Which companies set your members’ expectations for their online banking experience? HINT: These companies are not from the financial sector.
“The more accounts a customer opens with us, the more punishment we seem to dish out.” This interesting quote was uttered by the online banking director from one of America’s largest banks (and yes, we can verify it). The executive was referring to the disjointed experience many users are forced to navigate when trying to look up balances for the accounts they have with a bank or credit union.
Some online banking experiences will offer a single sign-on (SSO). But oftentimes the experience after the login is still a collection of product interfaces managed and designed by a number of different product vendors. The look and feel is never consistent across all of these vendors, and this can cause a member’s interaction to get confusing as the online tools change from screen to screen.
Why is a disjointed experience worth fixing? For two reasons.
First, it isn’t financial institutions that are setting the standard for great online experiences. The highest traffic online destinations are retailers like Apple and Amazon. It’s on these sites where users experience an intuitive navigation no matter what products they are purchasing: videos, music, books, magazines, etc. It’s that kind of seamless experience your members expect. Regardless of the product they are viewing.
Second, over 60% of banking transactions occur through digital channels. The Federal Reserve’s 2015 report on banking channel preference provided this figure, and went on to project that 90% of all banking transactions will take place in digital channels by 2020. So the impression a credit union makes on its members is largely through the online banking channel. And the impact of that channel is only going to get bigger in the near future.
Is there an alternative to the disjointed approach? Yes!
Banks and credit unions have the ability to offer the world-class online experience that their members get at sites like Netflix and Google. It starts with the all the back office functions being aggregated with an API. From there, an intuitive interface can be designed. “The right API provides the framework for creating a consistent look and feel across all products and services,” says Vera Maxakova, Lead User Interface Designer at Alkami Technology. “It gives the user a seamless experience that can also match the credit union’s branding.”
When beginning the design process Maxakova recommends reviewing a number of different influences including the credit union’s website and even some design trends used by social media networks. “Familiarity is key,” she says. “Design starts by creating a user experience that makes it easy for a member to conveniently take care of their banking needs.”
To see how your members can enjoy the same seamless experience they get at Apple, Amazon, and other world-class retailers, contact Alkami Technology for a free demonstration of design and functionality by clicking here.
About Alkami Technology
Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers unparalleled security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.