It\u2019s Monday morning, and Sam woke up to a gentle sound on his phone. It\u2019s not an alarm but his new financial pal\u2014a voice-activated AI assistant. This friendly voice, tailored to his financial goals, provides a personalized morning briefing of his accounts, highlights upcoming bills, and even suggests budget-friendly options for his breakfast.<\/p>\n
After a busy workday, Sam stared at his evening coffee. Instead of reaching his phone to check his bank balance, a holographic display flickered to life above his cup. It displayed his finances, personalized spending insights, and investment options\u2014all voice-activated and completely frictionless.<\/p>\n
Sounds like science fiction and futuristic, right? Well, that\u2019s the kind of future UX brewing up in the world, and coupled with the power of AI and machine learning, this scenario is much closer than you think.<\/p>\n
The future of UX is all about personalization in all industries, and banking is no exception. Forget about one-size-fits-all. AI-Powered Chatbots and virtual advisors will become your financial confidantes, closely analyzing your income, spending patterns, and investments and flagging potential risks<\/a>. You should think of them as your financial guide\/coach whispering smart moves in your ear (or maybe on the phone)<\/p>\n Predictive analytics takes this one step further by understanding current behavior and anticipating future needs. Imagine receiving a personalized investment suggestion or a timely alert about a potential overdraft, all based on your financial habits and goals. This level of proactive service transforms the user experience from reactive to predictive, making financial management simpler and more effective.<\/p>\n Gone are the days of financial data silos. Open Bank regulations are building avenues for cooperation in the banking system where several parties can share and use data. Serialize transferring the info across your budgeting app to the bank account or provide current investment advice based on the established global financial situation. The world of connected people will probably allow you to obtain relevant information and usage from various suppliers. However, keep security first and above everything else! When navigating this sprawling territory, pick banks and financial institutions that pay substantial attention to data security issues.<\/p>\n Let us say that financial planning isn\u2019t for you to have an amazing, thrilling rollercoaster ride. However, what if money management fascinated you when managing money? Gamification approaches like reward systems, progress bars, and other game elements can stimulate people to greater savings, budgeting, and investment leadways. Imagine you are the one who receives the badges when you meet your goals or play with friends in healthy saving challenges. Achieving financial well-being feels less like a chore now and more like a satisfying level-up in the game. I can finally achieve my financial goals; I can feel surplus money laundering through my veins, and I am embracing this new lifestyle with open arms.<\/p>\n Imagine a world where your bank statements morph into captivating infographics, highlighting your spending trends and financial goals.\u00a0 Data visualization will become the new financial lingua franca, replacing dry numbers with intuitive charts and graphs. This visual storytelling approach will help you understand your financial health briefly, empowering you to make informed decisions for your future.<\/p>\n Remember playing “Monopoly” as a kid? Now imagine a similar experience, but where your financial decisions translate to the real world through AR.\u00a0 Imagine holding your phone up to a store window and seeing not just the price of an item but also its impact on your budget or potential investment opportunities.\u00a0 AR promises to transform financial planning from a theoretical exercise into a tangible experience, making complex concepts easier to grasp and decisions more impactful.<\/p>\n Numbers and charts are essential but don’t tell the whole story. In the future, UX will leverage the power of storytelling to connect with users on an emotional level.\u00a0 Imagine financial apps that use personalized narratives to illustrate the impact of your spending choices. Visualize educational content that uses relatable stories to explain complex financial concepts. Financial institutions can foster a deeper connection with their customers<\/a> by engaging users emotionally, leading to a more positive and rewarding financial experience.<\/p>\n The future of UX in banking and fintech is bright. With collaboration between banks, fintech innovators, UX designers, and, most importantly, the end customer, we can create financial experiences that are not only secure and efficient but also empowering and delightful. So, buckle up because this is just the beginning of our financial UX odyssey! Let’s rewrite the story of banking<\/a> user experience and turn it into a captivating tale of financial well-being.<\/p>\n With extensive domain expertise and a deep understanding of industry regulations, Cigniti offers various solutions, including analytics-based digital lending, Open banking assurance as per BIAN standards, and end-to-end testing of Core Banking platforms as well as Generative AI applications. Thus, it enables Banks and Financial Institutions to deliver reliable and innovative financial services<\/a>.<\/p>\n Need help? Contact<\/a> our User Experience and BFSI experts to explore the future of user experience in banking and fintech.<\/p>\n","protected":false},"excerpt":{"rendered":" It\u2019s Monday morning, and Sam woke up to a gentle sound on his phone. It\u2019s not an alarm but his new financial pal\u2014a voice-activated AI assistant. This friendly voice, tailored to his financial goals, provides a personalized morning briefing of his accounts, highlights upcoming bills, and even suggests budget-friendly options for his breakfast. After a […]<\/p>\n","protected":false},"author":20,"featured_media":21645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[38,4887],"tags":[5682,5685,366,182,5365,5687,240,4325,3136,5684,4401,303,5681,5683,4650,5688,3848,2028,5686,238,5679,5680,4893],"ppma_author":[3727],"class_list":["post-21625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-software-testing","category-user-experience-engineering","tag-ai-powered-chatbots","tag-augmented-reality-ar","tag-banking","tag-bfsi","tag-collaboration","tag-core-banking-platforms","tag-data-security","tag-data-visualization","tag-digital-lending","tag-financial-management","tag-financial-services","tag-fintech","tag-fintech-ux-design","tag-gamification","tag-generative-ai","tag-industry-regulations","tag-open-banking","tag-predictive-analytics","tag-storytelling","tag-user-experience","tag-user-experience-analytics","tag-user-experience-design-services","tag-ux-design-services"],"authors":[{"term_id":3727,"user_id":20,"is_guest":0,"slug":"cigniti","display_name":"About Cigniti (A Coforge Company)","avatar_url":{"url":"https:\/\/www.cigniti.com\/blog\/wp-content\/uploads\/2024\/10\/Coforge-blog-Logo.png","url2x":"https:\/\/www.cigniti.com\/blog\/wp-content\/uploads\/2024\/10\/Coforge-blog-Logo.png"},"user_url":"https:\/\/www.cigniti.com\/","last_name":"(A Coforge Company)","first_name":"About Cigniti","job_title":"","description":"Cigniti Technologies Limited, a Coforge company, is the world\u2019s leading AI & IP-led Digital Assurance and Digital Engineering services provider. Headquartered in Hyderabad, India, Cigniti\u2019s 4200+ employees help Fortune 500 & Global 2000 enterprises across 25 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & platform-led innovation with expertise across multiple verticals and domains.\r\nPredictive Analytics<\/h2>\n
Open Banking: A Universe of Possibilities<\/h2>\n
Gamifying Finance: Making Money Fun (Finally!)<\/h2>\n
Visualizing Success: Painting a Picture of Your Finances<\/h2>\n
Augmented Reality (AR): Bringing Finance to Life<\/h2>\n
The Power of Storytelling: Building an Emotional Connection<\/h2>\n
The Road Ahead<\/h2>\n
\r\nLearn more about Cigniti at www.cigniti.com<\/a> and about Coforge at www.coforge.com<\/a>."}],"_links":{"self":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts\/21625"}],"collection":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/comments?post=21625"}],"version-history":[{"count":0,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/posts\/21625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/media\/21645"}],"wp:attachment":[{"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/media?parent=21625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/categories?post=21625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/tags?post=21625"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.cigniti.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=21625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}