{"id":52584,"date":"2022-06-30T14:21:01","date_gmt":"2022-06-30T21:21:01","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/?p=52584"},"modified":"2023-06-26T00:12:05","modified_gmt":"2023-06-26T07:12:05","slug":"why-digital-ux-is-essential-for-modern-banking","status":"publish","type":"post","link":"\/us\/en\/blog\/why-digital-ux-is-essential-for-modern-banking\/","title":{"rendered":"Why digital UX is essential for modern banking"},"content":{"rendered":"<p><b><a id=\"Highlights\"><\/a>Highlights<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Customer satisfaction is driven largely by digital customer experience in the modern business world. A great UX increases your conversion rates, turning visitors into customers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A primary strategy for an optimized UX is to strike a balance between personalization and automated efficiency.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Leveraging an all-in-one communications platform can improve your user experience strategies.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\t\t<\/p>\n<div class=\"download-form-widget download-cta-banner \" data-url=\"https:\/\/netstorage.ringcentral.com\/documents\/financial_services_digital_engagement_strategy_tips.pdf\" data-id=\"69d272bb03d24\" id=\"69d272bb03d24\" data-form-type=\"cta download banner ENTERPRISE\">\n<div class=\"rc-post-content-cta rc-post-content-cta_download white\">\n<div class=\"img-rc-cta-download\">\n\t\t\t\t<svg width=\"290\" height=\"234\" fill=\"none\" id=\"svg--1414853121\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t<path d=\"M213.846 96.959C222.78 130.299 257.048 150.084 290.388 141.15C323.728 132.217 343.513 97.9482 334.579 64.6087C325.646 31.2691 291.377 11.4839 258.038 20.4173L203.159 35.122C200.128 35.9341 198.329 39.0494 199.141 42.0803L213.846 96.959Z\" fill=\"#FF7A00\"\/>\n\t\t\t\t\t<path d=\"M153.092 88.4508C154.825 86.7179 154.825 83.9299 153.092 82.1969L81.1733 10.2785C79.4405 8.54566 76.6392 8.55885 74.9846 10.3437C35.9115 52.6218 35.9115 118.026 74.9846 160.304C76.6394 162.089 79.4535 162.089 81.1733 160.369L153.092 88.4508Z\" fill=\"#0684BC\"\/>\n\t\t\t\t\t<path d=\"M116.67 194.759L102.313 219.626C101.621 220.825 102.029 222.345 103.227 223.037L128.095 237.394C143.024 246.014 162.11 240.9 170.73 225.97C179.349 211.041 174.235 191.954 159.306 183.335C144.376 174.716 125.29 179.83 116.67 194.759Z\" fill=\"#FFCD00\"\/>\n\t\t\t\t\t<path d=\"M184.513 4.20398C184.94 5.7996 183.997 7.43423 182.401 7.86177L134.082 20.8089C132.486 21.2364 130.852 20.2926 130.424 18.697L117.477 -29.6222C117.049 -31.2178 117.993 -32.8524 119.589 -33.2799L167.908 -46.227C169.504 -46.6545 171.138 -45.7109 171.566 -44.1152L184.513 4.20398Z\" fill=\"#002855\"\/>\n\t\t\t\t\t<path d=\"M195.505 160.14C195.025 160.972 193.966 161.256 193.135 160.776L167.963 146.242C167.131 145.763 166.848 144.703 167.327 143.872L181.861 118.7C182.341 117.869 183.4 117.585 184.231 118.065L209.403 132.598C210.234 133.078 210.518 134.137 210.038 134.968L195.505 160.14Z\" fill=\"#205C40\"\/>\n\t\t\t\t<\/svg>\t\t\t<\/div>\n<div class=\"rc-content-cta-download\">\n<div class=\"bottom-cta-copy\">\n<div class=\"title-banner-cta-download\">The digital age in financial services has arrived. Are your digital engagement strategies ready?<\/div>\n<div class=\"text-banner-cta-download\">Here&#8217;s the secret to attracting and retaining good customers and workers. <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"rc-post-content-cta-footer\">\n\t\t\t\t<button tabindex=\"on\" on=\"tap:69d272bb03d24.toggleClass(class='open')\" class=\"open-modal-download-action rc-button\" type=\"submit\">Get the eBook<\/button>\n\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">Can your financial services organization meet today's digital demands?<\/div>\n<form class=\"download-form ENTERPRISE\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog Enterprise\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"enterprise download form\" data-dl-name=\"Get the eBook\">Get the eBook<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69d272bb03d24.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\"> Enjoy!<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As banks adapt to the modern world of digital-first banking, user experience (UX) is a top priority. UX is the sentiment a customer has toward the entire sequence of interactions with your website or app. It is the digital-world equivalent to the brick-and-mortar total customer experience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital banking customers, especially younger ones, have high expectations for speed, convenience, and accessibility. In a competitive arena that includes conventional banks, virtual banks, and fintech providers, UX is a key battleground if you want to win over customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\t<\/p>\n<div class=\"rc-subscribe\" id=\"new-rc-subscribe\"  style=\"background-image:url('\/us\/en\/blog\/wp-content\/themes\/ringcentral\/assets\/images\/temp\/subscribe.png')\">\n\t\t<button class=\"close js-popup-close\"><svg class=\"icon_close_mobile\" width=\"20\" height=\"20\"><use xlink:href=\"#icon_close_mobile\"><\/use><\/svg><\/button><\/p>\n<div class=\"rc-subscribe__wrapper\">\n<div class=\"rc-subscribe__wrapper_text\">\n<h3 class=\"rc-subscribe__title h2\">Stay informed with RingCentral<\/h3>\n<div class=\"rc-subscribe__subtitle\">Subscribe to our emails for the latest blogs, events, and exclusive content on AI-powered communication solutions. Stay ahead with insights and tips from the leader in trusted AI communications.