Earlier, when there was no or little technology, user experience was based on Human touch. For instance, you would have to visit a branch and meet Bank representative and complete the formalities to open the Bank account. The journey was human driven and impacting the user experience. Now, it’s all-digital. This decade would be remembered for the Digital Transformation across the globe and all lines of Business. Literally from ordering Food to Medicine, Opening Account to Buying insurance, selling property, Education … You name it and it can be done digitally… One of the key challenge to this entire digital transformation is providing the best user experience when the user is engaging on her own without any human assistance.
Initially, most of the industries going digital were focusing on Services and products they pitch to end consumer with very little focus on the digital journey and experience. Some of them forgot the part that it’s a paradigm shift for the end consumer, accessing a service with human assistance to doing it self and digitally. And due to lack of ground work on user experience, many failed. No matter how much money they spent or the most the advanced technology they procured, if it’s not working smoothly with end user, the user will vanish.
Any application would have some objective, for an instance an e-commerce application is built to sell products online. There could be various iterations for design and experience, the most preferred would be where customer is engaged and feels home. In the race of digital offerings, many organizations are focusing on quick roll-outs of application with multiple products but they lack the entire user experience. Secondly, with the emerging technologies, it’s necessary for all providers to be in the race and get advantages with the new features. For instance, Visa rolled out PayWave cards which uses the NFC technology and allows the users to do payments by just tapping the card. Sounds fascinating but data confirms that it’s not that successful yet.
When transformation consists of multiple parties, user experience plays a major role. The providers have to drive the transformation in such a way that all key stakeholders’ experience a smooth journey, if one falls then entire functionality will be at stake. India’s mobile payments market has been growing at a rapid pace, last 3 years statistics shows 20% growth year on year basis. A multi-billion industry started with simple Airtime Topups and Bill payments followed by P2P P2M and literally any kind of payment can be done now using the digital wallet. Data shows that many providers have participated in this journey but very few have been holding the major share; reason for which very clearly is the user experience each of them offers.
What if you wanted your customers to be more than just normal users? What if you wanted to make them fans of your offering, just the way Apple or Google does? If you achieve this, you would gain their loyalty and support in return. To do so, you should get to know them better and look at the world through their eyes. Research from Forrester indicates, on average, every dollar invested in UX brings 100 in return. That’s an ROI of 9,900%. But organizations need to realize that in order to create a brand that people love and trust, they must create an experience that serves people’s needs, solves a problem, and is authentic. If it’s complex and not user friendly, most likely end user will leave your site or applications within seconds and look for better alternative which is a direct impact to profit.
Also, Checkout Decimal Technologies (https://www.linkedin.com/company/decimal-technologies-pvt-ltd/) profile over LinkedIn and follow to know about our Innovations and offerings as we are #digitisingBFSI.