According to a recent study by Economist Intelligence, four out of five bankers (81%) believe that financial institutions will seek to set themselves (and their customers) apart through the user experience, and not just through their products and services, as we were used to.
The constant evolution of customer behaviour, the rise of online services, plus the atypical circumstances we have been forced to live with during the pandemic, have turned the user experience into a key to the success of financial services.
Here is an example. In January 2021, almost 30% of banking customers in the UK had a 100% digital account. This represents a growth of 16% compared to the previous year’s data, and 20% compared to 2019 data.
But this is not just an isolated trend: almost three out of four international customers expect money and cash transactions to gradually disappear, until they represent a small percentage by 2025.
As a result, financial services worldwide are concentrating all their efforts on improving the user experience, which increasingly includes personalisation, engagement and customer loyalty. According to the study, 65% of banking and financial institutions believe that traditional financial services (with a greater face-to-face component) will take a back seat in five years’ time, while 71% expect cash payments to account for less than 5% of all global transactions by 2025. If you are not yet convinced of the importance of digital financial services, read on.
The study lists 3 main trends that will determine the success of financial services in the future:
In other words, future trends in banking and finance revolve around the user experience: a digital experience.
So, how do you digitise your company’s finances, gain greater control and distinguish yourself through your user experience? As financial technology experts, we have the answer. Since PayXpert was born in 2009, our goal has always been to optimise our clients' finances through fintech solutions. We want the best for them, so that they offer the best to their customers. How can we help you achieve the best UX?
Our job is to design financial technology solutions to meet the needs and desires of our clients (and their customers). These usually have to do with optimising the conversion of their business, better control over their financial management, or improving the financial services they offer to their customers. We want you to start benefiting from the advantages of working with one of the leading financial partners in the sector at the European level. Visit our website and get to know us, we are waiting for you!