Each industry has its own identity, that’s how the term BFSI came into being. BFSI is the acronyms for Banking, Financial Services, and Insurance. There’s one thing that is common among each industry, which is the customer. Satisfying the customer is the foremost objective of any business. If the customers aren’t content with the offering, they might discontinue the service. Customers may diversify when it comes to evaluation. However, they are analogous when it comes to individual satisfaction.
BFSI industry has been driven to the fore, with the help of tailor-made UX technology. A great UX has provided prompt service, ease of access along with the digital transformation to engage with customers.
BFSI in the past years
At the outset, the BFSI sector has been managed in a traditional way; they witnessed a huge setback and were in tatters. The users, at one fell swoop, were not able to get any of the services on time, largely, while getting a bank statement for the job. The customers had to all the way visit their branch. At the same time, the customers were frustrated waiting in a long queue outside the banks.
In the early 2000s, the banking and financial institutes got downsized. It was hard for them to understand, how to keep hold of their customers. Gradually, in the mid-2000, the online banking service was on track in India, for that mattered a lot to provide prompt services to the users. The foreign BFSI companies started proposing for the mobile app for the users to check their financial statements and credit history. Consequently, the users started evolving with the technology and continued to get a hassle-free service.
The current state of the UX in BFSI
At present, the state of UX in the BFSI industry is highly developed, which is intensifying progressively towards a user-centric approach. These days, the users hardly stand in a queue for long hours or visit any financial institutions to know their financial status. It is now easier for them to check their bank statements and payslips being at their comfort zone on their smart devices.
In addition, the advancement in UX has intensely transformed BFSI industry into an immersive platform. Now, the mobile Apps serve as a replacement and save the time and energy of the users. Nationalized bank such as SBI has its App and Broking Company has Apps such as Angel NXT and Angel Bee. Hence, the BFSI sector is moving ahead with the assistance of Great UX.
During the first few years, users had to face lots of problems, while signing in and signing out. But, later it was determined. Now, the Apps have been gearing up for the latest updates with better UX. Presently, there's a lot of competition between companies in building a progressively immersive App. The UX is playing a vital role in the BFSI industry, which has unfolded to a great extent. The users have a secured log-in system which protects their information from the strangers. The API (Application Programming Interface) software has been recommended to create a safe and secure interaction for the App users. Accordingly, the BFSI industry is expected to come up with more user-centric approaches and updates in the forthcoming years.