Enhancing User Experience (UX) in Open Banking
According to a report by Toptal, 90% of users abandon an application if they face difficulties while using it. Therefore, user experience (UX) is always a top priority for service providers—especially in the Open Banking ecosystem, where UX plays a key role in attracting and retaining customers. What are User Experience (UX) and User Interface (UI)? User Experience (UX) refers to the overall experience a user has with a product, website, mobile application, or specific service. It encompasses not only the use of features but also other aspects such as the user’s knowledge, emotions, and the value derived from interacting with the product, website, application, or service. A good UX enables users to navigate, operate, and engage with a product or service effortlessly. Conversely, a poor UX results in difficulties, complex operations, and confusion for users. User Interface (UI) refers to the layout, images, videos, colors, fonts, text, and navigation buttons—elements that users can visually perceive and interact with when using a website or application. User Experience in the Open Banking In the Open Banking ecosystem, user experience typically encompasses the entire customer journey when interacting with an application—from registration, shopping, payments, renewals, to post-sale support. These applications are built on open APIs, enabling seamless integration of various services and features. As a result, users can perform transactions such as deposits, transfers, or payments without repeatedly entering card or account information. Additionally, third-party payment initiation service providers (PISPs) can execute transactions on behalf of customers, delivering a convenient, secure, and consistent experience across the system. How to Improve User Experience in Open Banking? There are several ways to enhance user experience in Open Banking. Below are some fundamental suggestions for organizations to implement: User experience (UX) is a critical factor in the success of Open Banking solutions. A great UX stems from simplicity, transparency, and logical navigation. Enhancing accessibility, using user-friendly language, and prioritizing customer support are excellent strategies for organizations to improve user experience. About Savyint Open Banking Platform Savyint is a global technology leader pioneering Open Banking, data security, and cybersecurity. With exceptional expertise in strategic consulting, technical architecture design, standards development, and integration workflows for Open Banking, combined with extensive experience in deploying electronic identification, digital signing, data encryption, and Public Key Infrastructure (PKI) systems, Savyint supports financial institutions, banks, government agencies, and enterprises in their secure and efficient digital transformation journey. In building a modern Open Banking ecosystem, Savyint has developed the Open Banking Platform—a comprehensive solution that fully meets legal, technical, and operational requirements, from standardized APIs and connection gateways to TPP management, consent, encryption, and user identification. The platform comprises core solutions: Connect with Savyint’s experts HERE to start your Open Banking strategy!