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What happens when design and technology join forces in the making of Indian Banking Products

February 1st, 2018
Read Time : 9 mins

High-end companies have always been using design solutions for years to stand out and make successful products that are loved and cherished worldwide. Companies like Apple, PayPal, Tesla and many more not only have great technology solutions but they have always concentrated on beautiful design solutions!
When design and technology join forces a user’s interest and loyalty befriends your product. While you may feel your product’s technology might be out-of-the-world but without a proper design solution, it would either fail or blend into the crowd.
A common misconception that is often found in the minds of people is that design is making something beautiful. However, design is not beautifying things, it is a beautifying solution to the problem. While people strain on the word “beautiful”, they often forget the “solution” part.
But why should the Indian Banking system worry about design, when so many of their own products have been acing for so many years?
This question itself reveals the problem.
Indian Banking system uses the same (cluttered, if we may say) interface for so long that even though the rest of the world has caught up to design-driven technology, Indian banks feed on customer loyalty over customer experience.

When the internet boom took place in India, banks frantically upgraded to filling loan forms online and setting-up kiosks for customers for easy money depositing experiences.
However, what we (the customers) are still doing is, filling those 10-page forms, not physically, but digitally, within the comforts of our homes. Reduced (any) work for us? Not really.
Banking websites aren’t that helpful because they are so complicated that people get furthermore confused and the problems keep continuing! There are still endless lines outside of banks, with people wanting to deposit money into their savings accounts, implying that the kiosks obviously do not meet the expectations.
Did you know that “57% of Millennials would change their bank relationship for a better technology platform” – Deloitte Source
The technology exists but it’s doing no good without a well-thought and seamless experience.
For this exact reason, at CreditVidya, we take design very seriously. While we are trying to make better financial products for our clients, we are also involved in building greater design solutions to cater to the up-and-coming Indian generation.
We realized that when we added design to our technology the results were remarkable.
So what really happens when design joins forces with technology?
Here is the answer –
1) Customer Experience: Design concentrates on user-friendly experiences. Nobody wants to spend hours of their precious time figuring out on how to get a loan. With the help of researching different types of customer needs and understanding their behavior, they will not only fill a loan form at the comforts of their homes, but they will be able to do it under 30 seconds. Just imagine!
2) Customer Delight: ‘User Interface’ is a term used in design that consists of principles- on how the human brain perceives a certain set of information. Ever wondered why text messages are always on a light background with black text and never reverse? It’s because one user interface principle says that good design is when written words are coloured in black and placed on white backgrounds and typefaces (fonts) clean and well-spaced, thus, making reading fine print easy to go-through, making reading easy.
3) Customer Trust – Loyalty does not go far where there are many options but even with several options if your experience exceeds their expectations, there is a sense of trust that builds within the customer. They begin to believe that you are an entity that believes in a good user-experience, thus making your product stand out compared to others.
4) Customer Fulfillment – A beautiful design solution will make your customer feel like you are right there with them even when you’re not. Having friendly content, easy-to-locate-answers to queries, user-friendly experiences etc. would make them feel like they would never need to call you for any problems because you have empowered them to solve their problems on their own.  If you treat them right with the use of your platforms, it would make them believe that you are taking care of them.

You’ve got to start with the customer experience and work backwards to the technology.

The power of design joined with technology is unmatchable when used correctly. While some believe design is objective, it is not. Design is a beautiful solution to a problem. Every design cannot solve all purposes. It must be custom-made like a fine suit and the Indian banking system needs it more than ever that are specially made keeping us, the Indian Gen-X in mind.
This post is contributed by Dhisti Desai, Product Designer at CreditVidya
We’re hiring! If you want to join a fast growing company, work alongside passionate people and be a part of the FinTech revolution in India…CreditVidya is your calling. Drop us a line along with your CV on 😊

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