How to implement a quality UX service design in the banking sector

How is UX service design defined in the banking sector?

UX service design focuses on all the principal points of contact a user may have with a banking service, such as initial contact, engagement, as well as post-consumption feedback. It is a holistic strategy that encompasses every element of your service to optimize any interaction between your users and your business. Even elements as simple as entering the bank, waiting in line, or opening your mobile banking app.

The basics of implementing a quality UX service design in the banking sector

According to Ergomania UX design agency, there are numerous factors to keep in mind when implementing service design in the banking sector. With the appearance of new mobile banking and fintech trends, new financial channels and products have brought with them an overall better user experience.

The market has changed rapidly because of technological advancements, and customer needs, not to mention the innovations brought by some of the big players in the financial sector. 

In order to survive and grow their business, banks will have to focus on:

• Acquiring customer information advantage

• Integrating real-time data

• Implementing a more customized banking UX service design

• Simplifying their operating models

• Optimizing resource allocation

• Stimulating internal innovation

• Building a customer-centric business model

• Smooth user journeys

• Risk management

• Open banking solutions

• Communicating trust, empathy, and commitment toward customers 

At the current pace of technological advancements, digital data collection has become the next big trend, allowing banks to offer more personalized products and UX service design. Businesses in the financial sector can already map out the needs of their users better than ever by making the most of the customer-centric data available to them.

Customers will also expect more personalized services, as mobile banking has made handling finances, and even switching banks easier than ever. With the decline of cash payments and traditional banking experiences, the competition will be even tougher. 

This means that more and more banks will need to allocate resources to redesign their current services and UX if they are expected to stay in the ring.

The process of designing the best possible UX service design in the banking sector

One of the main methods used by UX agencies to plan the service design of a bank is something called a service blueprint. Think of it as a diagram that helps you see the bigger picture of your service – it doesn’t just focus on the financial products, but on the complete structure that creates a unique user experience in the banking sector. Its goal is to:

• Analyze how the elements that support your user journey work
• Identify what your main responsibilities are
• Determine the rules that define which elements can and cannot be implemented in your bank’s UX service design

It is a bit similar to another method employed by UX agencies known as user journey mapping. However, a service blueprint doesn’t just analyze the first experience a potential customer may have with your bank – it also delves into your bank’s background. It is thanks to this “behind the scenes” mentality that a UX design agency can help those working in the financial sector by providing them with a complete, holistic overview of their banking service.

In short, a blueprint a service plan focuses on these main areas:

• The process of interactions (Frontstage Action)
• The boundaries separating the users from the bank (Backstage Action)
• The boundaries of internal interactions (Support Processes)

An example of a satisfying banking service UX design

The UX service design of the Q110 Deutsche Bank of Future in Berlin is a prime example of user experience done right. 

Customers are treated as guests. As soon as their first point of contact with the bank, they are greeted by a warm, friendly atmosphere, and guided towards comfortable rooms to discuss their finances.

Part of their success can be traced back to how much focus they also gave to the interior design of their branch to offer something new and innovative to their users. Did you know it was designed by the same person behind the Tommy Hilfiger stores?

Banking “products” and offers are also stored in special aluminum boxes for guests, and a well-planned starter pack is presented to first-timers.

Not to mention technology certainly hasn’t been left out of the equation. Customers and bank employees can navigate the bank’s offers together with the help of table-sized touched screens. No boundary between employee and guest.

As for the impact? The Q110 Deutsche Bank of Future has doubled its figures in retirement benefit sales with the introduction of its new UX service design!

Summary for designing a quality UX service design within the banking sector

• Find the right balance between implementing new technology and user experience.

• Keep the end value in mind already at the beginning of the planning phase.
• Observe UX service design solutions outside the banking sector as well.
• Turn your research data into a custom financial product.
• Focus on long-term customer loyalty instead of short-term gains.