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Did you know that a reported 58% of all website banking content is too complex for the average consumer? User experience (UX) and user interface (UI) design can make or break your business. Get these right and the payoffs are large: a better consumer experience, increased trust and loyalty towards your brand, and a transformative impact on your bottom line.

But the costs of getting it wrong don’t bear worth thinking about. Just ask Citibank. In August 2020, the bank accidentally approved an almost $900 million payout to various creditors—instead of the $7.8 million that they meant to send. The reason behind this error?

An overly complex, confusing UI.

On the other hand, Volksbank transformed their Net Promoter Score (NPS) for their mortgage customers from -7 to +6. How? By constantly testing and learning, making ongoing UX changes according to customer feedback.

This post will delve into must-know UI/UX trends, explore the 5 benefits of good UX design in Fintech, and assess the potential impact they can have on your brand, on your consumers, and on your profitability.

The latest UX/UI trends

Nowadays, experience is everything. Companies of all shapes and sizes—whether innovative tech startups or household institutions—are beginning to recognise the importance of providing a first-class customer experience.

To do this, however, they need to ensure that their UX and UI are up to par. The ultimate goal is to create an enjoyable, frictionless, omni-channel experience that not only helps users find what they’re looking for, but invites them to return again in the future.

For example, consider the need to adopt mobile-first design principles—with 74% of consumers stating they’re likely to return to a website if it’s appropriately optimised for mobile. This is increasingly important amongst the youngest generations.

Chase reports that 99% of Gen Z and 98% of Millennials use mobile banking. However, with 38% stating that they abandon mobile banking activities if they take too long, it’s clear that having a good UX and UI is critical to ensuring consumers use these tools to their fullest extent.

Personalisation is another strong UX trend that doesn’t seem set to disappear anytime soon. When you consider that 72% of consumers only engage with personalised messaging, this is unsurprising.

Or how about jazzing up your offering with scroll-triggered, storytelling-based animations? As users scroll down, they can learn all about the different options to repay what they owe (for example), coupled with animated illustrations that make the pages inviting to read, engaging, and memorable.

Large chunks of text are visually unappealing. You can have the best content in the world, but if it’s presented in an unaesthetic manner, then it’ll flop. 21st-century consumers have been taught to trust brands with strong UX and UI capabilities (think Netflix, Spotify, or Facebook). Therefore, brands that offer pleasant experiences win their customers’ trust and loyalty.

But it’s not just about your consumers. If you’re a financial institution, for example, then you need to implement tools that are also easy for your employees to use. If you make it hard for your employees to navigate these systems, they’ll fall short of having the desired effect—even if customers love them.

The 5 benefits of good UX/UI design

Okay, let’s drill down into the details—what are some of the tangible benefits of having a great UX/UI design?

  • Improves your customer experience (CX)

By creating a frictionless experience centred around an intuitive, easy-to-use product architecture—coupled with a user-friendly layout and design—your customers will enjoy using your products and services.

This is unsurprising. On the flip side, bad UX and UI design can turn customers away immediately. Did you know that 90% of users have stopped using an app because of poor performance? CX is king, whether you produce smartphones or enterprise collections management software.

  • Transforms your bottom line

Providing a great CX (based around UX and UI design) is one thing, but it counts for little unless you see a tangible benefit to the bottom line. Fortunately, investing in UX and UI might just be the single most powerful thing you can do to transform your profitability. Research suggests that a mere $1 invested in UX brings $100 in return (at an ROI of 9,900%).

So how does this work? For starters, UX and UI can play a key role in increasing your conversion rate. Indeed, Forbes states that “a well-designed user interface could raise your website’s conversion rate by up to 200%, and a better UX design could yield conversion rates up to 400%.”

And that’s not all. Not only will you convert more prospects, but you’ll also be in a position to raise your prices—80% of consumers would allegedly pay more for a better customer experience.

  • Sets you apart from the competition

Having a strong UX and UI can be your brand’s competitive advantage. The rise of Fintechs in recent years can largely be attributed to an increased focus on UX and UI. Banking and personal finances are complex. Brands that help consumers cut through the noise will rise above the competition.

If you want to stand out, you have to create memorable, enjoyable experiences. This is no longer a nice-to-have feature. It’s a must.

  • Makes your brand appear trustworthy

This is especially important in finance and banking, where younger consumers are distrustful of large, traditional banking institutions. In fact, a mere 28% of under thirties believe banks to be trustworthy institutions. So who do they trust?

Younger generations are increasingly trustful of large tech companies that put UX and UI design at the core of everything they do—think Google and Apple, for example. Tellingly, a reported 56% of consumers under thirty would choose to use digital banking solutions offered by Google or Apple if they were ever brought to market.

First impressions count. Brands that look appealing, with a clean, eye-catching, well-designed UX, will hold consumers’ attention for longer—thereby winning their long-term trust.

  • Turns tricky processes into enjoyable experiences

The dunning process has traditionally been incredibly tricky, hindered by consumers feeling embarrassed, uncertain as to their options, or annoyed that their sense of agency has been violated (a concept called “reactance”).

But this doesn’t have to be the case. The best enterprise collections management software uses UX and UI to create a brand new repayment experience. Consumers can easily see how much they owe, set up a repayment plan, and pay back when they can. They’re invited to be part of an ongoing dialogue rather than being subjected to complex (and seemingly threatening) terms.

There are no surprise screens, pop-ups, or complicated language to sift through. Instead, there’s a simple flow that gently encourages customers to pay what they owe in a manner that suits them.

It’s time for enterprise software to step up

No longer can enterprise software hide behind the label of being “feature-rich but usability poor”. In 2021, usability—powered by UX and UI design—is everything. This is especially important when it comes to the complex world of personal finances.

By partnering with an enterprise software provider that prioritises UX and UI, you’ll set your financial institution apart from the competition, build long-term consumer trust, and fuel long-term success.

So what are you waiting for? To find out more about re:ceeve’s revolutionary approach towards collections management software UX and UI design, check out the latest, exciting new update to our software: Case Management.

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