Banks are usually known for having a complex customer journey that is difficult to navigate for their users. This is a problem that should be addressed since according to Salesforce research, 80% of customers now consider that the experience a company provides is as important as its products and services.
Moreover, 66% of customers expect companies to understand their unique needs and expectations, and 52% want personalized offers. For this reason, more financial institutions are turning to human-centered design principles in order to achieve an end-to-end view of the customer journey and ensure that it addresses clients’ pain points and necessities.
What is human-centered design?
Human-centered design (HCD) is a design framework for creating products, services, hardware, and software that are built to meet the specific needs of clients, users, or customers. It is about being in the intended audience's shoes in order to develop solutions that will help users be more productive, efficient, or comfortable. Empathy is the key when it comes to this kind of design.
According to cognitive science and usability engineering expert Don Norman, the top four principles for human-centered design are:
• Focus on people
This is the most obvious one and yet, the most important: always think about the people that are going to use your services and products. Identify who those people are, why they want to use your service, and when they would do it. Remember: these are real human beings.
• Find the right problem
Don Norman identifies two types of problems: fundamental problems and symptoms of the problem. Solving the fundamental problem first is crucial because by doing that you’ll solve the root of the other problems.
• Think of everything as a system
Avoid focusing only on one part of the customer journey. Instead, always keep the big picture in mind. Seeing the customer journey as a whole will help you make the right changes for your customers to have a good experience throughout.
• Prototype, test (on real people), and refine
Prototype your design and test it on real people. Not just the team or their families, but real target users. They will give you the feedback you need to improve your product or service until it’s perfect. Keep in mind that with time, you will probably need to apply changes, so you always have to be ready to refine it.
Leverage AI-driven tools to build your customer journey
Customer journey mapping is most effective when you start with the customer’s needs (not services and products). This is the most important mindset change that banks have to make in order to achieve good results. “We need to understand the world from their perspective and see how financial services fit into their life,” says Opher Yom-Tov, Chief Design Officer of ANZ.
This change can be a lot to take for a financial institution that is used to working with other methods. Luckily, there are A.I. powered solutions that combine technology and “the human touch” that can help banks put their clients in the center of their organization by:
• Customer experience audits: they analyze brand-customer touchpoints to determine the health of customer relationships. A benchmark score is created, which uncovers which areas of the business are driving or blocking the progress of customers in their journey. (Remember the first and second principles?).
• Customer segmentation: the audit and scoring support the development of a customer segmentation protocol that groups customers into categories, which allows learning more about their different kinds of necessities and acting accordingly.
• Customer experience strategy: based on the knowledge gathered after the audit and the customer segmentation, they can put together the correct strategy to build the perfect customer journey for the organization (with the whole picture in mind!).
• Benchmarking and reporting: quantifying the customer experience with measurable data points will enable banks to refine it over time.
According to PwC, 65% of U.S. customers find a positive experience with a brand to be more influential than advertising, and 32% are willing to walk away from a brand they love because of just one bad experience.
With these numbers on sight, it is evident that it is time for banks to turn to human-centered design and leverage tools that help them build their customer’s journey focused on their customers’ needs. How? Find more information here!