The digital age requires a new way of operating and thinking from the financial industry. And, this is not possible without innovation in banking services. We could define bank innovation as using new technology and service processes to provide solutions that better serve customer and business requirements, meet their needs (often unarticulated) and move the market to the next level of development.
Today, we hear a lot about digital banking innovation, because digital technology transforms the way that banks operate. Banking digitization leads to the closing of bank branches, focusing instead on online channels: mobile banking, wearable banking, desktop banking and, in the near future, conversational and virtual and augmented reality banking. In general, Fintech innovation is the only way to move banking into the future.
The main question is how to best provide innovation in banking services. It is not enough to buy or develop innovative banking solutions for long-term success because the digital age requires not just new technology, but innovative banking ideas that will help banks to meet customer needs. This is what banks can learn from innovative Fintech products in the banking sector.
In other words, in the digital age, financial innovations start with the users, not technology.
Check out the best UXDA articles about bank innovation.
Knowing Elon Musk's large-scale approach, his intention to turn X into a bank could have disruptive consequences for the banking industry. However, the conflict between the existing UX patterns of a social network and the implementation of financial functions can complicate the transformation.
Can your financial company get more from design than just a standard interface for digital services? Absolutely! But there is one thing without which it is impossible to get the most out of your design initiatives.
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.
A study by InVision surveyed 2,200 companies worldwide, revealing that design maturity significantly impacts key business success indicators. Mature companies with a strong design focus enjoy a five times higher impact on revenue, cost savings, and time to market compared to less mature ones.
Future Banking Trends 2023 include technologies such as AI-powered ChatGPT, the metaverse, and embedded banking. And fundamentally impact financial UX by changing the concept of finance.
The metaverse will become the next global milestone after the digital transformation in the next few decades.
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.
The first metaverse banking UX concept that includes virtual reality banking, augmented reality banking, tablet, desktop, wearable and mobile banking.
UXDA review by ITTI Digital for which UXDA delivered a UX transformation of a 15-year old core banking solution.
UXDA stepped on the Finovate Europe 2019 stage in London beside other world's leading finance innovators and influencers to demonstrate which direction the financial industry is heading to.
UXDA is honored to become the first UX Design Agency recognized by Investment and Development Agency of Latvia, the Ministry of Economics, and the President of Latvia as one of the leading companies.