Study
User-Centred DesignRecentStrong effect

Optimizing Open Banking Loyalty: A Customer Experience Framework

A positive customer experience, driven by ease of use, perceived value, support quality, reliability, and innovation, significantly enhances loyalty intention in open banking platforms.

Sustainability · 2023

01

Key Findings

  • 01Ease of use positively influences customer experience.
  • 02Perceived value positively influences customer experience.
  • 03Quality of support positively influences customer experience.
  • 04Reliability positively influences customer experience.
  • 05Perceived risk negatively influences customer experience.
02

Application

Design takeaway

Designers and product managers should focus on creating seamless, valuable, and trustworthy open banking experiences by addressing ease of use, perceived value, support, reliability, and innovation to cultivate strong customer loyalty.

How to apply

When designing or iterating on an open banking platform, conduct user research to assess current performance across ease of use, perceived value, support, reliability, and innovation, and use these insights to inform design improvements aimed at boosting loyalty.

Project actions

  • 01When designing a digital service, consider how users perceive its value and ease of interaction.
  • 02Investigate the role of customer support and system reliability in user satisfaction and retention.
03

Method & Evidence

AimWhat are the key cognitive and affective factors that shape customer experience in open banking, and how do these factors influence customer loyalty intention?
MethodQuantitative Survey
ProcedureA survey was administered to open banking users in Saudi Arabia to collect data on their perceptions of various factors influencing their experience and loyalty.
ContextFintech, Open Banking, Saudi Arabia

Variables

IV["Ease of use","Perceived value","Quality of support","Reliability","Perceived risk","Ability to innovate"]
DV["Customer experience","Loyalty intention"]
04

Strengths & Limitations

Strengths

  • +Addresses a novel area (open banking customer experience).
  • +Proposes and tests a comprehensive model.
  • +Provides actionable insights for businesses.

Limitations

The findings are specific to the context of open banking in Saudi Arabia and may not apply universally to all digital services or markets.

Reliability & validity

The study's reliability and validity would depend on the survey instrument's design, the sampling method, and statistical analysis techniques used to confirm the relationships between variables.

Think critically

How might cultural differences in different regions impact the perceived importance of these customer experience factors in open banking?

05

Design Principles

"Customer loyalty in digital services is a direct outcome of a well-crafted, positive user experience that addresses cognitive and affective needs."

Understanding the drivers of customer experience is crucial for designing and refining fintech products, particularly in the rapidly evolving open banking landscape. By focusing on these key factors, design teams can create more engaging and trustworthy services that foster long-term customer relationships.

06

What This Means for Your Design

For open banking apps, making them easy to use, showing users what they gain, providing good help, making sure they work well, and being innovative all lead to customers liking the app more and sticking with it.

How to use in your project

  • 1.Reference this study when discussing the importance of user experience in driving customer loyalty for digital products.
  • 2.Use the identified factors (ease of use, perceived value, etc.) as a framework for evaluating or designing a user experience.
07

Add to My Project

08

Quick Cite

(2023). Customer Experience in Open Banking and How It Affects Loyalty Intention: A Study from Saudi Arabia. Sustainability. https://doi.org/10.3390/su151410867 Retrieved from https://designdex.org/study/75e335ce-039e-49d8-9cec-4ddca7eeed56/optimizing-open-banking-loyalty-a-customer-experience-framework

Paragraph starter

Research indicates that customer loyalty in emerging digital sectors like open banking is significantly influenced by user experience. Factors such as ease of use, perceived value, quality of support, reliability, and the platform's innovativeness collectively shape a user's perception, which in turn drives their intention to remain loyal to the service. Therefore, a user-centred design approach that prioritizes these elements is critical for fostering sustained engagement and retention.

09

Source

Sustainability

Customer Experience in Open Banking and How It Affects Loyalty Intention: A Study from Saudi Arabia

journal · 2023

View source

Questions about this research

What does the research say about optimizing open banking loyalty: a customer experience framework?
Designers and product managers should focus on creating seamless, valuable, and trustworthy open banking experiences by addressing ease of use, perceived value, support, reliability, and innovation to cultivate strong customer loyalty. Evidence: Sustainability (2023).
Why does "Optimizing Open Banking Loyalty: A Customer Experience Framework" matter for design?
Understanding the drivers of customer experience is crucial for designing and refining fintech products, particularly in the rapidly evolving open banking landscape. By focusing on these key factors, design teams can create more engaging and trustworthy services that foster long-term customer relationships.
How can designers apply this research?
Designers and product managers should focus on creating seamless, valuable, and trustworthy open banking experiences by addressing ease of use, perceived value, support, reliability, and innovation to cultivate strong customer loyalty.
What were the main findings?
Ease of use positively influences customer experience.. Perceived value positively influences customer experience.. Quality of support positively influences customer experience.. Reliability positively influences customer experience.
What research method was used?
Quantitative Survey.
How strong is the evidence?
Evidence strength is rated Strong effect, based on a 2023 journal from Sustainability.
What should I do differently in my next project?
When designing or iterating on an open banking platform, conduct user research to assess current performance across ease of use, perceived value, support, reliability, and innovation, and use these insights to inform design improvements aimed at boosting loyalty.
What are the limitations?
The study was conducted in a specific geographic region (Saudi Arabia), which may limit the generalizability of findings to other markets.
Is there evidence that open banking affects design outcomes?
The study found that multiple aspects of a user's interaction with open banking services, including how easy it is to use, the perceived benefits, the quality of assistance, the system's dependability, and its capacity for innovation, all contribute to their overall experience. This positive experience, in turn, makes Source: Sustainability (2023).
Where does this customer experience research apply?
Fintech, Open Banking, Saudi Arabia It sits within user-centred design research on designdex.org.

Related research topics

open banking design research · evidence on open banking · does open banking improve design outcomes · customer experience studies for designers · open banking and customer experience findings · user-centred design research evidence