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How financial brands perceive digital banking can have a massive impact on the user experience (UX) they provide and their resulting success in the market. In particular, there are two main approaches to viewing digital banking: as a channel or as a product.
One of the main differences between perceiving digital banking as a channel or as a product is how it is integrated into your overall business strategy. When it is perceived as a channel, digital banking is treated as an added feature or an afterthought rather than a core component of the business. As a result, such financial companies often allocate fewer funds and experts to their digital offerings, leading to a poor user experience for customers.
On the other hand, when financial companies perceive digital as a product, they treat it more appropriately as a critical component of operations. It receives the necessary resources to ensure that it is constantly improving and providing the best possible user experience. Overall, customers do not perceive the bank as a range of separate services; they form a general perception of the financial solution using a mobile application, desktop or ATM.
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Analysis – “Before reading this article, I did not quite realize that the consideration for digital banking could be overlooked. As a user, the banking application I use on my phone is just about the only interaction I have with the bank. I thought the app was the highest priority. I like the introduction of this article and how it poses the issue, but the substance of it is not all that informative. Basically, they are just saying that banks should put more emphasis on UX design because it is important. Although very true, it did not have any takeaways besides that message.” – Easton Nguyen
