There’s an opportunity to really nail the financial services experience

Iress product designer Amir Ansari on making financial services more loveable.

Amir Ansari has designed award-winning digital experiences for Vodafone, Virgin Australia and AWS. Now he wants to do the same for financial services as the global head of product design at Iress. He joined us on the Upfront podcast to talk about the challenges financial services face when trying to live up to the expectations created by bigger brands and what businesses can do to up the ante (listen now).

Here he talks about solving problems, the user experiences that make him smile and getting people to love financial services.

On designing for people

People’s tolerance for poor design is dropping as they get savvier with technology and digital products and services. In the past, companies that started their journey on digital and provided an average experience had the first-mover advantage and could get their customer hooked. But with the speed of digital innovation and smaller, more nimble disruptors entering the market with cheaper, more delightful products, those larger companies risk falling by the wayside if they ignore user experience.

People get scared that design slows everything down, but you can do it in a lean fashion. Sometimes at a product or feature level, you can do it in a sprint. Often, getting access to the end-users is what slows things down. Having a pool of customers who are open to giving feedback, being part of testing programmes, and anything else that squads can have access to (including analytics, insights and data from customer support teams) will move it along quicker.

My wife’s an architect, and I’m constantly inspired by how they solve problems. You’ve got a physical space. You’ve got to understand your customer and how they live and how their family will grow. You’ve got materials and standards and guidelines and regulations to meet. It’s not dissimilar to designing for financial services.

You know you’ve got it right when people continue to use the product or service because they’re getting delight, efficiency or some kind of positive outcome from it.

Loving financial services means designing experiences that create positive perceptions before someone has used or experienced it

On good design

Good design puts a smile on someone’s face when using a product, technology or service. Or when technology gets out of the way, hidden from the end-user, so no one notices it. You know you’ve got it right when people continue to use the product or service because they’re getting delight, efficiency or some kind of positive outcome from it.

I seldom come across a user experience where I go ‘that was nice’. I’m disappointed more often than not. It’s a running joke with the team at Iress that we’ll never be out of a job because there will always be something that requires human-centred design and design thinking.

A great experience isn’t just about the visual user interface. Take Spotify’s algorithm. The number of times Spotify nails it when recommending me new music based on something I’ve just listened to is phenomenal. It’s an amazing experience. Small things like touch IDs on phones - brilliant. The fact you can just stare at your phone, and it unlocks it for you but knowing it’s 100% secure. That’s an inspiring design solution and doesn’t have much of a graphical user interface. The design process to follow is the same - understand the end-user need, diverge and converge on ideas and solutions, test, learn and iterate, then launch and scale.

On loving financial services

I like this concept because love isn’t typically synonymous with financial services. Creating experiences that make it easier for people to love financial services is a tall order because it pushes everybody to think, “how do I make this idea so sticky that the end-user is going to come back?” For me, user experience is the perceptions, interactions and emotions with a product or service before, during and after that experience. So loving financial services means designing experiences that create positive perceptions before someone has used or experienced it (think marketing, product messaging, ratings, reviews and onboarding) right through to after they’ve used the product or service.

I look at what the banks are doing to shake up financial services. Commonwealth Bank in Australia is very progressive - they have over 200 experience designers in their organisation. The top banks for design capability aren’t just talking about user experience; they’re talking about customer experience, content, service design and employee experiences. Disruptors like Revolut, Square, Airwallex, and Rocket Mortgage show that even though regulation makes it harder to innovate financial services, it’s not impossible.

Service design in other industries should inspire financial services. The entire digital and physical touchpoints of a supermarket click and collect service have been designed thoughtfully. When we talk about financial services, it’s the same thing. There’s an excellent opportunity to really nail that experience - designing the process, the human to human interactions right through to the technology and digital products. Financial services should look beyond their current domain and take inspiration from other industries going through reinvention and innovation - telecommunications, transportation, energy, entertainment and streaming services - to simplify and delight.

Financial services should look beyond their current domain and
take inspiration from other industries going through reinvention
and innovation

What I love about financial services

Financial services allow us to live our lives the way we want. To send our kids to school, to buy our dream home, our car or go on that holiday, or do good. Without financial services, we'd still be trading goats or cows. It allows me to set objectives for my personal life and professional life and is core to many things that we do.

Amir Ansari