a good UX design is key to attracting and retaining loyal customers. Thus, banks will offer efficient services to remain afloat in a competitive industry.