As mobile banking grows and customers’ preferences evolve, banks and financial institutions are increasingly investing in UX to meet the “modern” customer demands. Traditional banking services are falling out of favor and being replaced by institutions that provide a more user-friendly experience.
In the coming year, we can expect to see a number of UX trends emerge in the banking industry that will change the way we interact with our financial institutions. From artificial intelligence to the rise of virtual and transaction enrichment API to augmented reality, these trends will shape the future of banking and make managing our finances easier and more convenient than ever before.
Lunedata.io’s financial experts have compiled a list of the top UX trends in digital banking, here’s what to expect in 2023
1) Transaction Enrichment API
At the top of our list is financial data enrichment, which essentially is a tool that allows digital banking users to have more detailed but simplified information about their day-to-day transactions, such as the merchant name, location, logo, item description, price, and so on. This can help users better understand where their money is going and make more informed financial decisions.
For example, Imagine using your Emirates NBD digital banking app to track your money. Without a transaction enrichment api, you might only see a messy description of each transaction such as “Online Purchase XZGTA1123”. However, with transaction enrichment, you could see more simplified information about each transaction (e.g. “Starbucks AED 25”), the location of the purchase (Mirdif, Dubai), and the category (“Coffee Shop” or “Retail”)
This additional information can help you better understand where your money is going and cut back on unnecessary expenses or set a monthly budget for each category
2) Virtual Assistants
Chatbots alone without the help of humans can be a mess. Some banks think of them as a replacement for customer service agents when in reality chatbots are here to enhance human efficiency.
Virtual assistants are designed to provide immediate assistance to customers. No one wants to hold to speak with a customer service representative or navigate through menus to find the appropriate department, instead, customers should simply send a message to the chatbot and receive a prompt response, and then connect with an actual human. This can save so much time and frustration for customers, making their experience more convenient
3) AI to provide personalized recommendations
With the help of transaction enrichment API, AI algorithms allow financial institutions to analyze complex data about their customers and make predictions or recommendations based on this analysis.
Financial institutions could use AI to analyze a customer’s spending habits and recommend products or services that may be of interest to them. This could include personalized credit card offers, investment recommendations, or suggestions for ways to save money.
For example, if your bank has determined that you frequently make purchases at coffee shops and restaurants. With the help of transaction enrichment API, the bank can use this information to make a personalized recommendation to you, such as offering you a credit card with rewards specifically tailored to F&B purchases. This recommendation could be marketed to you through the bank’s digital banking app, a targeted email, or an advertisement.
In conclusion, with a number of exciting trends set to shape the industry in 2023, banking UX is looking bright. As technology continues to evolve, it’s crucial for banks to stay up-to-date on these trends and prioritize the user experience in order to provide the best possible banking experience for their customers.
