What is the future of banking and how does it depend on UX design?
This is a hypothetical question. To define the future of banking, we need to analyze the current trends in the financial industry. There are multiple and dramatic speculations on what awaits the banking sector in the next decade, but, from a customer’s perspective the only answer to "Is digital banking the future?" is "Yes.", because it is clear for everyone that our future will be digital, cashless and personalized.
Instead of asking "Why digital banking is the future?" we have to admit that the future of banking technology is already here, and we can see more and more disruptive solutions from Fintechs. Open banking topples the monopoly of banks and gives Fintechs access to customer data across the whole industry. This will generate a huge amount of Big Data that will be utilized by highly skilled financial AI designers. Such future artificial intelligence in banking will deliver personalized solutions, offers and suggestions to customers helping to manage their finances on a new level.
There is no separate future of business or community banking, or even a future of transaction banking, because the future of banking in general will rely heavily on the digital experience provided to its customers. This will result in huge competition, global delivery and thousands of customized digital initiatives in banking. We are looking at a world of endless opportunities due to disruptive banking technology, a tough digital world ruled by customers.
Check out the best UXDA articles about the future of banking.
Instead of Design Sprints in Banking, Run a UX Marathon to Move from Channel to Product
Building a digital service is a must, but it is not enough to provide financial services to digital customers. It has to match the customers' expectations to strengthen the brand for the future. To ensure this, financial companies must perceive the digital service as a product, not a channel.
UXDA's AI Banking Design Wins A'Design Award Gold in Italy
UXDA received the Gold Award for the AI conversational banking app UX/UI design in the most prestigious and renowned Italian design competition A’ Design Award.
CBDC Banking Could Disrupt Banks and “Steal” Their Funds
The Central Bank Digital Currencies (CBDCs) could start a new age in banking by impacting the financial customer experience and, as a result, disrupting the traditional business model. Will this CBDC trend be a threat or bailout for the industry, and how can UX design help banks to prepare for it?
Here's Why Open Banking is the Future of Fintech Experience
Total digitalization has brought changes to the financial industry and the open banking revolution will make UX design crucial in the future.
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.
AR / VR Banking Will Revolutionize The Financial UX
There's no doubt that banking in Metaverse will take the customer experience to a brand new. What can you expect, and what's the best way for the banking industry fully embrace the opportunities of the digital future?
Digital Banking UX Design: Challenges & Opportunities
20 straightforward banking UX design trends, challenges and opportunities to create amazing financial services.
AI and Digitalization in Banking Industry Cuts Millions of Jobs
Million of bank employees will lose their jobs in next decade, and the reason for that is technology: digitization in banking, AI in banking.
Disruptive Fintech UX Trends in Digital Banking
10 digital Fintech design trends that reveal the approach of disrupting the banking business. Check out your ability to integrate user-centricity at all levels of the company.
