It seems like most of the innovation in design craft and culture comes from the teams working in the most design mature industries—the top 5 percent of visionary companies that empower design for the greatest benefit. We often forget that almost half of companies are still operating under the assumption that design is the way apps and products look on the screen. And as these companies make their way up the Design Maturity Scale, they’re not merely following in the footsteps of those who came before. Many times, they’re blazing entirely new ground that even the most mature and innovative companies should pay attention to.
For example, take a look at the financial services industry (also known as FinServ). Research has found that, while the banking industry typically has large UX teams, most are relegated to the lowest level of the design maturity. While this may be true, there is also an amazing maturity story unfolding in FinServ. Perhaps more than any other industry, FinServ is undergoing a rapid transformation due to COVID-19.
Mobile banking has exploded since the pandemic hit: 63% of people surveyed said they were more willing to try a new digital banking app than before the pandemic. Post-pandemic, 24% of consumers plan to make fewer bank branch visits or stop using them altogether.
As more people replace in-person branch visits with online banking, 84% expect banks to maximize digital interactions to protect their health during the pandemic, as well as their money and personal details beyond the pandemic.
And while teams need to deliver fast and iterate quickly, the financial services industry poses unique challenges to product design teams: more regulations, the need to present data-heavy content in a friendly, responsive format, and as always, the need to differentiate from competitors with superb user experiences.
Given the immediate need to meet customers’ rapidly evolving needs, it’s no surprise that increasing design maturity is the top priority for digital product design leaders at global FinServ companies.
The time is now for FinServ product leaders to lay the foundation for accelerating design maturity. It’s the only way to create a culture of innovation that will help them gain a competitive advantage both now and beyond the current crisis. That makes FinServ one of the most important spaces to watch in the years to come (and a great space for your next career move.)