Increase in internet penetration and changing consumer expectations have led to a marked transformation in the delivery of financial services, moving it towards multiple tech disruptions and digital footprints. While the dynamic scenario presents organizations with massive business opportunities, it also sets down a list of challenges.
The foremost challenge is finding a digital navigation strategy which is suited to all demographics of consumers, can be operated on multiple devices and is secure. While having a well laid out online strategy is important, ensuring that the strategy is implemented proactively to provide an enhanced level of user experience and satisfaction is crucial. With issues like intermittent internet connectivity and speed, especially on different devices, increased security threats and social media interactions of consumers, the game for banking organizations has become tougher.
The significance of these consumer demands and expectations can be gauged from a research that suggests customers are less likely to return to an interface which is unable to carry through its transactions in secure and fast manner. To make things worse, it takes around 12 positive experiences to make up for one bad experience.
According to leading global content delivery network service provider Akamai, the success of fintech companies depends on fast, reliable and secure web experience of the consumer. “Given customers’ increasing impatience with web experiences and the natural anxiety regarding financial transactions on the internet, the biggest challenges for fintech companies lies in building and maintaining customer trust by providing a fast and secure experience that can be always relied upon by the customer. The internet doesn’t keep “bankers hours” and customer expectations are exponentially higher,” says P Srinivas, director, product marketing, Akamai Technologies, the Bangalore-based company that specializes in providing optimized levels of web and mobile performance to fintech companies.
With its unique platforms supporting content delivery techniques and dynamic network application, Akamai, believes that the key lies in creating applications which are faster and interoperable across devices supporting diverse set of operating systems and browsers. Further, the right set of content marketing additions that can rapidly direct customers to the desired content can be used to improve UI and UX.
However, reliability and the security apparatus continue to remain the most important and non-negotiable aspects of any online transaction. Akamai’s ability to measure performance in the backdrop of key revenue metrics can provide service providers with crucial insights, helping them ascertain better user activity. Their range of UI/UX-centric services ensures that consumer experience with respect to speed, interoperability and security is the best.
Srinivas also adds that “Akamai’s solutions built on the world’s largest distributed cloud computing platform are helping financial firms around the world deliver world class experiences by accelerating their websites and mobile apps, securing their digital infrastructure from a range of complex web attacks and by simplifying their IT operations with advanced tools that accelerate the testing, deployment and maintenance of digital infrastructures”.