The need for inclusive design is more pressing than ever in financial services. Customers expect quality. The regular expects us to evidence it. To build a truly inclusive service and grow customer loyalty, financial organisations must adopt human-centred design, as outlined in the products and services outcome of the Consumer Duty regulations that came into play in July 2023.
Inclusive Design should start from the initial concept through rigorous testing and continuous improvement. This approach involves engaging a representative sample of customers with diverse capabilities, ensuring that services deliver equitable outcomes for all. It’s not only a regulatory requirement but also essential to creating high-quality, inclusive financial services.
The diverse financial services marketplace
The financial services marketplace is more diverse than ever before. There are now five generations in the financial lifecycle at once. Customers have a wide range of differing experiences and expectations concerning digital services. This diversity presents both a challenge and an opportunity.
Firms must design services that are usable and attractive to diverse customers, in all stages of the financial lifecycle. This isn’t easy! The aim of inclusive design isn’t hyper-personalisation – we can’t hope to preempt every customer’s unique needs and wants. But the days of ‘vanilla’ products and services is over. Design-in the ability to tailor support from the start, and you have a hope of meeting customers’ diverse needs later on.
The importance of segmentation and personas
It’s easy for customers to be overlooked as people juggle competing priorities in their day-to-day lives. However, keeping customers at the forefront of every decision is crucial for long-term success.
One effective way to maintain customer focus is by using personas. They remind us who our customers are – what they think, feel and do. They fuel empathy. But personas are only as reliable as the insight they’re created using. And they need to be refreshed to ensure they reflect the evolving perceptions and behaviours of real customers.
The true value lies in involving representative customers throughout the design process. By integrating continuous customer research into your development process, you can uncover hidden needs, preferences and pain points. The golden rule of inclusive design is that, by listening to people who may struggle most, you have the opportunity to make your customer experiences easier for everyone.
People say, ‘prevention is better than cure’. Inclusive design is the embodiment of this – listen to customers; build it right; avoid customer harm and mountain of operational pain! And don’t just listen once and tick it off a list – build a culture of listening, to fuel continuous improvement. Be hungry for insights from customers and frontline colleagues who understand their frustrations, fears, confusion, and curiosity. Listening to feedback keeps us grounded in real-world experiences and motivated to keep improving customer outcomes for everyone.
Valuing lived experiences
Designing inclusively means valuing the lived experiences of individuals who may struggle with your products and services. This approach helps create better outcomes and reduces frustration for both customers and colleagues. It also frees up service capacity for those who genuinely need human support. By prioritising these lived experiences, firms can ensure that their services are accessible to everyone.
Practical steps for implementation
To implement a human-centred, inclusive design effectively, financial services firms should engage diverse customer groups. This involves using a representative sample of customers throughout the design process. The sample should have varying digital capabilities.
Continuous improvement should be embedded in the process by gathering and acting on feedback. This feedback should come from both customers and frontline employees. By acting on this feedback the service offerings can be continually enhanced and evolved.
Conclusion
Embracing inclusive design is essential for financial service firms to meet the diverse needs of their customers. By adhering to Consumer Duty regulations and integrating continuous customer research, firms can create truly inclusive services that deliver equitable outcomes for all. As the financial services landscape continues to evolve, embracing inclusivity and a holistic human-centered design approach will be key to sustainable success.
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