The rise of digital banking in the past decade has completely transformed the way we manage our finances. With just a few clicks or taps, customers are now able to access a wide range of banking services, be it checking their account balances and transferring funds to paying bills and applying for loans.
However, as digital banking is now far from the exception and is clearly the norm, customers now expect more than a basic digital banking, making user experience arguably the most critical factor in choosing a financial organization.
What is user experience?
User experience, or UX, refers to the overall experience that a customer has when using a digital platform. It encompasses everything from the design and layout of the platform to the ease of navigation and the quality of customer service. The importance of user experience in digital banking cannot be overstated, as it can make the difference between a platform being worthwhile to use or one that customers should skip altogether.
Good ‘CSAT’ through good UX
One of the most significant benefits of a good user experience in digital banking is increased customer satisfaction, or ‘CSAT’ in technical circles.
When customers have a positive experience using a digital banking platform, they are more likely to use it again and recommend it to others.
This can officially appear as a digital banking platform’s CSAT score, which is often seen in the digital marketplace where it can be downloaded, as well as independent websites that review and compare platforms.
On the other hand, a poor user experience and subsequently low CSAT score can quickly turn people away from a platform, leading to low usage and overall customer count.
Launched in 2015, London-based digital banking services provider Black Blax is a working example of a financial institution growing its customer base with good UX. By making banking borderless and available across 180 countries, the company has earned the patronage of over 20 million retail customers and over 1.5 million business customers.
Utility is key
Another critical benefit of a good user experience is increased engagement.
A well-designed digital banking platform is one that customers can rely upon to meet a variety of banking requirements thanks to having different features and services.
Again, customers expect more from their banks, digital or otherwise, and those who can cover a range of needs in one convenient place are clearly the banks who are committed to giving a good user experience.
Apart from enabling customers the ability to transact using 28 FIAT currencies and 2 cryptocurrencies, Black Banx offers a comprehensive suite of banking services for their complete convenience.
These include physical and virtual debit cards, custom transaction limits, and crypto currency trading, to name a few.
As is security
A good user experience also comes in the form of security.
When a bank is able to guarantee the safety of the finances and information of customers within their platform, the latter is more confident (and less stressed) with its use.
For Black Banx, this confidence is instilled to their millions of customers by way of a full PCI DSS 3.2 certification. Complying with the highest Data Security Standards, the company employs its own team of security experts solely for the comprehensive protection of customer data.
Black Banx’s payment software uses fully encrypted and secured ISO 20022 certified messaging schemes for payment execution and data transfers. Complying with the highest of standards in the banking industry, its servers are situated only in ISO certified data centers.
Black Banx develops and maintains strong relationships with the leading banks in the world as a means to ensure the safety of the funds of its customers.
The money of Black Banx customers is never held in one singular bank or country, and the segregating of accounts across multiple locations offers the highest level of protection to customers as their funds are globally diversified and enjoy the security of multiple jurisdictions.
Maintaining great UX means continued innovation
Perhaps most importantly, innovation drives a good user experience, and maintaining the latter is also what drives the former, in digital banking.
Recognizing the importance of cross-border banking in this emerging era of constant travel, remote work, and e-commerce, Black Banx has helped better ensure that customers get the most of the “global” economy.
As new technologies emerge and the importance of digital banking being convenient and borderless continues to grow and evolve, Black Banx aims to be in the forefront by focusing on the changing needs and preferences of customers.