Small Business Banking – User Experience Testing

 In Banks, Digital Transformation


While banking apps make it easy to check balances, pay bills and transfer money, it is much more difficult to conduct complex banking transactions, multi-party account opening and business banking in this manner due to banking regulations and compliance requirements. In addition, Small Business buyers are beginning to expect the same level of convenience that they experience from a one-click purchase at Amazon – from their bank.

This is where Liveoak comes in.  Our company provides a virtual business platform that enables enterprises and their customers to conduct business virtually from any location. We’ve created a secure on-line environment where Enterprises (banks, wealth management, insurance) can safely operate and provide their customers with a convenient, virtual experience.

Story from the road

In this story from the road, we engaged with one of our large bank clients to roll out a virtual banking experience for their Small Business banking customers. They want to offer their customers the ability to bank however and whenever they want, but they also wanted to solve the following problems:

  • Replace the need for customers to travel to a branch or have a banker come to their office to do business.
  • Offer a white glove service to make it easier to discuss and complete complex paperwork in a virtual setting.

This fortune 500 company, with over 3,000 branches and 75,000 employees, implements new solution in stages. The first stage is “user experience testing” and is crucial for gathering feedback on how, when and where to implement new solutions across their customer base.

I visited the bank’s corporate HQ and was invited into a screening room to witness live user testing of our virtual business platform. The screening room had two gallery rows of desks and a one-way glass wall overlooking a small conference room. Inside the screening room were business and product team owners, innovation team members, and bankers ready to engage with prospects in a Liveoak virtual banking session. The mock prospect was sitting at a table in the adjacent room with a laptop and a Liveoak virtual banking session open on their screen. Next to the prospect sat a user experience proctor ready to record questions and feedback. The setting was perfect to simulate a virtual “remote” banking experience.

This was a blind test in that the Small Business banking prospects were using Liveoak to engage with a banker to discuss banking products for the first time. The bank recruited a list of real prospective customers and each test lasted approximately 45 minutes including Q&A. During the session, the banker leveraged various components of the Liveoak platform (video, audio, real-time forms collaboration and e-signature) to complete three banking transactions together: New Account Opening, ACH and Wire Transfer.

Lessons learned

Witnessing the unfiltered reactions was both fascinating and incredibly useful. In fact, a few insightful feature requests came out of the experience testing that we brought back to our development team.

At the end of each session, the proctor asked about the experience with Liveoak. Overwhelmingly, the prospective customers liked the virtual “in person” experience more than just a phone call.  Unscripted, they also said they would rather use Liveoak than come into a branch or have a banker come to them.

I particularly liked the following comments from one person:

“It was very good because it kept me engaged and it pulled me through the application process… had I been stuck and on my own, I would have just disappeared (and not completed the application)”.

He went on to rate his experience a 7 (out of 7) because he is a low tech guy and the banker was there to guide him through the process.

Another customer said:

“With the agent’s supervision, the new account opening process was a 7 and without the agent’s support, it would have been a 4”.

and then went on to say:

“Having a person walking you through the process is a unique feature”.

What comes next?

The biggest take-away by far was that this level of upfront user experience testing helped de-risk the deployment of new technology across the bank as it pointed to overwhelming end customer adoption and engagement. This client-driven information gave us both valuable insight into deploying our platform for this use case, but also laid the groundwork for expanding into new business verticals inside the bank: wealth management, mortgage, and remote notary.

As always, we are incredibly grateful for the opportunity to work so closely and to collaborate with our banking customer to create the ultimate virtual banking experience.

Author: Mike Alderson, Head of Sales @ Liveoak Technologies

Recent Posts