From Insights to Impact: Why CX Research Drives Better Banking Products

At DKB Code Factory, we're committed to revolutionizing digital banking by placing our customers at the heart of everything we do. As a subsidiary of DKB AG, our mission is to enhance the banking experience through innovative solutions. One of the key components of this mission is Customer Experience (CX) Research, which, when combined with Data Analytics, becomes a powerful tool in developing digital financial products that truly resonate with our customers.

Why CX Research & Analytics in Digital Banking?

In the fast-paced world of digital finance, it's not enough to offer functional features; customers want intuitive, trustworthy, and seamless experiences—with fair pricing. Our CX Research allows us to dive deep into our users' needs, frustrations, and behaviors, ensuring that our products are not only technically proficient but also user-centric.

What Questions Do We Actually Answer?

Our motto has always been: “Build the right thing before building it right.” By integrating CX Research with Data Analytics, we can answer pivotal questions such as:

• What are our customers' genuine financial product needs?
• Where do users encounter challenges within private and business banking?
• Which features are embraced, which are overlooked, and why?
• How do customers navigate our digital platforms?
• How do different product designs and communication methods influence user trust in our products?
• What is perceived as fair pricing for financial services?

These insights empower us to make informed decisions based on actual user behavior, moving beyond assumptions. First, we learn what to build; then, we figure out how to build it.

What Are the Concrete Challenges We Focus On?

Neglecting CX Research can lead to products that miss the mark—products customers don’t like or, even worse, actively avoid. Common issues identified and addressed through our research include:

• Complex or unclear processes: Ensuring our digital financial products are straightforward and user-friendly. Best case? They're even fun to use!
• Low conversion rates: Identifying and removing barriers that cause users to disengage.
• Lack of trust: Building confidence through transparent communication and design.
• High support requests: Reducing customer service inquiries by enhancing product usability.

What is the ROI of Investing in CX Research?

Money talks. Investing in CX Research yields substantial returns:

• Accelerated time-to-market: Clearer requirements and fewer development iterations speed up product launches. It’s far cheaper to build, test, and even fail with a prototype than with a live product.
• Increased customer satisfaction: Happy users are more likely to stay and advocate for our services. UX KPIs are what we love!
• Cost savings by avoiding missteps: Early user feedback helps prevent expensive mistakes. Nothing is worse than an unnecessary product team sprint in the wrong direction.
• Enhanced business performance: A strong focus on CX correlates with improved financial outcomes. Customers see true value in the product or service and are willing to pay for it. It’s a win-win!

Conclusion: CX Research as a Strategic Advantage

At DKB Code Factory, we view Customer Experience Research not as an optional add-on but as a fundamental strategy for crafting successful digital financial products. By prioritizing our users' voices, we not only create superior solutions but also drive sustainable business growth. In essence, investing in CX Research & Analytics is an investment in our customers' trust and our company's future.

Written by Konrad Maruschewski, Chapter Lead Research & Analytics