Finding Where You Land in Financial Services Experience Design4 min read
As systems become more sophisticated and customers demand a better user experience, outdated and legacy technology represent technology debt that managers can’t continue to ignore.
For many in the banking, financial services, and insurance industry, the current digital landscape is daunting. Managers know that in order to drive better experiences, newer systems are required—but the interplay between scores of stacks and adherence to strict financial regulations presents a significant hurdle for most. To be sure, it can be hard to imagine systems, interfaces, and technologies that go beyond the status quo.
And yet this is the single most important barrier to overcome in delivering the experience that your customers demand.
As you configure your experience design, there are initial recommended steps as well as exciting innovations happening in this realm.
Taking it One Step at a Time
We understand that addressing legacy systems and processes can be a difficult task. That’s why we propose making the tran sitions in lockstep.
Migrating to the cloud is a great first step in your digital evolution. Giving you a scalable solution for collecting data, that big data can be analyzed to find trends among customers and discover what it is they’re drawn to. Moving to the cloud allows your business to figure out what interests your customers with hard numbers and drawn patterns.
Using the cloud also helps to scale business processes and increases the performance of processing big data. This decreases the human factor by digitizing the paper work, which also optimizes costs.
The cloud is a great solution for improving on legacy systems, as it supports scaling and flexibility that comes with making updates.
Innovations in Financial Services Experience Design
As technology advances, the definition of “experience design” is one that takes on new meaning with each passing year and technological development.
Innovations in technology are making financial interactions and transactions faster and easier. Beyond mobile applications and availability, AI and natural language processing (NLP) are the next technological innovations on the horizon for industry. More applicable, perhaps, for a mature experience design, AI and NLP combine to make bank transactions a breeze. Using voice recognition the same way a chatbot does, transactions and financial advice are given to the customer as though the client were interacting with a bank teller or financial advisor in-branch.
Chatbot advisors are able to offer customers on-the-go, customized offerings on asset management or insurance, irregular payments processing, claims processing, customer support, and more. Bank of America is releasing its own voice interface called Erica, and more are expected to follow.
Blockchain is also fast becoming an integral part of technology strategies for Financial Services companies, due to the opportunities it carries for optimizing cost savings and operational efficiency. A smart, decentralized, trusted, and highly-encrypted network of computing nodes, blockchain is poised to be the next disruptive wave in digital business.
Companies that adopt these and other technologies early will experience the greatest benefit. A recent World Economic Forum report predicts that by 2025, 10% of GDP will be stored on blockchains or blockchain-related technology.
Getting Up to Speed
Wherever you are in updating your legacy software and customer experience, revamping an entire system(s) isn’t a task to take on lightly.
That’s why at SoftServe, we rely on a collaborative process to deliver customized solutions tailored to your business. Our Experience Design studio goes to great lengths to understand your business, think like your customers, and deliver a solution that ultimately satisfies your needs.
SoftServe recently helped a European bank to update their core operational systems and applications (especially report-generating tools). The original tools were developed in the 1990s without proper business analysis and technical expertise.
SoftServe developed a system that enabled the client to create new and configure existing services. It provided customers from different domains with customized solutions, assuring stable business growth.
The advantages brought to the business included:
- Cost optimization of provider’s operations
- Decreasing the time required for creating new and configuring existing parameters
- Significant reduction of paperwork and human factor risks
- Processes integration and services quality enhancement
- Seamless interactions with reports generation module
- Clear control and monitoring of regulatory compliance, managing monetary claims, accounts receivables etc.
- Fully customized offerings of variable financial products for clients from various industry domains
To learn more about experience design and how it can drive your business forward, check out our white paper, “Cutting-Edge Digital Experiences for Financial Services Customers.”.