<\/p>\n<p>\t\t\t\t\t<a href=\"https:\/\/www.ringcentral.com\/legal\/privacy-notice.html\" target=\"_blank\" data-dl-name=\"Privacy Notic\" data-dl-element=\"link\" data-dl-additional-info=\"social\" rel=\"noreferrer noopener\">Privacy Notice<\/a>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"rc-subscribe__wrapper_form\">\n<form class=\"\" data-event-init=\"true\" novalidate data-js-form>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<input\n\t\t\t\t\t\t\t\tname=\"email\"\n\t\t\t\t\t\t\t\tplaceholder=\"Email address *\"\n\t\t\t\t\t\t\t\ttitle=\"Must be valid email. example@yourdomain.com\"\n\t\t\t\t\t\t\t\tminlength=\"4\"\n\t\t\t\t\t\t\t\tmaxlength=\"255\"\n\t\t\t\t\t\t\t\ttype=\"email\"\n\t\t\t\t\t\t\t\trequired\n\t\t\t\t\t\t\t\tpattern=\"[a-z0-9._%+\\-]+@[a-z0-9.\\-]+\\.[a-z]{2,}$\"\n\t\t\t\t\t\t\t\tclass=\"field__control\"\n\t\t\t\t\t\t\t\tautocomplete=\"on\"\n\t\t\t\t\t\t\t\taria-required=\"true\"\n\t\t\t\t\t\t\t\tdata-dl-events-hover=\"true\"\n\t\t\t\t\t\t\t\tdata-dl-element=\"email\"\n\t\t\t\t\t\t\t\tdata-dl-additional-info=\"LET'S WORK TOGETHER\"\n\t\t\t\t\t\t\t\taria-label=\"Email address *\"\n\t\t\t\t\t\t\t\taria-errormessage=\"email-subscribe-errors\"\n\t\t\t\t\t\t><br \/>\n\t\t\t\t\t\t<span class=\"field__errors\" id=\"email-subscribe-errors\" data-js-form-field-errors><\/span>\n\t\t\t\t\t<\/div>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<select\n\t\t\t\t\t\t\t\tname=\"Country__c\"\n\t\t\t\t\t\t\t\trequired\n\t\t\t\t\t\t\t\tclass=\"field__control\"\n\t\t\t\t\t\t\t\taria-required=\"true\"\n\t\t\t\t\t\t\t\taria-expanded=\"false\"\n\t\t\t\t\t\t\t\taria-label=\"Country *\"\n\t\t\t\t\t\t\t\taria-errormessage=\"country-subscribe-errors\"\n\t\t\t\t\t\t><option value=\"\" disabled=\"disabled\" selected=\"selected\">Country<\/option><option value=\"Canada\">Canada<\/option><option value=\"United_States\">United States<\/option><\/select><\/p>\n<p>\t\t\t\t\t\t<span class=\"field__errors\" id=\"country-subscribe-errors\" data-js-form-field-errors><\/span>\n\t\t\t\t\t<\/div>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<button type=\"submit\" data-event-init=\"true\">Subscribe<\/button>\n\t\t\t\t\t<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"confirm-form\" role=\"status\" aria-live=\"polite\" style=\"display: none;\" aria-hidden=\"true\">\n<div class=\"confirm-form__text\">Thank you for your interest in RingCentral<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b><a id=\"Why\"><\/a>Why UX is important for digital banking<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The following is an overview of the importance of UX, including examination of how it applies to various facets of your digital banking solution.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b><a id=\"Better\"><\/a>Better conversion rates<\/b><\/h3>\n<p><a href=\"https:\/\/www.mckinsey.com\/business-functions\/mckinsey-digital\/our-insights\/service-industries-can-fuel-growth-by-making-digital-customer-experiences-a-priority\"><span style=\"font-weight: 400;\">McKinsey Digital<\/span><\/a><span style=\"font-weight: 400;\"> recently reported that digital-centric customer experiences raise conversion rates for companies by as much as 20 percent. Typical customers shop the web to learn about banking options. Many come from a mobile device. As they evaluate options, they consider the quality and accessibility of your website, app, and other digital platforms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Eliminating the requirement for a person to go to a physical location to <a href=\"https:\/\/globalbanks.com\/open-bank-account-without-physical-presence\/\">open a bank account<\/a> invites more digital-native consumers. As people shop online, a simple transition from information to product landing pages eliminates unnecessary barriers that can get in the way of a conversion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><b><a id=\"Optimized\"><\/a>Optimized customer satisfaction<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You can\u2019t have a great customer experience without high levels of customer satisfaction. Customer satisfaction helps you retain existing customers, gets them to open more accounts, and encourages them to provide you with referrals. McKinsey reported that companies that have a digital-centric structure improve customer satisfaction levels by 15 to 20 percent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blending convenience and efficiency with some personalization is often the key to satisfying customers on digital platforms. In addition to simple, speedy sign-up processes, customers want swift, convenient access to service reps across all popular platforms. This type of dynamic, flexible support is only possible with a comprehensive digital system.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digitized banks now rely on cloud-based solutions to deliver the flexible, on-call support that your banking customers expect. Top solutions allow your agents to seamlessly transition from one channel to another. Call-based routing ensures customers get to the right agent the first time when they have particular needs or questions. Agents can also transfer customers quickly if they need to talk to someone else at the bank.