Description

In the latest episode of the Practical Perspectives series, James Robert Lay and Audrey Cannata highlight the often unseen complexities of opening new deposit accounts at financial institutions. They reveal how a cumbersome user experience can overwhelm and even frustrate customers, leading to lost opportunities for banks and credit unions. Through recent secret shopping studies, common patterns emerged showing that many institutions unintentionally add cognitive load—making the process more confusing for customers.

The good news is that simple, actionable changes can make a big difference, such as redesigning comparison tables to clearly present fees, interest rates, and minimum balance requirements. They emphasize the importance of transparency and simplicity, arguing that making essential information easily accessible can significantly reduce customer stress and increase trust.

Join us as we discuss:

-The Three Types of Cognitive Load (9:26)

-Simplifying and organizing different types of accounts (12:16)

-Increasing trust through transparency (17:22)

Hosted by Ausha. See ausha.co/privacy-policy for more information.