As every industry transitions into a digital age, the financial sector has to learn to adjust their online presence in order to increase user satisfaction and consumer demand, especially since recent reports state 89% of US respondents use mobile banking channels to access their accounts. In order to adapt to this digital world, financial teams will need a clear and in-depth understanding of the best user experience design, and the different problems that may arise. As more customers turn to the digital form of banking, it’s becoming more important to optimize user abilities that will increase customer retention.
A Foresight Research survey expects 12% of customers to leave their current financial institution for another due to unsatisfactory customer service and digital experiences, increasing to 27% for larger banks — leaving many consumers looking for new banking opportunities. With digital channels becoming a more critical part of the banking journey, web teams need to identify positive user experience metrics that will ensure customers stay in the sales funnel, ultimately allowing financial institutions to deliver easy, convenient and frictionless digital services to keep business running.
Using UX metrics to keep visitors engaged
A large part of digital banking has become centered around the use of mobile apps, as it has become a normal habit for many. According to Forbes, roughly three in four Americans use their bank’s mobile app for everyday banking tasks like depositing checks or viewing statements and account balances. Because of their popularity, improving mobile applications is a must for financial professionals looking to improve their overall customer experience, as it is extremely easy for consumers to change different apps if they have a poor user experience.
Additionally, one of the biggest challenges financial institutions run into is how to create and develop a digital banking system that can easily deliver multiple products and services that will encourage users to stay in the sales funnel. Customer experience, and the process of designing it, works to find a way to improve the functionality and usability of an app. Some key factors to consider might include a user-friendly design, engaging in multi-device capabilities, and developing a flexible application for upgrades.
To create a user-friendly design that can be used on multiple devices, firms will need to first identify specific metrics to understand where users are facing issues in the first place. Tracking loan applications and registrations are one way to measure the accessibility of a customer experience, but diving deeper into more specific metrics will provide stronger context behind negative experiences. These metrics can include where users are getting stuck on a site, where they are dropping off altogether, if they are facing a dead link, etc. By knowing how much time one user spends completing a task or how many errors the user runs into during the process, banks can then develop an app that is efficient and easy to use, keeping consumers from leaving the app and increasing customer loyalty.
How behavior analytics plays a role
In the digital world, customer-focus, personalization, and customer experience separate successful institutions from others. Sooner than later, it will grow increasingly difficult to compete in any industry for those who do not adapt and understand their customer-focused, behavioral data-driven footsteps. Behavioral analytics focuses on utilizing how customers act and why, and noticing patterns in customer behavior. These useful day to day insights allow financial teams to further optimize conversion, engagement, and retention rates. Knowing specifically where a user drops off or runs into a problem can help financial institutions address these issues faster, delivering more personalized customer experiences.
Advanced analytics software offers the capability to prioritize these behaviors and efficiently identify where users run into problems. The importance of the need for strong user behavior analytics solutions that can offer in-depth insights into user behavior to help banks better utilize customer interactions and even track suspicious behavior. Behavioral analytics tools help improve customer communication efforts in loan applications, support conversation rates and registrations in the banking industry. The financial industry will continue to evolve as technology and user behavior changes. As many customers look to new financial institutions to join in the coming years, it’s critical for businesses to understand how to best utilize behavior analytics and improve customer satisfaction.