But TUX isn't just about transactions; it's about delivering an exceptional experience across every facet of your business from colleagues, customers and clients to partners, vendors and stakeholders.

Gone are the days of compartmentalising business operations. TUX challenges the notion of isolated entities, urging organisations to break free from silo mentalities. We can't afford to say, "that's a customer service problem" or "that's an accounts problem." TUX compels us to see the interconnectedness of every aspect of our operations.

For big brands, it's long been understood that user experience (UX), customer experience (CX), and employee experience (EX) are intricately linked. A flaw in product UX can sour a customer's perception, while an excellent complaints outcome can turn an unhappy customer into an ambassador. TUX embraces these connections, treating each encounter as part of a unified experience rather than isolated incidents. It's a shift from seeing interactions as separate pieces to recognising them as integral parts of a seamless whole.

Rooted in a comprehensive approach that transcends traditional user experience (UX), TUX encompasses employee experience (EX), customer experience (CX, user experience (UX), and multi-experience (MX) to create a holistic tapestry of engagement. As we embark on this transformative journey, it's essential to understand how TUX is reshaping the financial landscape and elevating user engagement.

TUX: a comprehensive framework

TUX represents more than just pixels on a screen; it embodies a strategic framework that integrates diverse experiential domains. From fostering colleague satisfaction to delivering seamless customer interactions across digital and traditional channels, TUX aims to create meaningful connections at every touchpoint.

In financial services, TUX manifests in various forms:

• Employee experience (EX): Empowered colleagues translate into superior customer experiences. By prioritising EX, financial institutions equip their teams with the tools and support needed to deliver exceptional service.
• Customer experience (CX): CX extends beyond mere transactions; it encompasses the entirety of a customer's journey with a financial institution. From the first digital interaction to in-person engagements, CX strives to create personalised, seamless experiences that foster loyalty and trust.
• User experience (UX): UX focuses on the usability and satisfaction derived from digital interfaces. It entails crafting intuitive, visually appealing platforms that enhance user satisfaction and streamline interactions.
• Multi-experience (MX): MX embraces emerging technologies to extend the user experience across diverse channels. From chatbots to augmented reality, MX ensures consistency and coherence in interactions across platforms.

Challenges to incorporating TUX

While TUX promises transformative benefits, its adoption comes with its set of challenges:

• Legacy technology challenges: Many financial institutions grapple with outdated legacy systems that hinder the seamless integration of TUX principles. Overcoming these technological barriers requires strategic planning and significant investments in modernisation.
• Complex processes: Financial services often entail intricate processes that can complicate the implementation of TUX. Streamlining these processes to align with TUX principles demands meticulous analysis and redesign efforts.
• Cultural shifts: Embracing TUX requires a cultural shift within organisations, where employees must embrace new ways of thinking and working. Change management initiatives and ongoing training are vital to foster a TUX-centric culture.

Transforming financial services with TUX

As customer expectations evolve, financial institutions must adapt to meet the demands of a digital-first world. TUX offers a roadmap for transformation:

• Embracing digital-first expectations: The pandemic accelerated the shift towards digital banking and insurance services. To thrive in this landscape, financial institutions must deliver seamless, user-friendly digital experiences that prioritise transparency and efficiency.
• Personalisation as a priority: Personalisation lies at the heart of TUX, enabling institutions to anticipate and meet individual customer needs. By leveraging data analytics and Artificial Intelligence (AI), FinServ can deliver tailored solutions that drive loyalty and satisfaction.
• Harnessing real-time analytics: Data is the fuel that powers TUX implementation. Real-time analytics enable institutions to extract actionable insights, identify trends, and address pain points swiftly, thereby enhancing the overall user experience.
• Orchestrating seamless integration: TUX requires a holistic approach that integrates EX, CX, UX, and MX seamlessly. Whether through mobile apps, chatbots, or in-person interactions, users should encounter consistent experiences across all touchpoints.

Unlocking better outcomes

At Target, we’re committed to leveraging our strengths and systematically identifying and addressing our weaknesses to deliver exceptional TUX-driven solutions.

Shoring up our strengths:

• Highly functional platform catering to diverse products and clients
• Robust infrastructure supporting scalability and resilience
• Regulated expertise in managing complex transactional processing seamlessly.

Addressing our weaknesses:

• Legacy technology challenges and digital exposure issues
• Complex processes which prevent agility
• People challenges, including lack of expertise, time to get to competency and retention issues.

It’s important to honestly appraise the good and not so good of your current user experience to be able to prioritise what you need to address to move towards TUX.

Our five pillars of success

Our journey towards TUX has seen us evolve to a fully integrated technology solution that supports the end-to-end customer journey, leveraging key OpenText components to deliver exceptional outcomes via channels of choice.

Through our five strategic pillars, we're driving TUX implementation as follows:

• Total User Experience: Prioritising user journey-driven requirements
• Digital Engagement: Delivering seamless digital experiences
• Data-Driven Insight: Leveraging data for continual improvement
• Software as a Service (SaaS) and Application Programming Interface (API) led Architecture: Embracing integration and flexibility
• Cloud Adoption: Harnessing the power of the cloud for innovation and scalability.

We're committed to realising our 3 C's Strategy, enhancing Colleague, Client, and Customer experiences across the entire journey.

What great TUX looks like!

Total user experience in financial services embodies seamless interactions across all touchpoints, catering to the needs of customers, users, and colleagues alike. It involves user-centric design principles, personalised experiences, omni-channel integration, and empowered colleagues.

We’ve seen TUX transform experiences for customers already. Monzo has redefined customer interactions through its intuitive mobile app. By prioritising UX/UI design and personalised financial insights, Monzo has cultivated a loyal user base that values transparency and convenience.

Barclays has embraced TUX principles to streamline its digital banking offerings. Through features like real-time transaction alerts, personalised budgeting tools, and ai-driven chat support, Barclays enhances cx while empowering users to manage their finances effortlessly.

Nationwide Building Society uses TUX to create seamless omni-channel experiences. From online banking platforms to in-branch interactions, nationwide prioritises consistency and personalisation, fostering deeper connections with customers.

By prioritising user experience, personalisation, and employee empowerment in their operations financial service firms can create exceptional TUX, fostering loyalty, satisfaction, and trust among their stakeholders.

Accelerate your TUX for competitive success

TUX represents the next frontier in financial services; a journey towards meaningful connections, personalised experiences, and unparalleled engagement. With that comes reduced customer acquisition costs (after the initial investment), customer loyalty, enhanced reputation, and increased revenues.

As we continue to innovate and collaborate with partners like OpenText, we remain committed to delivering exceptional outcomes for colleagues, customers and clients alike. Together, let's embark on this transformative journey towards a brighter future in financial services.