At the center of this revolution are key concepts such as Open Banking. Open banking is a system that seeks to make all banking information public and easily accessible both for users—so that they know the offers that exist in the market—and for financial institutions—so that they know under what terms they operate—.
The main idea of this model is to recognize the change in the balance of power that has taken place over the last few years, one in which the users of the financial industry are the ones who have the last word.
technology ahead
Part of this transition has been framed in the digitization that the world has experienced in recent years. This trend has accelerated with the COVID-19 pandemic, in which even countries that still suffer from digital divides have gradually moved towards greater internet connectivity.
Disruptive banking models, such as the Open Banking and much of the industry fintech, are currently taking advantage of this greater technological inclusion to offer users flexible and simple solutions that help boost their financial capabilities; particularly, through easily accessible loans and credits and expeditious bureaucracy that is far removed from the classic processes of traditional banking.
The customer at the center of everything
It is not fortuitous that, according to estimates of the report The Six Steps For Justifying Better UX According to Forrester, for every dollar spent on user experience, about 100 are usually recovered. But this requires always keeping customers at the center of the design of products and services, especially when it comes to banking.
Betting on the user experience is no longer a delicacy or privilege of large companies, but rather a necessity for any company. The options are so varied in any industry today that it even seems ridiculous to think of something well thought out entirely from the supply side, without considering what benefits the final consumer.