By Tim Spenny and Lauren Zack
Today’s established financial institutions are under constant pressure from three sources: the high expectations of Connected Consumers, the pace of technological change and innovation from new entrants. To remain relevant in the era of the smart home, connected car and mobile payments, these players must create compelling and easy-to-use digital financial products. Working with Visa, we’ve been investigating the central role that user experience (UX) has in ensuring success in this complex and competitive sector.
To share and further explore the results of our research, we recently brought together the best minds in the business at our Driving Digital Innovation through Design event. This was the FinTech industry’s first event on using innovative technology to create digital products and services that reduce friction in the payments process and are simple for consumers to use.
We tackled some of the most challenging topics of the day including design-led product innovation, harnessing co-creation hacks, human-centered research methods, best practices for innovating, and payment channel opportunities. Short talks given by design and consumer experts were complemented by a panel of experts from Stripe, Facebook and Garage Partners. There were four key take-outs from the panel debate:
One: Designing a holistic user experience is a critical success factor for FinTech solutions
New products, such as those that make transactions more efficient, are often developed to take advantage of an innovative technology. Our panel agreed that designing the human component of the experience of the new product, rather than focusing on the mechanics of moving data around, will provide solutions that address the actual needs of the people using these tools.
Two: Digital transformation must work for consumers too
Our experts agreed that “digital transformation” means creating solutions that work for consumers – not just the FinTech companies developing them.
Three: Combining design and user research delivers the best UX
The partnership between design and user research brings consumer insights into clear focus, ensuring that products are intuitive, easier to use and fit, and surpass people’s expectations.
Four: Fail fast, fail often
Design, measure, iterate – that is the beauty of the Rapid Iterative Testing (RITE) method. As the name implies, this methodology allows for the rapid testing and iteration of a prototype using the UX Score to benchmark and measure improvements. This is the only way to know if the product matches consumer expectations. If it doesn’t, try again.
By focusing on the Connected Consumer, innovative technologies powering the connected car, the connected home and mobile payments, this event provided the FinTech design community the chance to discuss both the challenges and opportunities in this fast-evolving space.
Financial services brands and organizations are beginning to “get it right”. However, the research presented at the event and subsequent panel discussions highlighted that future success relies on giving consumers a seamless experience – no matter what technology they use – and ensuring that the solutions provided are simple and easy for them to use.