Wishing for an Exciting 2024!
- Peter Johnson
- Jan 1, 2024
- 4 min read
2023 has been a remarkable year for the UXDA team and our clients. We already have something special planned for the start of 2024, and you won't want to miss out. Keep in touch to get the scoop and be one of the first to know what it is.
To begin the New Year, I would like to extend my congratulations to all of you and encourage you to revisit the top 10 blog posts from our 2023 archive. Have a great New Year! š
The banking world has been totally transformed by advances in technology. Customers now enjoy greater speed, simplicity, pleasure and convenience than ever before, and this is having a major influence on the way banking is experienced. Despite certain banks still attempting to shift to digital platforms, a plethora of Neobanks have sprung up in recent years, modifying the way things are done. The primary hurdle is how to create and maintain a banking system that is able to reliably provide a wide variety of products in a unified manner that can expand further into a ābank-as-a-platformā operation.
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The use of generative AI solutions such as ChatGPT has the potential to spawn new kinds of products in banking, which could be more personalized and more attuned to customers. However, introducing such innovative technologies can often lead to difficulties in user experience. Thankfully, the application of financial UX design is highly useful in this regard, as it helps to envision the unexpected and craft a digital solution that takes a user-centric approach.
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In 2023, Apple Vision Pro and Meta Quest 3 (the next generation of AR/VR devices) emerged on the market; however, the full potential of VR/AR to revolutionize banking was yet to be uncovered. This is why UXDA stepped up to the challenge of showcasing how a banking experience in the Metaverse could potentially look like. We are delighted to present the first concept of mixed reality banking; featuring VR banking, AR banking, tablet banking, desktop banking, wearable banking, and mobile banking.
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The potential of Design Thinking to create customer-oriented digital products for the banking sector is impressive. UXDA has extensively utilized the process and techniques of Design Thinking to develop in excess of one hundred digital financial products for 36 different countries. By integrating Design Thinking into the user experience of banking, the result is more intuitive and user-friendly financial products, which are also more efficient and have greater alignment with customer needs and the underlying business strategies.
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Can it be done to reduce friction and enhance the usability of mobile banking within a couple of days using Fintech UI design? Some think it necessitates a huge amount of money and time. Yet that is not accurate. You can quickly heighten user pleasure by making it simpler to deal with their most common issues. In reality, by reading this TOP 20 tips guide to eliminating friction on Fintech products UI design, you can identify areas of improvement in the financial user experience (UX), thereby accomplishing excellent outcomes with minimum effort.
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There's no doubt that Generative Artificial Intelligence (AI) like ChatGPT could achieve great success in Conversational Banking and Digital Banking. Already, AI is being applied in these fields to boost the customer experience, automate procedures, and trim down the likelihood of fraud. However, the intensely personalized banking has even more remarkable possibilities to better the client experience.
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The rapid advancement of technology is transforming the notion of finance and currency. This shift is being propelled by the new experiences that digitization has provided. By making financial offerings and services more available and user-friendly for a more extensive set of clients, digital technology is leveling the financial playing field. To address how future developments may boost customer value through altering the customer experience, let's examine the latest banking patterns.
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Mauritius Telecom (MT), the leading telecoms company in Mauritius, had the ambition to guarantee a powerful digital future for Mauritians. To make this happen, the MT team was required to extend their digital landscape by re-conceptualizing the existing my.t money app and adapting it into a digital bank. To provide waays for citizens of Mauritius to experience digital opportunities, the MT staff moved away from an everyday service app and launched the first financial Super App in Mauritian annals. UXDA provided aid in creating an interactive and pleasing digital platform that has an effortless amalgamation of financial, telecoms and lifestyle services in one place.
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Although professionals in finance see money matters as something logical and straightforward, to the average person, handling them is a complicated endeavor. It can be a challenging and time-consuming process. Therefore, the poor design of a financial product's digital customer experience could be an immense source of annoyance for the user. These user experience guidelines for banking are intended to assist financial organizations in creating a remarkable digital product, and thus gain an upper hand on the competition.
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In recent years, much dialogue has taken place about the capacity of financial institutions to tailor their services to the requirements of digitally-oriented customers. What must financial companies think about in order to provide a service that meets digital banking customer desires for financial services? Will financial institutions remain in their line of work and create financial products that are in sync with consumersā expectations, or will they be replaced by FinTech companies?
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