Do you know why most online banks struggle to gain customer loyalty? The simple answer to this question is that most banks do not pay attention to the easiest yet one of the most powerful strategies, which is sitting right under their noses- A good UX design!
You must have visited so many websites and immediately judged them based on how they look, how fast they load, and how easy they are to navigate. If a website does not meet these criteria, what do you do- you make a mental note that this website is not trustworthy, right?
The same thing applies to online banks too! In online banking, trust and security is everything. That is why first impressions matter so much.
The only tool that can make your online bank make a good first impression, enhance security, and build trust, all at the same time is a flawless UI/UX design!
So let us just cut to the chase and see how UX/UI design can help you build loyalty and enhance the security of your online banking interface!
“User experience is everything. It always has been, but it’s undervalued and underinvested in. If you don’t know user-centered design, study it. Hire people who know it. Obsess over it. Live and breathe it. Get your whole company on board.”
Evan Williams
Ways to Build Trust and Enhance Security Through UX
Trust and security mean everything in banking. According to a survey, about 55% of respondents cited that they would not use banking services if fraud incidents weren’t handled properly.
Some of the major trust and security issues faced by customers are unauthorized access, fraud, cyber-attacks, insecure data storage, and faulty communication.
But all these issues can be easily handled by strengthening your UX/UI and delivering a flawless user experience.
Here are some ways to do that.
Streamline Onboarding Process
When users first interact with an online banking platform, they’re stepping into a relationship. A seamless onboarding experience sets the tone for this relationship.
Keep it simple, smooth, and secure. Explain each step clearly, reassuring users about the protective measures safeguarding their information.
User Controls
The very first step to building trust and loyalty is to make users feel that they have control over their data and account settings. This begins with using a very minimalist design so that users do not feel overwhelmed by information overload. Offer them the freedom to navigate by including “return”, “cancel”, or “undo” buttons to prevent errors and increase confidence.
Keep the language jargon-free and easy to understand. You must offer help every step of the way by providing useful information within your bank’s interface. Keep your users updated about every action that they perform through feedback and status updates.
Multi-factor Authentication
Multi-factor authentication adds a strong layer of security that cannot be broken very easily as compared to depending on a single password for access.
Using fingerprint recognition, voice recognition, facial recognition, mouse movement, and type pattern recognition builds trust among the users and increases their confidence.
According to a survey, 67% of respondents believed that they consider a platform to be trustworthy if it has multi-factor authentication in place.
Visual Cues for Security Features
Visual cues are like silent guardians in the online banking realm. Incorporate symbols like padlock icons, HTTPS indicators, and security badges throughout the interface.
These visuals not only reassure users but also serve as constant reminders of the platform’s unwavering commitment to security.
Fraud Prevention
Design mechanisms to prevent users from security breaches that occur because of entering sensitive information on malicious and non-credible sites or being a victim of social engineering scams.
Users must be immediately alerted as soon as there is any unusual account activity or a login attempt by someone else. Implement real-time validation and feedback to ensure this.
It is also your responsibility to educate users to prevent them from falling for such scams and how to recover from such incidents if they do. Provide information about reporting fraudulent transactions, resetting passwords, and contacting customer support for assistance.
Detect Emerging Threats in Real-Time
Design security measures that detect any unusual account activity and identify potential threats.
Use Data analysis, machine learning algorithms, and AI to analyze user behavior, spot any risks, and adjust security controls dynamically to provide unbreakable security and an outstanding user experience.
Fortify Online Banking Security with f1Studioz’s Top-Notch Solutions
f1Studioz is the best in the game when it comes to delivering exceptional banking experiences with unbreakable security.
We bring a wealth of experience to the table and have helped industry giants like Kotak Mahindra Bank, ICICI Bank, HDFC Bank, OakNorth Bank, Robinhood, and OneInsure deliver premium experiences to their customers.
Our collaboration with these industry giants and their highly positive testimonials speak for our expertise in providing top-tier services.
If you are ready to experience the ultimate digital success, get in touch!
Final Thoughts
In online banking, how the app looks and works matters a lot. If it’s not easy to use, if it is not secure, people won’t trust it. But if it’s well-designed, safe, and offers a great experience, users feel confident and keep coming back.
Most banks don’t get this, gaining users’ trust is about more than just basic banking features. It’s about understanding what users need, sometimes even before they know it themselves.
If you understand this simple yet smart approach, nothing can stop your bank from standing out.
So, if you need any help making a great banking app, we’re here for you. Just reach out and let’s make banking easier and more enjoyable for everyone.
Visit us at f1Studioz.com.
