You do not have to meet your bank manager for coffee once a month to have a healthy, communicative relationship with your bank and with money in general. You don’t have to see them at all, but they must be an ally, a friend. And they definitely have to mean it.
79% of smartphone owners admit to checking their device within 15 minutes of waking up every morning. Consumers have become hooked on digital apps like Instagram, Uber, Facebook, and Whatsapp, habit-forming products that connect the user’s problem to a solution and captivate us from the first interaction.
Design has changed (and even transformed) a lot of industries: music, technology, electronics, fashion. And not surprisingly, the financial industry is not immune to their impact.
The reality is that more agile and digital-only banks like N26, Moven and Simple, are fundamentally changing the relationship people have with banks. Digital only-banks have reshaped what used to be a simple transactional relationship and if big banks want to follow suit, user experience is where they need to excel. Given rapidly evolving needs and consumer behavior, banks should start creating humanized digital experiences today's consumers expect.
Did you know that 80% of people spend their time on only 5 apps? Have you ever heard them mentioning online banking app as one of their favourite? I highly doubt it!
As the importance of mobile banking applications grows, its design takes centre stage too. In the digital banking playground, there has been little innovation design-wise for quite a long time. However, since the growth of challenger banks like Qonto or Bankq, it's clear that the industry is going through an important shift towards better designed digital experiences.
In the first and second series of reflections on Forrester predictions for Fintech, we covered 6 significant trends that are projected to impact the banking sector in 2017. In this final installment of our mini-series we're going to touch on 3 concluding areas of the digital banking transformation in 2017. Hope you enjoy reading!