How Financial Services Firms Master Innovation

09. December 2014 0
How Financial Services Firms Master Innovation

Financial services firms have to be innovative to attract, retain and keep customers happy. Customers have high expectations – they want the same user experience on the ATM, on their laptop, tablet and mobile device. They don’t care that it’s challenging to create a multi-channel experience across legacy platforms, and they don’t want to wait more than a second or two for their page to load. What’s even more challenging, is that the competition has already figured it out, and soon customers will too. So how are top financial services firms responding?

Legacy Platform Revitalization

One of the biggest (and most common) challenges to overcome is injecting innovation into obsolete systems that were designed to process large batch transactions overnight. The top firms have made the investment in time, budget and resources to upgrade their core platform technology.

Single Page Application & Responsive Web

Mobile banking is on the rise, and applications need to be responsive to account for the nearly 42% of mobile banking users in the US. The benefits of Single Page Applications are abundant: faster load times, fluid user experiences and maintainable code to name a few. Single Page Applications are fast becoming a best practice in the financial world.

Lean UX Design

Design based on research and customer validation to provide cohesive brand experiences across multi-channels is vital for financial institutions to stay ahead of a highly competitive market. The leaders in the market have placed a heavy emphasis on design and robust user experiences.

High Velocity Agile Delivery

Most firms claim to be “Agile shops”, but saying and doing are two different things. Those that have mastered Agile effectively are out-performing competitors and rapidly delivering quality products.

As we close out the year, now is the time for financial institutions to raise their game, and accelerate their efforts to be more disruptive and inject innovation to stay ahead. Making the investment in time, resources and priority in the above 4 things will propel firms to continually out-perform competitors, gain new customers and raise brand loyalty.

Written by Marilyn Daly


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