The current economic climate in the United States presents a complex picture. While the overall economy is performing well, the benefits are not uniformly felt across all sectors. Some companies and organizations are thriving, while others face significant challenges. With the upcoming election in November and the recent attempted assassination of a presidential candidate, there is an atmosphere of heightened uncertainty. Additionally, the rise of right-wing radical thinking around the globe has added to the unpredictability. In such times, strategic design emerges as a critical tool for all companies, but especially financial and legal firms, enabling them to communicate clearly and instill confidence in their clients. By leveraging design principles that emphasize clarity, trust, and resilience, firms can navigate these uncertain times effectively.
Clarity: Simplifying Complexity
In an environment where economic conditions vary widely and the future feels uncertain, clients seek clarity and reassurance from their financial and legal advisors. Strategic design can play a pivotal role in simplifying complex information, making it more accessible and understandable. By employing clean, intuitive layouts and clear typography, firms can present data and insights in a manner that reduces confusion and fosters informed decision-making.
For instance, interactive infographics and user-friendly dashboards can transform intricate financial data into digestible visual narratives. This not only helps clients grasp essential information quickly but also positions the firm as a transparent and reliable partner in navigating economic challenges.
A prime example is Charles Schwab’s Intelligent Portfolios platform. Launched in 2015, this robo-advisor service aimed to simplify investment management for retail clients. The platform’s user interface was designed with a focus on clarity and ease of use, featuring intuitive visualizations of portfolio allocations, performance metrics, and risk assessments.
According to Schwab’s 2019 annual report, the Intelligent Portfolios platform saw a 37% year-over-year increase in new accounts. The company attributed this growth largely to the platform’s user-friendly design and clear presentation of complex financial information. Neesha Hathi, Chief Digital Officer at Charles Schwab, stated in an interview with Financial Planning magazine, “Our focus on intuitive design and clear data visualization has been key to helping our clients understand and engage with their investments more effectively.”
There’s plenty of data reflecting design’s impact on client retention and engagement.
According to a 2022 study by Deloitte, financial institutions that prioritized user experience design saw an average increase of 32% in client engagement metrics.1
The J.D. Power 2023 U.S. Wealth Management Digital Experience Study found that wealth management firms with top-quartile digital design scores experienced 28% higher client retention rates compared to those in the bottom quartile.2
A 2021 McKinsey report on digital transformation in financial services revealed that companies investing in user-centric design for their digital platforms reported a 20% increase in customer satisfaction scores and a 15% reduction in customer support calls.3
The Capgemini World Retail Banking Report 2022 indicated that banks with highly rated mobile app interfaces saw a 42% increase in active mobile users over a 12-month period, compared to a 17% increase for banks with lower-rated interfaces.4
Trust: Building and Maintaining Client Confidence
Trust is the cornerstone of any successful relationship between a firm and its clients, especially during times of uncertainty. Design can significantly enhance the perception of trustworthiness.
Elements such as consistent branding, professional aesthetics, and user-centric design contribute to a sense of reliability and stability. Consider a study on trust from Stanford University conducted by BJ Fogg, Founder of the Persuasive Technology Lab:
“Credibility is essentially multi-dimensional, and since people interact with computers via a screen, that makes building credibility all the more challenging. When people started to build web pages, Fogg and his team wanted to understand what made people assign credibility to those pages and trust their content. Since websites were a totally new concept when these studies took place and were a new way to present information, there wasn’t much of a starting point. Fogg performed a large-scale credibility study by showing people different websites that were designed well or poorly, and found that what mattered most was, did the page look good? If it looked good, the assumption was the information was credible, and that was far and away the most important thing that determined whether people thought information was credible. When I asked Jakob Nielson, a world-renowned design and usability expert, why people feel more comfortable with well-designed sites, he explained that a lot of the thought process is about comfort and familiarity.
“Think about the old banks,” he said. When you walked into the institutions, they had these huge marble statues in the middle of the floor. This was meant to evoke power and strength and confidence so you could trust the institution to look after your money. When it comes to the web, good design offers the same feeling of trust. Nielsen explained that little things like a logo, a phone number or clean, well-designed fonts, offer a sense of familiarity with real-world objects. Fogg’s research candidly shows that it doesn’t matter who makes the information we consume, but that we add influence and authenticity on the basis of aesthetics.”
Design can be a powerful tool for financial and legal firms facing economic uncertainty. Just as the grand architecture of old banks conveyed stability and trust, modern design elements—such as clean fonts, bright colors, and intuitive layouts—can evoke similar feelings of confidence and reliability. By prioritizing aesthetics and user experience, firms can build credibility and ensure clients feel secure, even in volatile times. Fogg’s insights remind us that in the digital age, the visual appeal and professional design of a firm’s online presence are critical in shaping perceptions and fostering trust.
As financial and legal firms navigate these challenging economic times, embracing design as a strategic tool can be the key to maintaining client relationships and ensuring long-term success. By addressing the fears and anxieties of an electorate facing political volatility and global radicalization, firms can solidify their role as beacons of stability and trust amidst a landscape of economic and social unpredictability.
Deloitte. (2022). “2022 Banking and Capital Markets Outlook.” ↩︎J.D. Power. (2023). “2023 U.S. Wealth Management Digital Experience Study.” ↩︎McKinsey & Company. (2021). “The value of design in digital transformations.” ↩︎Capgemini. (2022). “World Retail Banking Report 2022.” ↩︎
This post was originally published on Lynda’s LinkedIn newsletter, Marketing without Jargon. Lynda leads a team at Decker Design that focuses on helping law firms build differentiated brands.
Header image © Decker Design.