What is digital transformation in banking and how could UX design help?
Digital transformation in banking and financial services is the complete digital technology integration into all processes of a financial institution, changing the basics of company operation and the customers they serve.
Digital transformation in banking requires not only adapting new financial technologies, but primarily establishing a cultural switch to ensure a user centered approach in creating digital banking solutions that delight users.
The following are some different digital transformation types:
- Digital transformation in retail banking
- Digital transformation in commercial banking
- Digital transformation in investment banking
All of these have a similar roadmap and provide digital transformation risks in banking. If you ignore customers’ expectations and needs for digital banking services, this could decrease demand and ruin transformation. A successful digital banking transformation strategy must be user centered, refocusing the entire organization on delivering maximum value to its customers, thus winning their loyalty and support.
Check out the best articles by UXDA about digital transformation in banking.
Liv Bank Case Study: Lifestyle-Driven Innovation of MENAT Digital Banking
Through a strategic and forward-thinking UX approach, we expanded the Liv ecosystem to three groundbreaking solutions: the Liv X app for seamless lifestyle and financial management, an immersive spatial banking experience for enriched user engagement and the Liv Lite app to empower children's financial education.
Digital Transformation in Banking Lacks Branding, Not Technology
The most successful transformations in banking are not those that simply leverage technology, but those that seamlessly integrate powerful digital branding to create an emotional connection with customers.
Digital Banking ROI: How Product Design Increases Bank Profits
As the financial industry evolves, digital products will remain central to a bank's identity and perception, making digital product design and UX key elements of banking strategy, brand identity, and profitability.
Digital Transformation in Banking is an Illusion: Banking Innovation Will Never Stop
The digital transformation of banking is an illusion—modernization will never truly end. Traditional banking, with branches and manual processes, is obsolete. To stay relevant, banks must operate like tech companies, driving continuous innovation and enhancing customer experience.
Emirates NBD Case Study: Driving ROI with Strategic UX in Middle East Banking
This case study delves into how the strategic UX approach transformed Emirates NBD’s digital ecosystem, setting a new standard of excellence for digital banking worldwide and solidifying the Emirates NBD brand’s position as a leader in the Middle East financial industry.
Customers' Frustration: The Hidden Cost of Tech-Driven Banking Innovations
Modern banking executives must innovate effectively in a rapidly evolving digital landscape. While drawn to AI, blockchain, cloud infrastructure, and open banking APIs, they often overlook user experience (UX). This article explores how a user-driven approach to innovation can ensure financial brands' survival and success in the digital age.
Next-Gen Finance Revolution: Why Digital Excellence Can’t Wait
This article delves into the tension between the urgent need for next-gen, customer-centered financial products and the significant hurdles financial brands must overcome to deliver them and achieve digital excellence.
$23 Billion's Failure of Sales-Driven Mindset in Retail Banking
We highlight the differences between thinking in a “new way” versus “the old one.” These differences can explain why some products are successful in the modern digital environment while others are not.
Banking Innovation: UX-Driven Approach to Survive 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.
Next-Gen Digital Banking Design: Top 10 UX Strategies Unveiled
What is the main difference between next-gen financial products and legacy services, and what do financial institutions need to create next-gent digital offerings?
The Future of Generative AI and ChatGPT in Banking
Will AI make customers' lives better than ever before or become dangerous if applied without human-centricity?
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