“Banks have new designs on design in the digital world.
Once regarded by some as trivial, design is becoming central to banks’ efforts to differentiate themselves on mobile and other electronic platforms.
BBVA’s acquisition last week of user-experience and design firm Spring Studio, and Capital One’s purchase last fall of a similar kind of company, Adaptive Path, put a fine point on the new reality. Both targets are relatively small shops in San Francisco that employ skilled, relatively young design talents.
To be sure, banks have been customers of digital design firms for years. But bringing the function in-house underscores how the race within digital banking is quickly gaining momentum as more people interact with their banks through screens of varying size.”
With mobility being such a critical success factor for today’s financial institutions, it’s no surprise that FIs are partnering with, and acquiring, digital design firms. Mercator Advisory Group research on mobile banking trends has found that such topics as user experience (UX) and design, and adaptive design are important elements in an emerging digital banking world, and important drivers of overall customer satisfaction and brand loyalty.
Overview by Edward O’Brien, Director, Banking Channels Advisory at Mercator Advisory Group
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