Exclusive insights into why UI, UX, CX trump tech choices
IF you’re considering investing in new technology for your business to transform it, you’re taking the right steps.
However, make sure you don’t ignore the interface and experience the resulting products and solutions will offer to stakeholders.
Say, for example, you spend US$1 million on a new app and some AI-based algorithms to make sure customers get the most appropriate recommendations – but you fail to optimize the customer journey – you’re not going to actually make the sale, or deliver on your ROIs.
— Kenneth Holley (@kennethholley) February 26, 2018
Having put some serious thought into the user interface (UI), user experience (UX), and customer experience (CX) of his app and fintech company, Sikka has received praise at several forums since going live last year.
In his opinion, technology is only one part of the puzzle. The other is user adoption – which is determined by how easy you make it for your customer to interact and deal with you.
That’s not to say that companies can make a half-hearted effort around technology.
Sqrrl, for example, has a team of specialists that have built an investment services platform from the ground up and work hard to maintain and fine tune it every day.
“Having put in the hours and the effort into developing our own platform, not only did we create something that we’re proud of – but also something that is of interest to other financial institutions. Our platform is a product by itself,” said Sikka.
However, the reason it’s gaining market share and success as a fintech company – with its app Sqrrl – is simple: It’s made investing really simple by studying its customers and understanding their needs.
The company targets young millennials who’ve recently joined the workforce and helps them ‘squirrel’ away funds into investment products that are easy to understand.
Sikka hates the fact that the country’s youth aren’t taught how to invest and manage their wealth in college – it’s something that he feels strongly about.
And he’s decided to solve the problem by offering free financial literacy workshops at corporate establishments. Some of his attendees join his platform and become customers, and some don’t – but it’s not something he worries about.
“Everything we do is to improve the customer experience in some way. Our app, our workshop, our communications – it’s all designed to help people learn, understand, and invest seamlessly,” Sikka said.
The company also carefully studies its customers to continually improve its interface and the experience it provides. And boy does it uncover smart insights.
Sqrrl’s customers can invest in rounded units – based on behavioral cues. So, for example, if you’re a customer and you’ve just spend INR336 on a cup of coffee, it can (upon prior approval from you), charge you INR 400 and invest the balance of INR 64 on your behalf.
“This way, people who find it hard to save can make solid investments over the course of the month – and it’s just a minor tweak to our UI,” Sikka said.
When you think about it, if you think about it as a user and not an investor, it makes total sense to pay attention to the UI, UX, and CX of what you’re building, right from the start. If you don’t, you might disappoint your customers and lose out on more than just your investment.
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