Consumers spend a significant amount of time interacting with their banks and credit unions digitally. With online banking and mobile applications, a consumers finances are far more accessible than the technology advancements of the past such as the Drive Through ATM. Customers have embraced this convenience by significantly increasing the amount of time they interact with their financial institutions via a multitude of connected devices.
The average consumers interact with their financial institutions digitally more than 150 times per year. This frequency of interactions makes the slightest friction in user experiences amplified. Similar to having to deal with a rude teller at a branch over and over again, customers are hyper sensitive to how a negative user experience effects their lives.
In a recent survey conducted by Extractable, consumers aged 18 and up responded that they were more inclined to pursue applying for a loan with the financial institution with a superior customer experience. 74% of the consumers said that website and web application elements such as easy navigation, intuitive financial tools, and web friendly content influenced recent decisions about loan applications.
Banks and credit unions aggressively pursue competitive advantage in areas such as:
- Accessibility of branches
- Low wait times in call centers
But the majority of these institutions lag far behind industry standards such as:
- Easy-to-use digital interfaces
- Intuitive financial tools (i.e. calculators, budgeting applications)
- Personalized messaging
- Optimized onsite search
- Applicable financial education.
As web industry innovators such as Amazon, Google, and Uber make rapid advances in good user experience consumers are starting to see easy-to-use interfaces as a standard. Today, more than ever user experience is a critical component of the brand. Banks and credit unions that care deeply about their customer satisfaction understand that with the increase in interactions between customers and their financial institutions, strong user experience is necessary component to improving the lives of consumer and commercial customers.