The rising influence of UX in FS

Why is it when we talk about user experience more often than not consumer businesses or social platforms come to mind? Is it because we are investing our personal finance and time into these streams? The reality is a huge proportion of what we do today is digitally based. Therefore user experience is always on the agenda. 


Financial services are something we are all likely to use at some point. However the rise of digital platforms has meant that organisations in this sector have a huge task to maximise user experience and drive the retention of existing customers but also the attraction of new ones.


A common misconception with the financial services industry is that they can be quite one dimensional in the personnel they hire and lack creative thought outside of their core activities. However there are countless examples that prove this not to be the case and such businesses are often at the forefront of innovation beyond their services. The industries commitment to user experience in digital format further cements this. Many companies in the sector have an impressive roster of talent to develop platforms and create interfaces to the envy of direct and indirect competitors. 


As we continue to source quality talent for many top financial services organisations we wanted to share some of the key benefits of being a user experience professional in the sector:


Volume of projects

Whether it be a new financial product or a new service offered by businesses in the sector there is a constant requirement to evolve and develop new ideas. New offerings create the need for a digital service that supports any new product or service. As a result the development of UX will move at the same speed as the development of new ideas which in this sector is well publicised as being fast paced. As a result you should not be short of experiencing innovation and new workflow. The sheer size of such organisations means there will always be an opportunity to get involved in multiple projects at once. 


Diversification of projects

Financial services organisations are actually some of the most diverse companies you can think of. They offer multiple products and service lines and within this the target audience demographics can range significantly from one offering to another. Such variation can be extremely rewarding to a UX professional when driving excellence against such different requirements. For example one day you may be thinking about B2B to encourage SME companies to bank with you whilst the next platform you are responsible for could focus on B2C mortgage offerings to 1st time buyers of a certain demographic!


Investment in technology

As someone at the forefront of digital transformation you want to work for an employer that is committed to UX platforms. Many organisations fall into the trap of creating a website because it is what companies do, rather than using the site contribute to business performance. This is not the case in FS. Many businesses in the sector have technological innovation and transformation at the top of the agenda and see it as essential to how they deal with customers going forward. As a result the investment in this profession is high, as are the budgets associated with what needs to be done to be successful. 


Remuneration

As an industry Financial Services typically rewards well both in terms of salary & benefits. They place incredible importance on retention of good quality staff and will often contribute to individual professional development. They have very clear structures in place that provide a clear progression route at the start in order to achieve long term career objectives. 


If you are a UX professional in FS at the moment or a UX professional interested in the sector and seeking new opportunities please feel free to get in touch at 

team@tdacreative.com 

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