13.11.2024
Digital banking: “We’ve only just scratched the surface”
- “Accessible investment” is the upcoming topic in the finance industry
- Designers aim to reduce the complexities of the financial world
- AI assistants are making inroads into banking
Vienna recently hosted the leading gathering of designers from all across the global finance industry. Representatives from universal banks, challenger banks, and fintech companies - including from firms such as J.P. Morgan, Lunar, N26, Nubank, Revolut, Wise, and Erste Group - came together at the “George UX Conf” to discuss trends in digital banking and the importance of design in the transformation of the industry. As the host of this annual conference, Erste Group sees it as a vital tool for experts from all across the finance industry to openly exchange experiences and to work towards a shared goal: making finance simpler and more accessible.
One key theme at this year’s conference: the complexities and challenges for creatives in designing customer-friendly experiences in one of the most regulated and complicated industries. Speakers highlighted language and engaging communication crucial elements in improving user experience. “Design is not just about visuals. Language is very important. We can now create personalized experiences that speak the customer’s language,” said Maurizio Poletto, Chief Platform Officer & COO of Erste Group. The conference underscored the importance of ongoing efforts to educate and empower customers as a means of making personally relevant investment opportunities more accessible and understandable to them. Poletto concluded his opening speech by stressing “we have just scratched the surface of what can be done - there’s much more to achieve in the coming years.”
Low levels of financial literacy pose a challenge
One key theme at this year’s conference: the complexities and challenges for creatives in designing customer-friendly experiences in one of the most regulated and complicated industries. Speakers highlighted language and engaging communication crucial elements in improving user experience. “Design is not just about visuals. Language is very important. We can now create personalized experiences that speak the customer’s language,” said Maurizio Poletto, Chief Platform Officer & COO of Erste Group. The conference underscored the importance of ongoing efforts to educate and empower customers as a means of making personally relevant investment opportunities more accessible and understandable to them. Poletto concluded his opening speech by stressing “we have just scratched the surface of what can be done - there’s much more to achieve in the coming years.”
Low levels of financial literacy pose a challenge
A survey by the European Commission shows that 18% of people score highly in terms of financial literacy, highlighting significant weaknesses in the understanding of financial concepts. “Traditionally, wealth management has built a barrier for the average person. It all starts with language - financial jargon and complex terms make things so difficult to understand that they end up being reserved only for a few insiders,” said Chris Crespo, Head of Content and Chief Editor at Nordic Fintech Magazine. In his keynote, Crespo argued that fortunately, technologists are stepping in to simplify finance and make it more accessible, helping to mitigate cognitive biases in decision-making. For example, herd bias can lead investors to follow a bubble before it crashes, but improved financial tools can help users to make more informed choices.
Crafting an investment experience for every user
A survey by the European Commission shows that 18% of people score highly in terms of financial literacy, highlighting significant weaknesses in the understanding of financial concepts. “Traditionally, wealth management has built a barrier for the average person. It all starts with language - financial jargon and complex terms make things so difficult to understand that they end up being reserved only for a few insiders,” said Chris Crespo, Head of Content and Chief Editor at Nordic Fintech Magazine. In his keynote, Crespo argued that fortunately, technologists are stepping in to simplify finance and make it more accessible, helping to mitigate cognitive biases in decision-making. For example, herd bias can lead investors to follow a bubble before it crashes, but improved financial tools can help users to make more informed choices.
Crafting an investment experience for every user
N26 works towards answering the question what is the essential ingredient to making the investment process for users into the next big thing in digital banking. Sara Calls Clavera, UX Design Lead at N26, and Mica Sorge, Senior Product Designer at N26, believe the first step is to simplify and bring kindness to the investment space. One key finding from their design team is that understanding the “why” is crucial for users. Designers act as translators, converting the complexity of finance into a more friendly and digestible format. When users understand the purpose of the content, they feel more motivated to take action.
Organizing the information architecture in investments is crucial, as users need to be able to navigate many different options. N26 works towards tailoring their product experience to different mindsets, recognizing that some users require more guidance. To address this, they have created the “Learning Hub,” which places a crucial focus on the power of visual learning. By focusing on user education and clarity, N26 aims to empower investors to confidently make informed decisions.
N26 works towards answering the question what is the essential ingredient to making the investment process for users into the next big thing in digital banking. Sara Calls Clavera, UX Design Lead at N26, and Mica Sorge, Senior Product Designer at N26, believe the first step is to simplify and bring kindness to the investment space. One key finding from their design team is that understanding the “why” is crucial for users. Designers act as translators, converting the complexity of finance into a more friendly and digestible format. When users understand the purpose of the content, they feel more motivated to take action.
Organizing the information architecture in investments is crucial, as users need to be able to navigate many different options. N26 works towards tailoring their product experience to different mindsets, recognizing that some users require more guidance. To address this, they have created the “Learning Hub,” which places a crucial focus on the power of visual learning. By focusing on user education and clarity, N26 aims to empower investors to confidently make informed decisions.
A similar approach was presented by Diego Rodrigues, Senior Product Designer at Erste Group’s George Labs: "We believe investing is for everyone.” Rodrigues stressed that many people aren’t taught how to manage money, which limits their potential to build wealth. The digital banking platform George aims to change that by simplifying complex financial data, offering educational content and user-friendly “humanized filters" to help beginner investors navigate the landscape.
Lunar’s journey with AI
The Nordic bank Lunar, represented by Head of Design Kasper Svendsen, emphasized the importance of collaboration and data-driven design in creating better user experiences. Svendsen shared Lunar’s journey with AI, stressing the importance of understanding user needs and expectations when developing effective solutions. He described the process of gathering user feedback and iterating on their AI assistant to ensure it provides valuable insights and a seamless experience. Creating a safe and trustworthy environment for users, integrating the AI assistant into the core experience, and continuously learning from user interactions to improve the product is essential, Svendsen stressed.
About the George UX Conf
The George UX Conf is organized by George Labs, the innovation centre, design studio and creative force behind George, the digital banking platform of Erste Group, one of the largest financial service providers in Central and Eastern Europe. The annual conference highlights the crucial role of designers in transforming the financial industry by influencing organizations to create more accessible and enjoyable products within the complex space of finance. This event has evolved into a major annual gathering for industry professionals, attracting over 5,000 remote viewers and 350 in-person attendees in a single day. The conference was sold out for the third consecutive year. This year’s conference featured an agenda with 14 top speakers from leading financial institutions, including traditional banks, neo/challenger banks, and fintech companies.
More information and the livestream to rewatch at https://ux-conf.george-labs.com/.