top of page
Digital Transformation Strategy for Banking Platform of Federal Bank
In this project, I conducted a UX Research audit as a Proof of Concept for an Banking platform.
Overview:
The objective was to define a Digital Strategy to enhance and boost revenue for Digital Conversions.
-
Enhancing Digital Assets for seamless access for prospects and customers.
-
Providing up to date banking experience with changing customer need.
-
Implementing new technologies for ease of business and greater efficiency.
-
Enabling innovation and adaptability for better services.
-
Use of digitisation and automation for driving productivity and reducing cost.
Approach:
-
Defined the research objectives and scope of the audit in collaboration with stakeholders.
-
Conducted in-depth analysis of the existing platform, includinf user flows, information architecture, and interaction patterns.
-
Performed a Heuristics evaluation to assess the website and m-site's compliance with usabilty prinicples and best practices.
-
Studied competitors' app to identify industry trends and benchmark the website and m-site's performance.
INTERNET BANKING MARKET TRENDS
USER EXPECTATION
Key Findings:
Account Opening Journey
-
Account opening journey is difficult to find and the time consuming on both website and m-site.
-
The actual procedure of "Opening an Account" is hidden behind multiple screens and clicks, which is confusing and frustating for the users.
-
The navigation dropdown is too long, not fitting all of the platform’s products and services in one display, which users may miss while exploring.
-
There is a lack of information hierarchy on the site, with jumbled sections for Insurance, Debit and Credit card etc. ( I observed that the Principle of Differentiation is not maintained).
-
The platform has some sort of digital innovation as Chatbot. However, it does not provide any chat widgets and quick replies upfront.
Recommendations:
Examples of up-front account opening CTAs from different competitors
-
Prominent placement of Open Account CTA on the front flow for users to discover.
-
Simpliy Navigation (IA) to provide a more intutuove and user-friendly menu strucure, priortizing commonly used baking tasks.
-
Use clear and concise label text for the CTA such as "Open Account" or "Get Started" , "Know More", "Offers and Promotions".
-
Chatbot in banks provide an easy option for answering users' queries and problems on the platform.
-
Provding tools like as Calculator for EMI, Loans, Mortgage, etc; are benificial to users and improves engagement on the platform.
Impact:
-
By implementing these recommendations, the banking platform can expect to observe a significant increase in the click-through rate and conversion rate for the "Open Account" CTA.
-
Enhanced discoverability, along with the integraion of product discovery, will empower users to explore and choose the banking services that best meet their requirements.
Next Steps:
-
Conduct Usability testing and competitive analysis.
-
Abalyse the Usability data and analaytics to provide a road map using MoScoW analysis.
-
Conceptualise, Design UX/UI and implement the backend engineering of the financial platforms for the roadmap to adhere to.
-
Conduct UX-NPS on quarterly basis to ensure the NPS is higher than the competitors.
bottom of page