Of the importance of UX in FintechTags: data, fintech, technology, UX
Part of my elevator pitch consists in demonstrating that finserv = fintech (finserv being the abbreviation for the financial services industry). I expand on this axiom in one of my previous posts here.
The pitch goes “… blah blah blah… and the industry is a laggard in adopting technology… blah blah blah… and all actors in finserv will need to act more like technology companies… blah blah blah… and they will need to be more technology and data centric…”
Now, note the two vectors I mention, technology and data. I certainly am convinced fintech disruptors and finserv incumbents are required to be more technology and data centric going forward. That is not all actually. Lately my quest to become more product management fluent has led me to interact with a variety of executives and consultants whose expertise lies in digital products within finserv, or should i say fintech.
This quest as led me to better understand the importance of user experience within the context of a digital product or service.
Had we, as a society, already fully mastered genetic engineering we would have fine tuned to perfection the ultimate financial advisor for the wealth management industry, the ultimate retail banker for the banking industry, the ultimate trader/investor for the asset management industry, the ultimate broker for the insurance industry, the ultimate underwriter for the lending industry. This shall have to wait and the next best thing is to build digital versions of the traditional finserv products and services.at lea
Let’s now focus on what it takes to digitize a product/service – and this applies to robo advisory, insurance coverage, banking. The product/service is built off of a web site or mobile app with the goals of removing friction when signing up, when using. The easier the better, the more beautifully simple the better. This process is deceptively simple. Remember that the simpler it is to “invest” in a digital product/service, the easier it is to “divest” out of one too.
Optimizing any digital product/service for UX is like genetically engineering the perfect financial advisor for example, only easier. Optimizing for UX brings the human element into the equation. Optimizing for customer experience builds more than a product and its feature/functionality set. Optimizing for customer experience builds a platform where engagement can strive, where the the user becomes “invested” after having invested or purchased.
So I have upgraded my pitch and it goes “… blah blah blah… and the industry is a laggard in adopting technology… blah blah blah… and all actors in finserv will need to act more like technology companies… blah blah blah… and they will need to be more technology and data centric and deliver fantastic customer experiences…”