Financial institutions are embracing FinTech innovations. About 77% intend to increase their internal efforts to innovate.
A significant part of this is taking a look at web design trends to incorporate the latest technology. The goal of this is to serve customers better and stay competitive in an ever-changing and fast-paced industry. Find out how expert web design can benefit your financial business.
1. Buy The Talent
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Major brands in the financial industry are acquiring independent design agencies. Most notably, Capital One acquired Adaptive Path. With this strategy, the financial firm seeks out a design house to acquire.
This merging of businesses benefits everyone. The creative agency can focus on their projects and not worry about pitching for new business. The financial institution benefits by creating more value for their current offerings and the potential to open new revenue streams.
2. Build From Within
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Capital One didn’t just buy Adaptive Path; they also created an in-house design team in the UK. This is another popular trend currently in the financial sector. Instead of buying a design agency, the company builds a design team from within.
Companies that make this strategy a success understand that the design team can’t be autonomous; they must work hand-in-hand with all other departments, from product creation to final delivery.
3. Client Engagement
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The 177-year-old Russian financial institution Sberbank is embracing AI technology to increase client engagement. It regularly runs an AI Competition and Demo Days, where startups can show off their AI innovations. These startups are working with Sberbank to fund their new ventures.
Sberbank benefits from these events by collaborating with the finalists to grow and eventually integrate the innovations into the bank’s processes and systems. One notable innovation was the use of AI to create tools for managing large data sets.
4. Effective Communication of Information
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About 55% of visitors spend fewer than 15 seconds on the website. With this short attention span, financial institutions require a clean and intuitive design. This applies to both their website and mobile apps.
The Standard Insurance Company launched a redesigned website based on their customer feedback. The mobile-friendly site is easy to navigate and puts the most needed resources upfront. This enables them to communicate the most important information to their customers in an effective way.
5. Automation
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Automation can streamline and simplify your processes making you more efficient by removing the repetitive daily tasks from your to-do list. Real estate firms are embracing this development in FinTech in a big way. In 2017 over $5 billion was invested in real estate technology and design.
Several areas can benefit from automation:
- Email communication
- Leasing activities
- Scheduling
- Lead collection
- Property Management
- Accounting and financial
