How fed up are you with your Internet Banking?

Divyam Khurana

Lead UX Designer

Internet Banking; a term which terrifies even the most tech savvy of us. Have you ever felt the jitters of onboarding a new bank account and logging into that dreaded world of Internet Banking?

We might be sounding too much on the face, but seriously let’s think about it. As soon as you land on that login page your painful task of remembering Customer ID to sometimes those passwords, answers to security questions and some other keys come in play. This is where the first hurdle lies.

How many of us are good at remembering things? Let’s put this to test.

Do you remember your Mom’s Birthday? Do you remember dates easily? How many of us remember 10 mobile numbers we saved in our contact list? So here’s the question, when you don’t remember so many things how can a bank ask you to remember that dreadful Customer ID?

People these days have multiple bank accounts and every bank has a different procedure/ process to log into their internet banking. For example, axis bank asks for customer id and password for login and in case you login from a different device, they even ask you security questions which is such a lengthy process.

HDFC asks you for your customer ID, your IPIN and it asks you to confirm your secure access image to log in. Why do we need a secure access image which is consistent every time I login? How is it adding any value to the login process? It’s rather a waste of time and is ruining my banking experience.

Wouldn’t it be easier for you to remember your mobile number and use it as your unique customer ID? All you have to do is enter your mobile number and your password, generate an OTP and login securely. This is much easier than remembering 8-12 digits long customer ID.

Why do people visit banks for every small thing when they can achieve the same at the comfort of their home using the online platform? Why do they prefer standing in an unending queue for every small thing? Or are they frustrated by the experience in the digital channels?

Every activity in online banking is so complicated that user gets lost in the ocean of online banking and instead prefers going to brick and mortar banks.

Take the simplest activity you want to achieve on a digital banking platform. If you have to apply for a credit card, how easy is it to achieve this online? Let’s check this with few examples

Goal: To apply for credit card online

Axis Bank

Problems faced:

  1. Finding credit card link after login: Multiple navigation points to go to the credit card which will confuse the user. It’s hard to make the mental map of the website.   
  2. Comparing cards: No way to compare 2 different credit card options. In order to compare, the user has to view details for each card one by one.  
  3. Even if the user is logged in (existing user), they need to re-fill their information.
  4. Applying for selected card: There are more than 25 fields to be filled for an existing user which is too much from a user’s point of view.   
  5. Apply now for credit card takes the user to a page which always shows an error message saying “Page not found”.  

HDFC Bank

Problems Faced:

  1. Card comparison: there is an option to compare cards, but the flow is not easy to follow as not all cards can be compared to each other. And the card categories don’t come out strongly.  
  2. The card for which the user is applying for is not shown.
  3. User logged in: Existing user does not have any added information on how to choose a credit card or to research on the available credit cards.
  4. On the credit card details page, the eligibility of the user for different cards is not shown upfront, to know the eligibility the user has to click each credit card and navigate to the details page and then check for the eligibility.

SBI

Problems Faced:

  1. There is no option on the homepage of SBI to apply for credit card online.  
  2. In the products section, when clicked on the credit card (VISA) option, the FAQ’s section opens and nowhere there is an option to apply for the credit card on this page.  
  3. For a user to apply for a credit card, they have to enter a new URL, and there is no link on the SBI home page which redirects to this URL.
  4. On the credit card details page, the eligibility of the user for different cards is not shown.
  5. The login credentials used for SBI personal banking is not valid for logging in to apply for the credit card online

Even the simplest activity like applying for the credit card is so complicated on digital banking platform. Existing bank users expect some personalized experience. But banking platforms offer almost the same experience to new users and existing users. Why can’t banks use the data which they already have of their existing customers? Why do they expect existing users to fill all 30 fields when most of the information is already present with the bank?

Here is a simple solution for applying for the credit card online.

For Existing Users

Banks already have most of the details for existing users, hence when a user logs in and applies for a credit card, a user can be asked for 1 or 2 questions like

  • How much is your monthly budget?
  • Checkbox to choose cards based on user needs – Fuel, Shopping, Travel, Cashback, Lifestyle.

Once the user selects a need, based on his selection and monthly budget, only cards which the user is eligible for should be showed to the user.

The user should be able to compare these cards to select the best one suitable for him.

Once the card is selected, more details about the card can be sent to user’s mail id and personally, a bank executive can get in touch with the user for his signature and any further procedures.

For New Users

When a new user applies for a credit card, he should be asked for basic details like name, email id, and mobile number.

The customer id and password for the new user should be sent to their mail id. Then the user with his login credentials should be able to log in and apply for a credit card. The user should be asked for all his details required to check for his eligibility for the credit card. And based on his eligibility, cards which the user is eligible for should be showed to him.

The user should be able to compare these cards to select the best one suitable for him.

Once the card is selected, more details about the card can be sent to user’s mail id and personally, a bank executive can get in touch with the user for his signature and any further procedures.

Departing Thoughts

Customers expect to be able to do everything online, having a complete digital experience in opening their accounts, making transactions and enrolling in new services. They want to get the best possible experience ensured by easy and secure authentication, online forms, step-by-step guides, FAQs, DIY videos, knowledge bases, online advisory support, etc in a much simpler way. In order to ensure that, banking design should switch from static to dynamic by implementing a digital strategy and design with a frictionless flow.

Banks need to rethink the experience they are offering. They must truly understand how consumers interact with your sites to provide them with the best experience possible. Only by understanding customer’s problems, needs, emotions and financial behavior on a deeper level will banks be able to architect services that customers are seeking.

To all banks- it’s 2017, future is here.

You need to learn human psychology and provide seamless online and offline experiences to promote an excellent user experience that enhances the overall value. You need to adapt new business models to generate such exceptional experience across all the platforms.

Do you want to create on-trend, design driven experience for your Banking business? Well, NetBramha has got you covered!

Let’s bring fun to finance by delighting users with emotions that banking services can provide through minimalistic design and smooth navigation.

What about you? Are you happy with your digital banking experience? Share with us your experiences in the comments section

 

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0 Comment

  1. Totally agree! Not a big fan of the current customer experience at my personal bank. This is definitely an issue of traditional banks, who are being hugely threatened by innovation, i.e. fintechs. However, the current user experience also causes some kind of safety feeling to the customer. Key is in the balance there is to be found between the both!

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