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Bank Innovation

What is bank innovation through UX design?

The digital age requires a new way of operating and thinking from the financial industry. And, this is not possible without innovation in banking services. We could define bank innovation as using new technology and service processes to provide solutions that better serve customer and business requirements, meet their needs (often unarticulated) and move the market to the next level of development.

Today, we hear a lot about digital banking innovation, because digital technology transforms the way that banks operate. Banking digitization leads to the closing of bank branches, focusing instead on online channels: mobile banking, wearable banking, desktop banking and, in the near future, conversational and virtual and augmented reality banking. In general, Fintech innovation is the only way to move banking into the future.

The main question is how to best provide innovation in banking services. It is not enough to buy or develop innovative banking solutions for long-term success because the digital age requires not just new technology, but innovative banking ideas that will help banks to meet customer needs. This is what banks can learn from innovative Fintech products in the banking sector. 

In other words, in the digital age, financial innovations start with the users, not technology. 

Check out the best UXDA articles about bank innovation.

Next-Gen UX in Banking Helps to Survive Financial Industry Disruption

As the usage of physical cash diminishes and digital consumption skyrockets, traditional banks are undergoing a seismic shift to adapt to changing customer preferences. Digital transformation is reshaping industries and consumer behaviors, and the banking sector stands at a crossroads, poised to redefine our financial experiences in unprecedented ways.

Banking Innovation Only Thrives in Design-Mature Financial Organizations

A study by InVision surveyed 2,200 companies worldwide, revealing that design maturity significantly impacts key business success indicators. Mature companies with a strong design focus enjoy a five times higher impact on revenue, cost savings, and time to market compared to less mature ones.

Future Banking Trends 2023: Enable Next-Gen Financial UX

Future Banking Trends 2023 include technologies such as AI-powered ChatGPT, the metaverse, and embedded banking. And fundamentally impact financial UX by changing the concept of finance.

Financial Services In The Metaverse: The Glue For A Creative Economy

The metaverse will become the next global milestone after the digital transformation in the next few decades.

Big Tech or Big Curse on the Banking Experience?

As part of global digitalization, Big Tech is using its power and resources to expand into the financial industry, but only a diversity of financial alternatives and healthy competition will ensure a customer-centric development in the financial industry.

UX Case Study: Metaverse Banking VR / AR Design Concept of the Future

The first metaverse banking UX concept that includes virtual reality banking, augmented reality banking, tablet, desktop, wearable and mobile banking.

UX Design Success Story: Shaping the business mentality

UXDA review by ITTI Digital for which UXDA delivered a UX transformation of a 15-year old core banking solution.

UXDA's Journey Through FinovateEurope 2019

UXDA stepped on the Finovate Europe 2019 stage in London beside other world's leading finance innovators and influencers to demonstrate which direction the financial industry is heading to.

UXDA One of the Leading Companies at the Export and Innovation Awards

UXDA is honored to become the first UX Design Agency recognized by Investment and Development Agency of Latvia, the Ministry of Economics, and the President of Latvia as one of the leading companies.

UXDA is Presenting at Finovate Europe

UXDA is selected to demo at the FinovateEurope 2019 conference in London. Previously organizations such as Google, Capital One, Apple, American Banker, Barclays, Business Insider, CNBC, Deloitte, Ernst & Young, Forbes, JP Morgan Chase have attended.

Innovations in Banking Industry VS User Experience: Blockchain, Open Banking and AI

Finance has always been quite conservative but it hasn’t missed out on technological progress. Due to the development of technologies, banks are becoming separated from their customers. According to research, 40% of American bank customers don’t go to...