Impact of UX on Fintech Apps
Contrary to popular belief, fintech app design does not need to be boring. Good UI/UX design that’s engaging and speaks to users in a language they understand is the ultimate way to make users fall in love with your product. When a financial app is user-friendly and easy to use, it will attract more users and also encourage users to continue to return to the app. If your website or app is under-structured, poorly worded or just plain boring, users will find it hard to trust the app with their sensitive financial information.
Designing a popular fintech app that is beautiful yet functional, is no doubt a challenge due to the complex nature of this niche. However it is an essential task, since globally, the market share for financial services is anticipated to reach at least 26.5 trillion dollars by the year 2022, (Source: The Business Research Company)
Another important statistic states that the worldwide fintech market is said to grow by 23.58% CAGR between 2021 and 2025. (Source: Research and Markets)
While traditional UI/UX design focuses more on aesthetics, fintech UX Design is geared more toward science — focusing on data, user behavior, design patterns, and creating products that will provide solutions for common problems faced by users. Since finance is typically a more traditional industry, disrupting age-old paradigms and merging them with new technical innovations is a challenging task. However, if organisations want to increase engagement and attract new Gen Z users, they must prioritize good fintech UX.
Let us now dive deeper into what Fintech UX design is.
First things first, what is Fintech UX Design?
Fintech UX Design refers to specialized skills, patterns, guidelines, and ideas that come together to create better digital experiences for financial services, and financial products such as insurance, banking, payments, loans, and more.
The main objective of fintech UX design is to create better and more user-friendly experiences for financial institution customers and make enterprise software used by employees of financial institutions more seamless.
Fintech user experience is important because it puts the user at the forefront. It can help your customers at multiple touch-points, such as during the signing up and onboarding process. Since this is the first interaction that users have with your app, it is important to set the right tone and persuade them to sign up for your product by providing them with a great user experience.
Good fintech user experience also helps build trust in your customers. Since financial services require a lot of confidential information, a good UI can assure your customers that their information is safe with you. Bad UI can dissuade customers from trusting your products.
Another reason fintech user experience has become important is because a lot of users are constantly on the move. Their smartphone becomes the most essential tool for them that helps them solve all their needs. Thus it is important to create a seamless product devoid of any hassle as it adds to the customer experience.
How can you create great UX that is impactful for fintech apps?
There are an endless number of options in the market when it comes to fintech apps. How can you design one that stands out from the rest, and is impactful?
- Be transparent
Many users find finance boring or difficult to understand. To create good fintech user experience, reduce complexity by removing unnecessary jargon. Avoid an information overload on your users and bring simplicity and transparency to help users achieve their tasks faster.
- Simplified site/app navigation
Good fintech app UI prioritises site navigation and empowers customers to achieve their tasks with as little effort as possible. A simple and efficient UX has become essential to provide maximum consumer satisfaction.
- Clear and simple language
Since finance is perceived as being extremely complex due to the jargon it uses, the challenge for fintech UX designers is to simplify this language and convert them into understandable terms for the user. An easy solution for this is to have a glossary of terms with their meaning on your app that users can refer to.
- Create some friction in the user experience
While most user experience advocates for frictionless UI/UX, too much ease in the usability of a fintech app could cause users to make mistakes with their money. Adding a few more steps in certain actions such as transactions/payments helps in preventing such mistakes. While this is contrary to the idea of creating a more seamless user experience, at the end of the day users will feel safer knowing they won’t make any unnecessary blunders on your app. They would feel safer while using the app and also get retained automatically.
- Allow the user to visualise
Since too much data can get overwhelming for users, present it in the form of visualisations that are easy for users to comprehend. Data insights can be more impactful when accompanied by readable and easy-to-understand visualisations.
- Gamify to engage users
Gamification in a fintech mobile app can encourage better user behavior, and make it fun for users to use the app. This has also been shown to improve financial literacy amongst the younger generation.
Bottom Line
UX designers in the field of fintech should aim to achieve a balance of design, functionality and usability. As fintech continues to grow, we will be seeing a revolution in the field of fintech products, whether it is digital banking, lending, online trading, or e-wallets. They will continue to impact the way users track their finances, invest in stocks, apply for loans etc.
It is hoped that you found the given impact thesis of UX on Fintech apps. Looking for more such studies? Hop on to onething.design.
