To improve their digital user experience (UX), legacy financial institutions first have to understand what gets in the way. There are three common hurdles that keep banks from moving faster:
1. Top-down Processes. Traditional institutions tend to stick to established strategies that worked in the past. One such strategy is to rely on department heads and executives as the single source of new ideas.
The problem with this approach is that these leaders are typically removed from the everyday decisions and end user interactions involved in UX design. As a result, a top-down approach can lead to product development processes that…
- Take a long time to complete.
- Stick to one idea.
- Fail to address real customer needs.
- Cause UX professionals to lose sight of the business context of their designs.
2. Risk aversion. The path to designing the best UX is through UX professionals performing repeated trials, failing (learning), and trying new things. Unfortunately, many legacy banks have a culture of risk aversion that filters down to UX teams, meaning that risk taking — even in design settings — is frowned upon.
3. Flawed measures of success. Often, banks measure success for product development team members, including UX professionals, by the number of new features shipped to customers. This has a negative impact in two ways:
- Product team members, including UXers, fixate on the release and not on customer value.
- Customers get features they don’t necessarily want or need.
The good news is that it’s possible to clear these hurdles. The first step in that process is recognizing that they exist.
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