What Is UX And Why Is It Important for Digital Lending?

Laoise Smyth

User Experience (UX) is a common term in the realm of technology and design. Despite the term’s popularity, many still don’t appreciate what it means or how to use it correctly. In today’s world, anything created within the digital space (including websites and mobile apps) should be designed with user experience in mind. You could lose customers before you’re able to show them how wonderful your business, service, or product really is without a thoughtful UX design. 

UX plays an important role in ensuring the success of your product and business, and you are more likely to acquire more customers and build a loyal customer base who will spread the word about your offering.

What Does UX Mean?

User Experience refers to the way people interact with a product or service. A real-world example of user experience outside of the tech landscape would be a restaurant.  The user experience here would be made up of reservations, menu choices and appearance, dishware, lighting, tablecloths, employee uniforms, service, etc. All these factors would influence how the customers feel about their interaction with the restaurant. In the digital world, UX refers to all the design elements that affect the way the user interacts with a digital product.

What Is UX Design?

UX is rarely referred to as a standalone term. You will more frequently hear the phrase “UX Design”, with people who work in the field referred to as “UX Designers”. That said, a UX designer is not a person who designs user experiences. Since UX deals with a user’s impression of a product, their experience cannot be designed. Rather, a UX Designer designs for UX. A UX designer creates products (either digital or physical) that are easy to use and practical. 

UX can be directly tied to the human experience, specifically human behaviour and psychological trends. How the user perceives each step of the experience can make or break any design. A successful UX designer must go beyond simply understanding how to create aesthetically pleasing designs, they need to understand the psychology behind the user experience.

What Makes A Good UX Design?

A good UX design ensures that people have the best experience possible with products and services. Poor UX will cause users to feel confusion, hesitation, and frustration and will ultimately reflect badly on the product or service. A good UX design incorporates the following principles: 

  • User-Centred Design: first and foremost in any UX design is to focus on the user. Focusing on efficiently combining form and function and focusing on the user experience from the very beginning stages will yield a well-designed, user-centric end result. 
  • Prioritised Consistency: the basic functionality and design of products should be the same across the board. Many popular and successful apps and websites utilise similar techniques and placements for their user interfaces. Consumers have grown used to such designs and expect new products to work similarly. 
  • Give The User Control: before, there was widespread fear that users would break the web pages and applications they used when given too much control. We now understand that the more control a user has, the better experience they have. 
  • Accessibility Is Crucial: Making your designs easy to use for everyone, including those who interact with products differently, is an important aspect of UX Design. Prioritising accessibility allows for more of your users to have a positive experience. 

Benefits Of Good UX Design

UX design is about solving problems so users don’t have to worry about what they’re doing. They can use a product intuitively without putting an overwhelming amount of thought into it. Prioritising the user is always at the forefront of UX design, a better product is always one that focuses on the end-user. Products created with great UX design will enjoy many benefits, including:

  • Increase conversion rates: effective UX design can make the difference between your users successfully completing your call to action or not. UX can help you increase conversions, thereby generating more revenue.
  • Reduce costs: giving users more control and empowering users to complete tasks independently with less support from you.
  • Inspire customer loyalty: creating positive, meaningful user experiences, UX contributes to customers wanting to stick by your business and continue using your product.
  • Stay ahead of the competition: UX being such an important feature and a popular topic of discussion, you’ve likely fallen behind the competition if you’re not already implementing it. Providing an excellent user experience is a competitive advantage.

UX Design and Digital Lending

At Luna Connect, we have made creating the best possible user experience a priority for our digital platform, for both borrowers and lenders. The platform’s digital layer offers your clients an easy-to-use digital lending and digital onboarding experience. As we know, ease of use is a crucial element in good UX and, ultimately, customer satisfaction. Users will find the entire online experience seamless and convenient. The platform is compatible with all device types, including mobile, tablet, laptop, and desktop. It also supports multiple financial products. At Luna Connect, we are proud of our reputation for both innovation and client satisfaction. By prioritising the user experience, we make the digital experience more enjoyable for your customers, allowing you to reap the many benefits of a good UX design.

To find out how you can delight your customers with user-friendly online processes talk to us today.

Laoise Smyth
UX Designer @ Luna Connect