The finance industry has transformed from physical to digital experiences, but that is no longer enough. As people get used to pervasive access to assets experiences must become seamless not merely connected.

So Seamless, Its Invisible

Everyday at Punchcut, we work with our financial clients to accelerate innovation and improve their customers’ experiences. In the process, we’ve identified five transformation points that will move companies beyond old paradigms to deliver more seamless, financial and payment experiences.

Insight 1

Move Beyond Data to Personalized Guidance

In seamless services, 
data becomes invisible and intuitive insight will guide customers to value. Be relentless in creating clear, natural ways to deliver insight and demonstrate a trusted commitment to people.

Earn Trust with Insight

Trust is the cornerstone of seamless financial experiences. Being transparent in every step of a user’s flow gains trust. Leveraging new technologies such as blockchain builds the kind of trust that leads to long-term relationships and loyalty. This allows for more accumulation of user data leading to a better, personalized experience.

"79% of consumers do not mind banks using data to offer improved products, services and advice." - Financial Services Survey CGI

Make People Feel Special

Everyone likes to feel special. By understanding a user’s financial status, spending patterns, investment risk profile, and financial literacy, companies have a huge opportunity to personalize their customers experiences and make them feel really valued.

Insight 2

Move Beyond Money to Reframe the Service

Seamless services enrich relationships over transactions. Provide immersive experiences that holistically relate and empower customers across their lifestyle. Shape people’s lives, not only their money.

Support lifestyle over transactions

Pulling out a wallet to pay is being replaced by pulling out a phone. However, a truly seamless financial service will avoid the need for pulling out anything. Instead, the users themselves will authenticate purchases. As seamless as that sounds, there will be challenges around security and control.

"If you are famous, you don’t have to tell anyone who you are. They will know you can pay and you should have immediate access." - Payment Consumer

Insight 3

Move Beyond Convention to Open Innovation

Seamless services require collaboration and constant evolution. Evolve legacy processes and closed systems for sharing. 
Be open to learning from others and growing creative partnerships.

Innovate with design

Big financial service companies are now putting in a lot of effort to be at the forefront of innovation. Some have started internal innovation groups and some have even acquired design agencies. However, the key is to embrace design as a mindset, not simply an acquisition.

"87% of banks that have partnered with FinTech companies cut costs and 54% of partnerships increased revenue." - Business Insider Report

Openly Collaborate

To keep up with the rapid pace of innovation, collaborate and partner with others. Traditional financial institutions can leverage agile startups and move quickly without being bound by red tape. It could help increase customer engagement since people now are less loyal to financial institutions. Startups, on the other hand, can scale by leveraging traditional institutions’ long-built trust from the users.

Insight 4

Move Beyond Intelligence to Augment Humans

All brains and no heart, risks a genuine connection. Humanize 
AI experiences to be personable and relatable. Augment intelligence with humans and augment humans with intelligence.

Augment with a Human Touch

While AI in the finance industry can bring many advantages, many users still want to interact with humans when it comes to discussing money. AI agents should be designed to feel friendly and human. Additionally, provide real human touchpoints to fulfill people’s needs around accountability, credibility, and emotional management.

"68% of investors prefer hybrid financial advisory services than human-only or robo-only advisory services." - New Face of Wealth Management Accenture

Insight 5

Move Beyond Complexity to Radically Simple

Seamless experiences must be simple for both consumers and providers. Yet, simple does not mean simplistic. Simplify interfaces to meet the essential needs of users in the most powerful way.

Simplify Radically

Pen and paper still take up a big portion of the workflow in the industry. Tools used internally or within the enterprise, such as those used by issuers and merchants are relatively outdated. Designing simple and focused enterprise experiences can improve efficiency and ultimately lead to a better customer experience.

"If [the navigation] were simpler and not so cluttered, then it wouldn’t take so long to look through the lists — I feel like it’s become a dumping ground for stuff." - Internal Finance Services Employee


Becoming Seamless: Finance UX

Key Guidelines

  1. Move beyond data to personalized guidance
  2. Move beyond money 
to holistic lifestyle
  3. Move beyond convention 
to open innovation
  4. Move beyond intelligence to augmented humans
  5. Move beyond complexity to radical simplicity

Applying these guidelines is not a simple task given the current state of the industry. As with innovation, experiences will evolve one step at a time. To be seamless, companies must embrace new paradigms driven by people-centric design.

Punchcut

Design for the Future of Finance

As specialists in UX for next-generation connected experiences, Punchcut partners with leading finance and commerce companies to design new financial tools and payment experiences for consumers. Our insight-driven methods, in-depth research, and strategic design solutions deliver critical perspectives on emerging technology and human behavior that drive new product ideas and strategies for growth.

Let us know  if you have an idea worth chatting about regarding the future of wellness experiences. Odds are we can help out!


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