News & Blog

3 Ways Financial Institutions Can Optimize Their Customer Experience

News & Blog

Design thinking is making positive waves across industries and is enabling companies to rethink and rebuild the way they do business. The same is true for banking and financial services companies, as today’s rapidly changing consumers are driving an evolution of business process and design. While design thinking alone can be a large task, there are three simple ways to make the most of design thinking in banking and financial services to positively impact your customer experience.

Walk in your customers’ shoes.

It is important for all companies to take a step back and walk in their customers’ shoes. Instead of designing products and services based on past results with current offerings, following trends to guess which way consumers will jump next, or implementing new technology in pieces, financial institutions can have a solution ready for the future needs of the consumer by applying design thinking, a human-centric approach to digital transformation. Whether solving frustrations along the customer journey, improving digital channels, or identifying new service opportunities, design thinking puts customers first.

Have flexible tools and options to be able to operate nimbly when testing initiatives and gathering critical data.

Human-centered design has the potential to make interactions with your product or services more accessible, productive, beneficial, and thus more desirable. Once the desired customer experience is identified, imagination and exploration produce various possible designs, adjusting as necessary per the company’s strengths, resources, and technical capabilities until the right solution presents itself. Banks and financial institutions must stay on their toes to keep up with the changes in consumer preferences, competition from non-traditional players, and ever-changing regulatory scrutiny. Getting help upfront with research, design, and bridging any gaps can have a huge impact on retaining and growing your business.

Leverage support from inside and outside your industry.

In addition to design thinking, now is the time for banks and other financial institutions to leverage a more consultative approach. A recent Forrester study focused on the digital readiness of financial services firms. During the study, Forrester divided respondents into two groups: doers and aspirers. The authors of the study describe doers as those more likely than average to follow best practices most or all the time, compared to the aspirers. The doers, the study found, were more likely to seek outside help. There are several barriers to embracing digital, which can include lack of resources (or competing internal priorities), insufficient buy-in from all stakeholders, and even cultural barriers. One such barrier of note is the lack of creative and innovative thinkers within the organization. An ingrained culture of “this is how we’ve always done it,” or “it is not in the budget” can squash the very innovative thinking that can take their organization to the next level. Going it alone, without the proper resources, vision, documentation and ROI comes with a lot of risk and can cost more in the long run, while falling considerably short of expectations. Seeking inspiration from outside one’s own organization can also improve the solution and provide an edge against competitors who simply follow the leader. It is important to adopt a comprehensive digital solution that addresses entire processes to have the most positive impact on your customer experience and resulting profitability.

In sum, design thinking and customer journey mapping are processes that require investment in time. Yet a simple investment of time into exploring the user journey can lead to ideas and innovations that will take your business and customer experience to the next level with reduced risk, and a structured plan for measurable success. Stay tuned for more tips and ideas on how to maximize digital in your organization. Until then, be sure to check out our recent white paper, “Embracing Digital to Transform the Banking and Financial Services Industry.”

Share Share on Facebook0Share on Google+0Tweet about this on TwitterShare on LinkedIn0Email this to someone

Leave a Reply

Your email address will not be published. Required fields are marked *

By continuing to use the site, you agree to the use of cookies. more information

This information notice is provided in accordance with Article 13 of Italian Legislative Decree no. 196 of 2003, Code in relation to Personal Data Protection

This information notice is limited to browsing on the aforementioned websites and does not apply to websites external even if consulted by way of links contained on the websites and themed websites. This information notice describes the methods of managing the websites above  in relation to the processing of personal data of users who consult them, choose to register and/or use the online services.

Processing Controller Registration on the websites and subscription of the services leads to the processing of personal data relating to individuals or entities.
Processing Managers
The processing in relation to the portal services Mainly takes place at the above websites . It is performed by specially appointed personnel Identified on the basis of the purposes of the requested and subscribed services .
Types of Data Processed
Consultation of websites: Browsing Data
The computer systems and application processes involved in the operation of the above websites acquire, during the course of their normal operation, some data whose transmission is implicit in the use of Internet communication protocols.
That information is used to obtain statistical information on the use of the portal and to check its correct functioning and is not associated with identified users; however, by its nature and by association with data held by third parties, it could allow for the identification of the interested parties. This category includes, for example, the IP address of the system used to connect to the portal.
This data is removed from the systems after the preparation of the statistics and is stored offline exclusively to ascertain liability in the case of computer crimes and it may only be consulted upon request by the judicial authority.
Data provided voluntarily by the user when using the online services In order to use the online services that involve authentication, registration or sending of e-mails, personal data provided freely by users is used according to different methods:


Individuals or entities external may register on the websites in order to request particular online services. When registering to the portal, some personal data is requested that is needed to identify the registered individual. When subscribing for the services, additional data may be requested, including sensitive data, depending on the specific chosen service. The processing purposes differ depending upon the service and are described in detail in the respective subscription pages.

Sending of e-mails to addresses identified on the websites The optional, explicit and voluntary sending of electronic mail to the addresses identified on the website involves the subsequent acquisition of the sender’s address, required to respond to the requests, along with any personal data included in the communication.

Processing Methods
The personal data is processed using automated tools for the time strictly necessary to achieve the purposes for which it was collected. Specific security measures are applied in order to prevent the loss of the data, its unlawful or incorrect use and any unauthorised accesses.

Session cookies (essential for using the online services and accessing reserved areas of the websites)
The website uses http session cookies to manage the authentication of online services and reserved areas. The use of session cookies (which are not stored permanently on the user's computer and are removed when the browser is closed) is strictly limited to the transmission of session identifiers (constituted by random numbers generated by the server) required to allow safe and efficient browsing of the website. By disabling these cookies, online services cannot be used.

Tracking cookies Tracking cookies can be disabled without any effect on browsing of the portal: to disable them, please see the next section. The University uses the Google Analytics services of the company Google, Inc. (hereafter "Google") to generate statistics on use of the web portal; Google Analytics uses cookies (not of third parties) which store personal data. The information identifiable from the cookies on use of the website by the user (including IP addresses) is transmitted from the user's browser to Google, based at 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States, and stored on the server of that company. In accordance with the terms of the service in place, Google uses this information, in the capacity of autonomous data processor, for the purpose of tracking and examining use of the website, compiling reports on website activity to be used by the operators of that website and to provide other services relating to website activity, the connection method (mobile, PC, browser used, etc.) and the methods of searching and accessing the pages of the portal. Google may also transfer this information to third parties where this is required by law or where those third parties process the aforementioned information on Google's behalf. Google will not associate the IP addresses with any other data possessed by Google. In order to read the privacy information notice of the company Google, relating to the Google Analytics service. To find out more about Google's privacy policy. By using the above website, you consent to the processing of your data by Google using the methods and for the purposes identified above. Tracking cookies:







Statistics on use of the web portal

24 months (2 year)



Statistics on use of the web portal

10 minutes

How to disable cookies (opt-out)

It is possible to withhold consent to the use of cookies by selecting the appropriate setting on your browser: unauthenticated browsing on the unimi portal will in any case be available in all its functions. We set out below the links which explain how to disable cookies on the most popular browsers (for other browsers that may be used, we suggest you seek this option from the software help menu, which can usually be accessed by pressing the F1 key:

Alternatively, it is possible only to disable the Google Analytics cookies, using the additional opt-out component provided by Google for the main browsers. In this way, it will also be possible to use the unimi online services.