Why UX Writing Is Becoming A Competitive Advantage for Financial Institutions

Why UX Writing Is Becoming A Competitive Advantage for Financial Institutions

Digital interaction is becoming the only way to have a relationship with organizations for most customers of banks and other financial institutions. Hence, it’s crucial to provide a superb experience otherwise, companies risk losing customers who become frustrated in their exchanges with an app or a site to the competition. Here, we reveal how the right approach to User Experience (UX) writing can give your financial institution a competitive edge and will help with client retention.

According to the UX Digital Experience Blog, user experience in banking is not just about creating the perfect interface but the sum total of many factors such as emotions, thoughts, and behaviour triggered by interacting with the financial brand throughout various touchpoints of the customer journey. In this increasingly competitive arena, where banks and other financial service providers are offering more digital products, the process needs to be centred entirely on providing a superb customer experience (CX) which not only helps users accomplish their goals but also delights them and allows them to build a strong emotional bond with the brand.

Why is UX writing so important anyway?

Simply put, if your strategy calls for building the right products (for the right audience), UX writing is a critical element that will help build them in the right way. Nowadays, most financial institutions should have already adopted a ‘digital-first’ strategy when creating their UX/CX experience. Therefore, UX writing is becoming increasingly more important as it is the means to help users achieve their goals when using a digital product. An experienced UX writer who is worth their salt will know how to craft the copy that guides users throughout their whole journey in an app. This journey includes help functions, navigation menus, calls-to-action, taxonomy and labels, essentially all the functional copy that builds a smooth digital experience. It is so essential that a user will simply be lost without it, no matter how beautiful the design and smooth functionalities are. The perfect UX writing is not there to be noticed but rather to provide a seamless and delightful experience to all customers.

Then why do so many banking institutions fail to acknowledge the need for great copy alongside good functionality? This is due to outdated ways of thinking that the audience will come (and stay) regardless of the quality of the product or service. This kind of thinking is evolving, and leading banks and other financial service providers should think hard and fast unless they want to be pushed away by digital-only newcomers who have proven to be much better at building customer relationships and sustaining them. 

Even leading banks offer apps that can only be described as subpar and consistently receive bad reviews by customers, which is not beneficial for all parties involved. 

What can a great UX copywriter bring to the equation?

The role of a UX copywriter is vital in a design team to improve interactions and bring about an emotional connection. On the surface, UX copy is often referred to as microcopy, which sounds very simple. It might seem easy on the surface, but when you go deeper, you’ll see that it requires a deep understanding and knowledge of design and instructional principles, psychology, technical skills and the whole process of designing digital customer experiences in collaboration with the rest of the development team.

So, a great UX copywriter will make your banking app not just easy and quick to adopt and use but ensure that customers stick with it and give you an edge over your competitors. Here is what you want a UX writer to bring to your organization:

  1. Persuasion – copywriters are experts in persuading and moving customers to take the required action.
  2. Clarity and ease of understanding – microcopy needs to be so clear that it is perceived as part of the background. You want a writer to create a copy that blends rather than requires the user to pause and think about their next move.
  3. Brand loyalty – an excellent UX copy will take on the brand’s tone and voice to perfectly fit the design and create a seamless interface.

Great UX copy is an essential part of the UX design and, as such, can either make or break any company in fintech. It doesn’t just ensure that the customer has a great interaction with your app; it can also bring new customers and help retain them, especially if the word gets out that you’re offering a far more superior experience than your competitors. The features you offer might be complex and technologically advanced, but your customers will not be thanking you for confusing them; instead, they are focused on a smooth experience that can be provided with a good copy. Transforming User Experience in Banking is key to your success, and the right approach to microcopy is one of its essential factors.

What do you want to avoid in your UX writing?

There are a few things to avoid, no matter the cost of creating digital tools for financial institutions. First, learning from the mistakes of others can help build a successful digital financial brand by following the example of the leaders.

When it comes to microcopy, always avoid using ambiguity and confusing messages. For example, steer clear of asking too many questions, requesting too much personal information (which can also have severe legal implications in terms of data privacy), using tech and industry jargon that’s not clear to your audience, being unclear about what’s expected and generally leading your customers down rabbit holes based on your processes. 

To summarize, UX copywriting is a key element in building a great customer experience in the financial services sector. This element should always be forward-facing, given that fintech is moving at an ever-increasing pace towards the future. Simplicity and cutting out complexity should be the critical focus and ensure you engage the customer’s emotions and create a real relationship with them to turn them into loyal champions of your product. 

Senior Writer Francisco possesses one of the brilliant young minds of today, especially when tackling topics about technology and what's in "the now".