The experience an account holder has when interacting with the customer service department, an app interface, or a particular product impacts how committed the person is to a financial institution.
User experience (UX) refers to the overall feeling an account holder has about his or her financial institution (FI).
Therefore, by prioritizing positive UX programs, institutions can promote higher engagement rates, maintain membership, and generate a loyal user-base. Studies predict that user engagement may decrease a further 19% by 2022 unless financial institutions adopt UX-driven programs to revitalize their relationships with account holders and empower them to become more active users.
Know the steps to prioritize your UX programs and boost engagement.
Before you start building an effective engagement strategy, it is important to understand which audience members are more susceptible to disengagement. Statistically, middle-aged account holders and those who have been with their financial institution for at least 10 years are more likely to distance themselves from their accounts. In addition, women are more likely to switch institutions and rate their UX lower than men.
Focusing on the demographics that need the most attention will help your FI create a more effective UX system and garner long-lasting results.
Studies have shown that women are less likely to positively adopt new products than men. Although this statistic comments on a larger issue surrounding account holder habits, it also highlights an opportunity to enhance value-based solutions to specific demographics.
If the products you offer do not reflect the needs and requests of the account holder, he or she may not feel listened to or valued. Your customers may start to look elsewhere for more personalized services that reflect their needs and take their feedback more seriously.
From creating a product to implementing it, making account holders feel valued throughout the entire process can help boost their activity and generate a more positive UX experience. In addition, audience members who are made to feel valued and integral to the process are more likely to recommend services to friends and family, helping to increase membership rates and re-engage fellow users.
Analyzing customer survey results and listening to suggestions can help you create more relevant products for your members. These tools place the user at the center of the experience. As a result, FIs can get the attention of disengaged clients and empower them to become more actively engaged in their accounts.
New products that speak to the direct needs of these users may also help promote positive UX reviews, leading to higher consumer ratings and increased sales. In addition, by offering more personalized self-service options, credit unions can reach disengaged users and bring them back into the conversation.
Financial institutions that successfully adopt fintech approaches to UX solutions are more likely to receive consistently positive feedback from account holders. Providing a positive UX to clients helps FIs avoid losing audience members to competing fintech platforms and attract new ones.
Empowering FIs to connect with their audience at the right time and place is where Larky works and thrives. For example, Larky’s nudge® code library powers mobile engagement with relevant right place, right time communications.