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.
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.
Costs of Sales-Driven Mindset in Banking: $23 Billion and Counting
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.
Why Digital Transformation in Banking Without Purpose is Absurd
Digital transformation in banking refers to the comprehensive integration of digital technology into all areas of banking, fundamentally changing how banks operate and deliver value to customers.
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?
The UX Formula for Customer Engagement in Banking
This formula could be applied to gain business breakthroughs and improve customer engagement in banking by adding just 4 key aspects to your business.
BKT UX Case Study: How To Improve Customer Service in Legacy Bank's App
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.
How UX Can Help Banks Navigate the Digital Transformation Maze
Why are 78% of companies failing to achieve their digitalization goals? The digital transformation in banking must consider one key thing to succeed.
UX Case Study: Applying ChatGPT Alike Generative AI in Banking
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.
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