Handling our finances can be a pain in the a**. Once we get a solution with a great user experience, we will definitely enjoy it!
When it comes to finances, many people quit before even starting, only because they do not like the topic. I am confident that solutions with a great user experience could improve this situation, and therefore I want to address today how UX can influence our behavior towards finances! I'm your host, Chris, and this is the UX Globals Podcast!
Financial education and a proper overview of our finances can be quite tricky because the user experience of most solutions is less than bad. Many banks have not yet understood what online banking actually means. They still believe that they only have to give their customers a platform where they can log in and view their data. These times are over. To correctly manage our finances, we must have additional functionalities.
One of the core functionalities that a modern bank app must have is that users can see where their money went. What did they spend it on? Which companies or industries received their payments? Did they invest most of it or spent it on other things? This information must be provided in some helpful diagrams like a chart diagram. Related to that is that users should be able to upload additional documents to their payments. Maybe the recipe they received after their payment, for example.
Similar to uploading images is the functionality to scan QR-codes that contain the information of an invoice. We all know this... We have to enter the IBAN of more than 20 digits. It can be so annoying to enter all the information. Scanning a code is way easier and makes our life more efficient for more important things.
Another feature a modern banking app must provide is the ability to set oneself financial goals. The moment we can enter a certain amount of money that we want to save and get frequent reminders about our money goals, we will be more likely to hit them. These goals can be related to different spaces or piggy banks. Why should we have to keep all our money in one space if we have multiple goals anyways that require different amounts of money? Think of the new desktop monitor you want or the new car, smartphone, or headphones or whatever is on your list. Would it not be easier to have many spaces where we can save money for every target we want to hit?
Banking apps need to become more modern as the needs and wishes of their users also change. The apps could be improved easily by following the UX workflow. First, the banks need to do their analysis correctly to determine who their primary users are and what their wishes are. After that, they need to do some prototyping and evaluation loops of these prototypes to create the best banking app a user has ever experienced.
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