7 Ways Digital Experiences Enhance UX for Financial Services

New technologies have greatly increased the expectations that customers, advisors and agents have for interacting with financial institutions. Prediction-based and personalized digital experiences are becoming increasingly common, and users now assume that their banks and insurance providers have evolved to enable these modern, intelligent interactions.

Whether your company is in banking, insurance, fintech, wealth management or a combination, an innovative digital experience helps financial services move past archaic systems and drastically improve their user experience. And that’s become increasingly important as your organization prepares for 2022. Roughly 50% of Americans say the pandemic made them realize they need help with finances and investments, and streamlined digital experiences help you ensure you’re there to meet the expectations of this new set of customers. Technological change is accelerating, triggered by 67% of millennials consulting robo-advisory services; it’s up to you to implement experiences that unlock these types of features. 

Explore seven ways that digital experiences help financial institutions deepen relationships, transform processes and unlock business value for their users.

Digital Experiences for Financial Services


1. Exceed Expectations & Deepen Customer Relationships

The top priority for today’s financial services companies is to improve their customer experience, and that is especially true for personal banking. Customers have grown accustomed to digital experiences that anticipate their actions and are readily available across platforms and channels. Personalized, prediction-based, hyper-relevant journeys are becoming the norm, meaning you have to do even more to exceed their expectations. 

To stand out among the competition–particularly if your model is rooted in brick and mortar footprint–you need to provide seamless, omnichannel experiences that enable customers to access relevant information wherever they are and whenever they want it. An intelligent digital experience lets you deepen customer relationships with easy, intuitive, innovative journeys that collect valuable insights which in turn let your employees provide even more personalized service. Your customers will develop an affinity for and keep returning to your bank, because you are exceeding expectations. 

2. Empower Customers with User-Friendly Self Service

In the banking industry, your customers are your most important users, and these consumers now expect certain levels of personalization and innovation when they interact with you. They engage with you digitally to avoid long wait times and complicated processes, but you need to make sure that your online experiences overcome these challenges. Help lower waiting times by enabling self-service, especially for easy inquiries like account details and the ability to make changes on their own. You’ll provide information at your customers’ fingertips, and provide channels for them to give input on ways to improve. Consumer education is increasing, as financial institutions saw a 25x increase in clients accessing thought content over the last two years, and you need to stand out by seamlessly surfacing these resources. And in addition to streamlining their journeys, this will also lower the cost to serve your customers!

HomeEquity Bank Financial Services Experiences

HomeEquity Bank, a leading provider of reverse mortgages, was dealing with outdated systems and manual processes that made it difficult for them to grow and provide cost-effective support to their customers. They implemented a digital experience for customers and partners that unlocked this user-friendly self-service, enabling users to view account details and make basic changes on their own that previously required HomeEquity Bank intervention. This empowers their customers to problem solve on their own, reducing costs and letting employees focus on bigger customer needs.

3. Unleash Your Employees to Better Collaborate & Problem Solve

For modern banks, a good digital experience goes beyond just deepening your customer relationships. You need to give your employees the tools to successfully problem solve, collaborate and provide service to keep customers happy. With a digital experience, your advisors and employees can collaborate and interact directly with colleagues to find answers to inquiries and more efficiently problem solve. They can provide portfolio and market updates to teams, ensuring that everyone is always on the same page. And like we discussed above, a digital experience for your customers has positive impacts on your employees too! Your people can focus on bigger problems when customers have efficient self-service, which further reduces the volume and time spent on support calls for simple requests.


4. Make the Most of Limited Interactions

Insurance Customer Experience white paper coverNot all financial institutions have the luxury of frequent opportunities to impress their users. Insurance companies, for example, have limited interactions with which they can engage customers; 90% fail to communicate with customers even once a year. This lack of engagement poses a serious problem for an industry whose biggest challenge is enhancing user journeys to drive business results. The most successful insurers are leveraging intelligent, intentional digital experiences to engage their customers and partners.

A digital experience lets insurers provide omnichannel touchpoints that are personalized for both customers and advisors. Features like self-service can be implemented, letting insurance companies be super responsive to inquiries and claims. And advances like data and machine learning in digital experiences enable you to push boundaries and gain essential insights into what customers are looking for and perhaps not finding. You’ll ensure positive experiences that retain more customers, even if they only engage with you on a limited basis. 

5. Personalize Your Customer and Advisor Experiences

Personalization has gone from an added luxury to a necessity, and digital experiences make personalizing easy. They have the sophistication to analyze user data and trends and then use those inputs to serve relevant resources, product offerings and services tailored to customers’ needs. With contextual customer service, insurers can recommend policies that customers want most, allowing these companies to meet growing expectations for tailored experiences. This improves cross- and up-sell opportunities, increasing sales and brand loyalty for insurers.

A personalized digital experience boosts sales and drives loyalty, but doing the same for your advisors improves productivity, efficiency and retention. Communities allow you to create a one-stop shop for providers with easy access to materials specific to their portfolio and book of business, clients and business processes. When their digital experience contains and serves up everything they need, providers spend less time searching and referencing irrelevant materials. You’ll speed up the sales process, let advisors engage customers at various touchpoints, and display any relevant information directly in the experience.


6. Enable Your Partners to Sell More

Financial technology companies also unlock major benefits with digital experiences. These organizations often rely on partner networks to drive revenue, and experiences help drive more sales from your channel. FinTech companies can help their advisors and resellers manage work and gain pipeline transparency, which improves financial forecasting accuracy. You’ll provide a one-stop shop for partners to run their businesses, increasing throughput and applications while reducing time to funding. Personalized Deal Dashboards let your partners focus on their customers’ needs, making them more productive while continuing to generate revenue for your organization.

7. Transform Business Processes

FinTech companies also deal with numerous business processes that have, historically, been outdated and disjointed for users. A digital experience helps these organizations streamline these journeys, regardless of whether they’re for customers, advisors or employees. You can train employees and onboard customers more efficiently with automated, personalized flows for new users. Tedious processes like updating profiles or looking up account info can be accomplished with self-service in a digital experience, freeing up resources for more important tasks. And internally, your partners and employees are able to share relevant research and other internal knowledge with each other, helping them respond to clients more efficiently. Like banks and insurers, there are numerous benefits that FinTech companies will unlock with a digital experience.

Transforming user journeys has been the top priority for the financial services industry for a while, and that holds true now more than ever for modern institutions. With an innovative digital experience, banks, insurers, wealth management groups and FinTech companies are all better positioned to delight their users and maximize value. By embracing the capabilities that experiences enable, you’ll address the top priority of enhancing user experience, all while adhering to industry regulations, and position your business at the forefront of financial services as you head into 2022.

Learn More About How Experiences Enhance UX for FINS

Download the White Paper