There is more to a positive consumer experience in banking than the time it takes to do a transaction or the design of a mobile app. In a rush to innovate and improve channel delivery, most banks and credit unions have forgotten to take the time to think of how money and feelings are entwined.
At what point did the banking industry forget that people have strong emotions about their money? Today, consumers can feel this glaring oversight at every level of their interaction with institutions that build products with no insight, or even consideration, as to how the products emotionally resonate with consumers.
Unlike other consumer product industries, most financial institutions don’t have teams of behavioral psychologists pouring over slides of human expressions around the services offered. The industry forgets about the way people react to different financial situations.
Lit up eyes and a gaping mouth? This must be the expression of someone who came into an unexpected monetary windfall. They’re elated, with questions around what they should do next. Narrowed eyes, a staunch frown and clenched jaws? This must be the anxiety around an unexpected bill, defaulting on a loan or needing to borrow from an aging parent.
Not only are these teams non-existent at most financial organizations, but this type kind of thinking is missing in all but a select few progressive institutions internationally.
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