What you tell me about UX design possibilities in the financial sector is incredibly inspiring, but how do I implement it if my bank offers more than 100 different services? Maybe it could be possible in the future somehow, but we can’t travel there to get insight.
And who of us has not dreamed of a time machine that allows a glimpse into the future? However, if I was bank employee, I'm not sure that I would do it. In the near future, millions of bank employees will face lost jobs and millions of lost revenues. And we already see it happening; thousands of bank branches are closed, and alternative financial services receive billions in funding to entice banking customers.
Finding a banking service of the future is not such a bad idea, right? After all, technology that disrupts the banking industry, if used properly, can become its savior. Unfortunately, today, we can’t bring you incredible news that we invented a time machine, but we can still offer something extremely valuable. We have spent the last few months combining our knowledge and experience from engineering dozens of financial services in UXDA with recent trends in the financial industry to create vision of the future banking.
This particularly long read is prepared especially for financial industry professionals, so if you are reading this out of curiosity, you can scroll through the article and get inspiration from the motion UX concept of mobile-only challenger banks according to the UXDA vision.
So, is it possible to unite dozens of traditional bank features in a single mobile banking app?
This app has to be easy, intuitive for the user and provide the perfect customer experience. We are sure it can be done if cutting-edge technological innovations and banking user experience engineering are used together.
Please enjoy this video of the challenger bank motion UX concept delivered by the UXDA team:
You can buy this Challenger Bank UX/UI Design concept at Fintech UI marketplace.
UXDA team of financial UX experts and UI designers created this FinTech UX design concept of a mobile-only challenger bank to demonstrate how future of banking customer experience might look. This banking design case study is second in a series of UX design concepts that shares the future of the banking industry via UXDA visualization. You can find previous UX concepts of future digital banking here.
So, if we are talking about digital banking disruption in the near future, how will it work? I believe, challenger banks, as a delightful banking customer experience providers, will be based on 10 emerging digital banking trends that you may already know:
- Nudge theory
- Robo advising
- Voice processing
- Social integration
- Big data
- Open API and clouds
Before we present our financial UX concept, we need to clarify the context of financial consuming. When we asked people what banking service is about, their most popular answer was: “Me and my money.” That’s right, but, in real life, it’s a bit more broad. Your financial life involves not only you and your money, but also your family, friends and dozens of financial services.
You need to know the overall financial status of your family members to effectively manage finance, right? It would also be helpful to know your friends’ financial behaviours to get some useful insights. And, finally, you want your bank to serve you, to answer questions, suggest best solutions, track your situation and advise you how to manage your money. All of this could be really helpful in your financial life.
Considering this, we based our future challenger bank design architecture on five key topics:
In this financial UX case study, we will not delve into a huge description of our UX engineering process, because the UXDA approach is described in our previous case study. The most important things being done at UX engineering stage are identifying primary user scenarios, analyzing and determining key functionality, creating information architecture and exploring trending technologies to provide the most simple and clear solution for the user’s financial journey.