The world is now increasingly digitized, and the traditional banking system is undergoing a massive transformation. One of the core elements of neo-banks success is user interface/user experience (UI/UX) design. As a result, UIUX design trends have also begun to emerge in order to provide customers with an enhanced user experience.
If you are new to neo banks and the role of uiux design in neo banking, you can read our previous post titled: Overview UI/UX Design for Neo Banks. We have provided a brief overview of Neo-Banks, how neo-banks differ from traditional banks, and why UIUX plays a vital role in neo-banking.
In this blog, we at Ungrammary have highlighted emerging trends in UI/UX design for neo-banks, including AI-powered interfaces, voice user interfaces, chatbots and virtual assistants, gamification, and omnichannel experiences. Let’s understand them in detail below:
1) AI-Powered Interfaces:
AI-powered interfaces are a game-changer for the banking industry. They enable neo-banks to personalize their user interfaces based on individual user preferences, behaviours, and needs. These ai-interfaces analyze data such as spending patterns, transaction history, and user behaviour to provide customized recommendations, alerts, and notifications. They also enable frictionless user experiences, reducing the need for users to input data manually.
Have you heard about digital bank Cleo?
Cleo uses AI to provide personalized insights, spending analysis, and financial advice to its customers. Their AI-powered interface enables users to manage their finances with ease, making it a popular choice among millennials.
2) Voice user interface:
Voice user interfaces (VUIs) have gained widespread adoption in recent years. With the rise of smart speakers, virtual assistants such as Alexa and Google Assistant have become an integral part of our lives.
For neo-banks, VUIs offer a hands-free, convenient, and personalized experience. VUIs enable users to carry out banking transactions using voice commands, making the process quicker and more seamless.
A real-time example of voice user interfaces in the banking industry is the bank, “Capital One.” Capital One has integrated its services with Amazon's virtual assistant, Alexa. Customers can use Alexa to check their account balances, track their spending, and even pay bills.
3) Chatbots and virtual assistants:
Chatbots and virtual assistants are AI-powered tools that can converse with users in natural language. They have become a popular way for neo-banks to interact with customers. Chatbots and virtual assistants enable neo-banks to offer 24/7 customer support, quickly resolve customer queries, and provide personalized recommendations. They also offer a cost-effective way for neo-banks to engage with customers, reducing the need for human customer support representatives.
To get an idea of this, check out Ally Bank's virtual assistant, “Ally Assist”. It wonderfully uses AI to provide customers quick and personalized responses to their queries. Customers can ask Ally Assist questions about their accounts and transactions and even make transfers without speaking to a human representative.
Gamification uses game mechanics to engage users and motivate them to take specific actions. For neo-banks, gamification can be used to drive user engagement, promote financial literacy, and incentivize positive financial behaviours. Neo-banks can use gamification to reward users for saving money, making sustainable choices, or hitting specific financial targets.
The Qapital app is a perfect example of this. It uses gamification to incentivize users to save money. Users can set savings goals, and the app rewards them with badges and trophies for achieving their targets. Qapital has been successful in engaging users and driving positive financial behaviours.
5) Omnichannel experience:
An omnichannel experience is a seamless, integrated user experience across multiple channels, including web, mobile, and social media. For neo-banks, an omnichannel experience is crucial as customers expect to access their banking services across multiple devices and platforms. An omnichannel experience also enables neo-banks to offer a consistent user experience, regardless of the user's chosen device or platform.
To gain a real-time omnichannel experience, checkout BBVA bank. It offers a seamless and integrated user experience across its mobile app, website, and social media channels. Customers can access their accounts, make transactions, and contact customer support through any of these channels, ensuring a consistent user experience regardless of the device or platform they choose.
UI/UX design is a critical aspect of neo banks success. Emerging trends such as AI-powered interfaces, voice user interfaces, chatbots and virtual assistants, gamification, and omnichannel experiences offer neo-banks new opportunities to engage customers, provide personalized experiences, and improve overall of customer satisfaction. By leveraging these trends, neo-banks can continue to innovate and offer best-in-class digital banking experiences.