Introduction
In this article, referencing to DBS & OCBC mobile apps, I will share the general user flow of transactions in mobile banking. Disclaimer: the points represented in this articles are of my own and are not representative of the banks mentioned. Also, Mary will be the star in this article.
Why a well-designed user flow for transactions is good for banks’ businesses
As the saying goes, good design means good business. Let's take Mary as an example. She needs to transfer money to a friend and has two banking mobile apps to choose from. The first option requires only three easy steps and is intuitive to navigate. The second option, on the other hand, leads her down a maze of confusing pages. It's clear that the second option is unlikely to receive good customer reviews.
So what's the benefits of a well-designed user flow for banks? Here's three:
- Easier navigation leads to greater customer satisfaction, which is the first benefit of a well-designed transaction flow.
- A well-designed transaction flow can lead to more transactions, resulting in higher revenue from transaction fees.
- More data from transactions enables banks to analyze customer behaviors and personalize recommendations for them.
General UX flow of transactions
Referencing to DBS & OCBC's app, they follow a similar user flow for transactions.
- Transactions in banking apps typically involve five key user tasks.
- The first task is for the user (in this case, Mary) to select the "xfer" option within the desired account page or navigate to the dedicated transfer page within the app's bottom navigation bar.
- Next, Mary must select the intended recipient for the transfer on the payee/recipient page.
- Mary then determines the appropriate amount of funds to be transferred on the transfer page.
- Following this, Mary carefully verifies all provided information is correct on the review page.
- Finally, Mary is presented with a confirmation page that confirms the successful completion of the transaction and eases any concerns she may have had.
Key differences between OCBC & DBS in the transaction flow
When comparing OCBC and DBS, there are a few key differences to keep in mind.
The first difference is in the dashboard. While DBS offers an account overview on the dashboard, OCBC has a separate page called "money insights."
Moving on to the second difference, DBS's "add recipient" page has an unusual tab structure where the "All" page acts as a filter. On the other hand, OCBC's recipient page is more straightforward but has an unconventional visual hierarchy.
Finally, when it comes to the transfer page, DBS provides clear visual hierarchy, while OCBC categorizes it differently and doesn't allow users to change their limit.
Conclusion
Overall, these differences highlight the unique approaches and priorities of each bank in designing their digital banking experience. I also discussed the importance of a well-designed user flow for transactions in mobile banking, citing benefits such as greater customer satisfaction, increased revenue, and personalized recommendations. It also compares the transaction flow of DBS and OCBC, highlighting differences in their dashboard, recipient page, and transfer page. Overall, it emphasizes the significance of an intuitive user flow in enhancing user experience and driving business growth.
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