Why Corporate Bankers ignore User Experience

Private and corporate banks are not exempt from the need for compelling and impressive user experience. Read more to know why.

Building a memorable User Experience across the entire customer touch-point spectrum is extremely crucial for your bank. While it is alluring to believe that User Experience is important ONLY for Retail and Consumer banking where a multi-channel interactions are rampant, the reality is that Private and Corporate Banking equally if NOT more!

Objectively examining the statement ‘Why Corporate Bankers ignore User Experience’, following hypothesis emerges:-

  • Tool Overhead:-In my experience I’ve noticed the Tools overhead as the singular issue that most common symptom for Corporate Bankers myopia. Most banks either have an integrated Cash Management, Remittance, Account Services, Treasury/FX and other services products or stand-alone products. These products either as a suite or stand-alone have been engineered well [or not] depending on how they have been architected…. to serve the bank users’ needs. Notice the rejoinder!The problem is the Corporate banking tools and technologies, fail to deliver a customer ‘Wow’ because they’re focusing on the client ‘Wow’. And its a fair too, after all one can’t blame the Vendor Product Engineering teams since the Target Audience for their products is the Corporate Banking operations team.
  • Focus:-Usually the primary focus of these Products, tools and utilities is speed, performance, accuracy and scale. Bereft of the end customer focus or user experience quotient, these products at best help you complete transactions and provide remarkable accuracy in MIS, data retrieval etc. Further since decisions

And hence the average Corporate Bank meets a need and solves a problem.

Now that’s good, especially for customers whose needs are met and problems are solved. However to be GREAT, primarily Corporate Bankers MUST understand the value of missing this opportunity of crafting memorable User Experience and the mistake of vesting control to Operational and IT teams.

And the perils of depending ONLY on relationships! For deeper insights please check this interesting post on Corporate Banking and User Experience

Click here to learn how Xerago’s services can help your organization achieve its Marketing Goals.

 

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