UX is the Answer. What was the Question Though?
UX is the Answer. What was the Question Though?
You’ve probably heard the oft-repeated jargon "UX", you may even know that it stands for "User Experience"– but do you understand what it really means?
UX Overview
Squarely put, the moot purpose of user experience (UX) is to understand the users. As we know, most human users have a changing set of behaviors, preferences and goals. It is always a challenge to balance their needs with the competing needs of the business, resources, market demands, brand, etc. UX design is paramount to achieve this balance and make the product more useful, understandable and usable.
UX Mistakes
Traditionally, user experience has been deemed as an afterthought, with developers mostly choosing to focus their efforts on the software and the app functionality. Layering UX on top of existing software has become an outdated practice. A software has a personality of its own, and inevitably imposes restrictions for the designing of UX after development. A far better approach to design a product is to conceptualize the UX first and then create the product/service with the help of top UX design agencies in the world.
UX in FinTech
As the FinTech innovation space is becoming more and more saturated, banks are now conceptualizing newer ways to stand out. To be a next generation FinTech company, it is important to put user experience (UX) first for promoting user adoption.
When it comes to FinTech, UX constitutes an untapped potential for lowering the entry hurdle by offsetting the expectations placed on the user and encouraging the adoption of FinTech. A solid UX design can prompt customers to transition from branch banking to digital banking and help in delivering unparalleled customer experience (CX).
While there are many aspects to consider while designing a FinTech platform, there is perhaps no factor more important than the overall user’s experience. While UX is already disrupting the hesitant FinTech industry, it'll likely be gaining even more ground over the coming years as it continues to be the key to the success of companies.
Priyanka Naik
Tech Expert
Priyanka is a multi-disciplinary practitioner in the banking, risk and financial technology space. Backed by a coveted blend of robust technical background and acquired competencies in the BFSI domain, she can intelligently connect the dots between the conventional banking industry needs, customer pain points and contemporary digital solutions. She fervently aspires to drive innovations to the financial services industry - by leveraging disruptive technologies like Social, Mobile, Analytics and Cloud (SMAC), Application Programming Interfaces (APIs), Big Data, Machine Learning (ML), Deep Learning (DL), Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IoT), Chatbots, Blockchain, CryptoCurrencies, Bitcoin (BTC), Ethereum (ETH), Biometrics & Wearables - that would eventually serve to improve the overall financial inclusion & innovation.
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