Bank of Lithuania reaps award for user-friendly website

The Bank of Lithuania was picked by Central Banking as the website of the year in the industry. The winning central bank says the strong point of its website is its user-friendly information architecture.

Central Banking in providing justification for the award:

A key feature of the new website is how each of the central bank’s functions (eg, monetary policy, payments, reserve management) is explained to the user. Large blocks of text peppered with technical terms have been replaced with short introductory paragraphs, videos, infographics and links to further information.

The videos are particularly eye-catching … The videos succeed in making the content resonate with its entire audience.

While other central banks have also used video, the consistent application across a website is rare, as is the quality.

The Bank of Lithuania’s website was launched in April 2017 following a revamp which involved more than 100 employees in a development project that took about 17 months. As the site evolves further, the Bank plans to create and feature more videos on financial education as well as personalise the presentation of statistical data.

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While the new website is cool and beats those of many other central banks, I cannot help but argue that the language used on the pages and in videos remains too technical and complicated to follow for an ordinary member of the public. One example: This is how the Bank explains its mission in the introductory video on “Who are we?”:

“Our mission is to bring benefits to society while seeking to foster a reliable financial system and ensure sustainable economic growth. To achieve this, we implement various measures.”

This is the lingo of an academic paper.