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:
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.
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.
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?
Will AI make customers' lives better than ever before or become dangerous if applied without human-centricity?
This formula could be applied to gain business breakthroughs and improve customer engagement in banking by adding just 4 key aspects to your business.
The 100-year-old bank recognized that its digital offerings have lagged behind and needed a revamp to adapt to customers' requirements. They challenged us to design an app to enhance customer service and empower clients to make smarter financial decisions.
Why are 78% of companies failing to achieve their digitalization goals? The digital transformation in banking must consider one key thing to succeed.
ChatGPT in banking could fuel new types of products, more personalized and more connected to users, so this case study explores actual experience with conversational banking design. LivePerson approached UXDA with a mission to infuse love into finance through an innovative banking app.
Some call it authenticity, essential benefit, value proposition, or uniqueness. We use the concept of a "soul" to describe the unique character or essence of the financial product and how it impacts its users.
Discover how to choose the right fintech designers for your financial company's digital product and secure a digital advantage in the highly competitive financial industry in 2023.
To make digital financial products demanded, effective banking app design should be based on three complementary approaches.