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><b><a id=\"Reduced\"><\/a>Reduced costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A well-developed digital infrastructure also creates a lot of cost advantages. The McKinsey Digital report indicated that typical digitally structured companies save between 20 to 40 percent on operational costs. The more you automate routine processes, the more you save on labor costs. A digital structure also reduces the amount of office space you need for employees, equipment, and supplies. It lowers your utility costs as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A cloud-based communications system like the one described also contributes to cost savings. One agent can handle calls across all communication channels as opposed to having dedicated agents running each channel.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-52586\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2022\/06\/digital-banking-customer.jpeg\" alt=\"A customer accesses her bank services via her laptop computer.\" width=\"930\" height=\"620\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><b><a id=\"Efficient\"><\/a>Efficient customization<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Customers want a highly personalized experience. They want convenient access to account information, resources, and support without having to sift through a lot of information or content that is not relevant to them. The challenge for banks is to deliver this type of personalized experience without investing an excessive amount to do so. It is very difficult to overcome this challenge without top digital systems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Individual customer dashboards allow you to deliver documents and secured messages to customers based on their interests or banking portfolio. You can learn about your customers&#8217; preferences by asking them, but also by gathering behavioral data and using artificial intelligence. Part of the personalized digital experience customers want also stems from access to support on their preferred channel of communication.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A cloud-based unified communications system is vital to an optimized digital experience for banking customers. It equips your agents with the ability to help customers quickly across all platforms through which you offer access. Contact routing allows your customers to get to the right agent to assist them the first time. This feature eliminates the frustration of multiple contacts that negatively impact UX.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b><a id=\"Conducting\"><\/a>Conducting a digital audit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To determine how your bank is currently positioned for the digital landscape, conduct an audit of your digital systems and talent. Consider whether your existing tech infrastructure includes best-in-class features and capabilities, along with the advanced security necessary to protect the privacy of your customers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having the technology in place is only part of the process of optimizing your UX. People still play a critical role. It takes a total company effort to leverage digitization to give customers a balance of personalized, efficient service. Hire and retain talented employees skilled with the right customer-centric attitude, talent to serve, and ability to work with technology.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b><a id=\"Improve\"><\/a>Improve digital UX with RingCentral<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Your ability to provide customers with a great user experience, including cross-channel service and support, is vital to a strong UX. A cloud-based communications platform equips your team with the necessary tools to meet the expectations of the modern banking customer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">RingCentral\u2019s cloud-based solution is best in class, and includes fully secured, cross-channel communication. It enables your agents to seamlessly shift support interactions from one channel to the next. <\/span><a href=\"https:\/\/www.ringcentral.com\/view_demo.html?__mscta=2881_91752_3444\"><b>See how it works<\/b><\/a><span style=\"font-weight: 400;\"> to learn how RingCentral can help you up your UX game!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights Customer satisfaction is driven largely by digital customer experience in the modern business world. A great UX increases your conversion rates, turning visitors into customers. A primary strategy for an optimized UX is to strike a balance between personalization and automated efficiency. Leveraging an all-in-one communications platform can improve your user experience strategies. &nbsp; &#8230;<\/p>\n","protected":false},"author":1120,"featured_media":52585,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18836],"tags":[13381,43286],"class_list":["post-52584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-cloud-based-communications-platform","tag-digital-customer-experience"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why digital UX is essential for modern banking | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"User experience is vital to the modern digital banking system. 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