Whether it’s waiting 20 minutes for a coffee or an inconvenient bank trip to cash a check, we have all experienced friction getting to a product or service. However, thanks to technology and innovation these customer experiences are getting easier every day. Companies are inventing and innovating on digital products to improve the customer experience and eliminate annoyances. The key is to make your digital product a value exchange. Businesses aim to make customers’ interactions with products quick, easy and painless which helps accomplish business objectives. In a fast paced society, companies fall behind if they do not learn to listen to what their customers need and build a digital experience that reflects that.
In the past, personal banking was built around an experience defined by the bank. There were bank hours, forms you had to fill out or deposit to get funds, limited transactions through ATM machines and endless fees. The customer was on the bank’s terms. When banks started to focus on the customers’ problems and innovate around the customer experience, they found greater satisfaction and increased business. From depositing checks using your cell phone camera to transferring funds anytime anywhere, the digital product experience for banks is being built through innovation around the customers’ needs.
In order to create a more satisfying banking experience, banks had to hear their customers. In the customers’ journey, there were multiple points of pain. These inconveniences led a substandard interaction with the product. Empathy was necessary for banks to recognize and remedy issues within the customers’ journey. Creating a digital product that is positive for both customers and businesses requires walking alongside customers to understand their journey. Empathy is needed to understand where customers become frustrated with forms, fees and too many hours spent at the bank. From there, changes are made that can revolutionize the way customers feel about a product and what surrounds it.
Learn more about how innovation and empathy are making waves for businesses. Download our guide on the elements of a digital product strategy that drives business objectives.