While digital platforms make it easier to reach a larger number of consumers, it doesn’t always mean those consumers will choose your product or even continue to use it once they do. Gavin Michael, Head of Digital for Chase, offers the best practices that have helped his team transform the way they interact with their customers digitally. These might be useful to consider when developing your own FinTech products for financial health.
Everyday banking is now a companion activity — something you do while you’re doing something else. That’s because people are busy, and while they recognize that managing their financial lives is important, it competes with all of the other priorities they juggle each day. In designing a mobile experience for consumers – particularly one that involves something as important as managing finances – it’s critical to meet customers where they are and ensure that the experience is positive and valuable.
Chase Mobile now has more than 22 million users, and adoption has increased 21 percent year over year. What’s the reason for that growth? It’s not just that consumers are increasingly comfortable with mobile banking. We think much of the increase can be attributed to four key design principles: simple, personal, human and cohesive. In addition to consistently using customer feedback to prioritize enhancements, these four principles have made mobile and online banking easier for our customers.
These principles are used as the foundation for everything digital at Chase:
1. Simple – Both the design and experience need to be clear and purposeful as customers are increasingly multitasking while on the go. This is particularly important for tools that support financial decision-making to help improve efficiency and enhance a consumer’s confidence using the product.
2. Personal – The user experience must be tailored for each person. As we learn more about a customer, we can customize their digital banking experience for them. Making products relevant to a consumer increases the likelihood that they will regularly engage with it.
3. Human – To be a true companion to a customer, you have to think in a humanistic way by applying both empathy and integrity. You can do this by asking yourself if the digital experience you’re providing also feels like a trusted friend or advisor. This trust can help consumers build better habits and increase usage of the product.
4. Cohesive – We want customers to feel comfortable using our digital channels, so it’s important that the experience is consistent – no matter where how they choose to interact with us. Whether it’s through the app, on our website or in a branch, the interaction will feel familiar.
Inherent in all of these principles is a keen focus on your customers – or potential customers. Never design a product without being crystal clear on who you want to reach and the needs you’ll help them meet. By designing products to meet the needs of customers, you’ll improve the customer experience, increase usage and retention and create better products.
Dr. Gavin Michael is the Head of Chase Digital and serves on JPMorgan Chase’s Internal Advisory Council for the Financial Solutions Lab.