The Financial Brand Insights - Fall 2022

How Making UX & CX Work Together Gives Banks a Sustainable Competitive Advantage

By Phase 5

User experience and customer experience sound almost identical, yet they refer to different aspects of how humans interact with brands. They can also refer to different (and sometimes siloed) groups within financial institutions. That said, at the heart of both is obviously the term “experience,” which is what ties them together. Our work has shown that there are synergistic opportunities to be found in managing UX and CX holistically in order to create a customer-centric competitive advantage. Google defines UX as “the overall experience of a person using a product such as a website or computer application, especially in terms of how easy or pleasing it is to use.” The usability of a digital application or tool is what determines whether it is in fact easy and pleasing. (Our Future of the Interface paper outlines 4 key metrics to understanding performance.) Thus UX might also be described as the feeling a person has during and/or after conducting a transaction with some form of technology, i.e., the machine- human interface. It could be frustrating, tedious, challenging, or it could be easy, intuitive, and fast, for example. According to Harvard Business Review, CX “encompasses every aspect of a company’s offering—the quality of customer care, of course, but also advertising, packaging, product and service features, ease of use, and reliability.”

When financial institutions adopt a holistic mindset that views user experience and customer experience as complementary disciplines, they can better understand customer wants, needs and pain points. An optimal CX increasingly needs great UX, and tearing down walls between the two can provide the best experience overall.

You Must Have Both: Good customer experience must have good user experience, but good UX alone is not enough to deliver a good CX.





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