How can a good UX affect Fintech Products?




With the growth of social media and the importance of user interface, visuals built by designers are getting more in demand in every field. The same goes for financial banking and developing apps for fintech. Numbers don’t love everyone and can be tricky. But why are digital transactions on the rise? Why is designing apps for e-wallets, trading, etc., getting so much importance? Some stats did the math and gave us the answers. While it is still minute compared to traditional banking, traditional retail banks spend not so impressive $30 billion annually on digital transformation, compared to Fintech’s $111 billion. However, building an obvious user-friendly product for fintech has its strings attached with some in-depth field analysis about its type and user base.


To build a design for a specifically targeted audience, UX designers should be committed to the goal of providing solutions to them. As a fintech UX designer, you’ve got to assist the users both in their knowledge and success. Any loophole in the design can largely affect the users and may even lead to a loss if it is an investment fintech app. Therefore, to avoid such consequences and serve the best user experience in the fintech design, we present to you some ways how a good UX can affect fintech-


It is a typical task to build a fintech product. Balancing between heavy financial jargons, effective usability, and users’ financial growth is undoubtedly a challenging job. To create a win-win situation for all the fintech product stakeholders, systematic and detailed smart work has to be done.



Play safe with the terminology


While developing any user application, the ease in understanding and using the design is the foremost ground rule for any designer. A load of data, heavy financial terms that the designer has not ever heard of, and the intricate detail requirements by the client can make the designing part of the fintech product not-so-glamorous. Breaking it down and developing a user-friendly design is the creative, smart work that is needed here.


User sensitivity includes that the terms you use in your design are understandable to the target audience. 89% of people today use fintech and banking products. A good fintech design simplifies the complexity of terms and financial information to make sure anyone can easily use financial services.


People use e-wallets, online trading, and betting applications to earn from their big or small investments. What they expect from your design is to be assistive and as accurate as possible. Assistive in terms that even a retired and not-so-techie farmer can easily understand investment tips in a few glances. A designer has to make sure that the farmer does not close the app, getting scared by the terminology, and can rely on the design for financial problem-solving.



Do not overwhelm the users


The designer has to provide the user a homely feel when they open the fintech app. This rule applies to the development of all user-friendly products, whatsoever. In the fintech product as well, a UX designer needs to make sure that the user has clarity on the screen regarding the whereabouts of different standard design details such as the search bar, stock charts, payment options, etc. Clarity makes the technical information of financial services easy to understand by any type of user.


This being said, remember you as a designer welcome all types of users to avail fintech services- the ones who are pros in the financial world and the ones who have just started to gather knowledge about online banking and investments. Stats indicate that 50% of customers switch financial services because of a poor experience. Hence, make sure you create a flow or offer the users a step-by-step about the knowledge without it being overwhelming or critical financial information.


Remember, your goal is to develop problem-solving and digitally assistive fintech. Financial services are usually complex, but a gradual structure offered to users makes the app user-engaged. Add translations, languages, decimal simplification, and other similar features so that users do not get overwhelmed by the product and are well-directed. For this, the UX product team has to work in definitive sync.



Personalization


Every user is different, and so are their goals and expectations. As customers like the exclusive feel, users also like to be treated special. With the advancement of technology, it is now easy and cheap for UX designers to give that personalized and exclusive feel to the users in financial services. The kind of bio-data of the user that the UX design gathers through online forms and sign-ups can play a key role in building a personalized platform.


Personalization is an essential ingredient of fintech product development that ensures user engagement and stimulates user connectivity with the fintech app. Besides, personalization in fintech makes each user able to extract relevant and subjectively important information. The designer shows the door but exploring and utilizing the museum of information depends on the user.


Personalization is an essential ingredient of fintech product development that ensures user engagement and stimulates user connectivity with the fintech app. Thus for fintech, the design needs to be straightforward, personalized, and clear for all the users. This is why a whopping 89% of digital businesses invest in adding exclusive user features and personalization (source- forrester).




Yes. Visuals matter.


As mentioned above in the article, visuals and graphics can play a key role in providing concise information when they avail financial services through fintech. The display of stock reports, statistics, tables in the financial app is a distinctive feature in the fintech UX design. Here, the designer has to be creative and also has to be intuitive about how the users will visualize the distinctive features on a small mobile screen. Then, how the users and their screens will adapt to these features. For example, if it is an online payment app, the numeric fields should have some automation for easy calculation.


Other than graphics, colors are also a vital part of visuals. Researchers say 60% of users are attracted to a digital product based on its color alone. Subtle and standard color schemes should be a go-to for an appealing fintech product. A fintech designer should ensure that the colors are not too bright to burn the eyes of the users and are familiar to them.


Fintech UX designers should make sure the colors used in the product reflect the culture or vibe of the app. Moreover, the fintech app becomes attractive and fun when the display of distinctive features is scalable and easy to navigate. Hence both the graphics and colors can play a major role in easing user interaction in a fintech design.




Think, think and think to make it more communicative and reachable.


After using the right terminology and data visuals, the next up for the designer is to be more intuitive and thoughtful for the users. Remember, UX designers cannot create a technical and traditional form of financing tool; instead, they develop a fintech product that is customer-centric and efficient. For this, a designer has to give the freedom to communicate to the users by creating a highly interactive design. Remember when you go to a bank, and every counter asks you to move to another counter? Well, that is what a good fintech product avoids. Fintech design aims to offer hassle-free financial services.


The freedom of communication is then followed by building the trust of the users in the fintech product. This can easily be done by simplifying the tone and language of the fintech product. A large user base better understands an interactive design; features like chatbots, voice assistance, a good customer care department can help the design be more communicative and user-friendly. This is why fintech expects the growth of Artificial Intelligence roughly by 24% in the coming years. The free flow of communication between the financial app and the user makes the design highly resilient and less boring.


User interaction and a thorough communication chain are vital for a fintech design. Through data visualization and certain AI features, users stay informed and gain a sense of control while operating the fintech app. This, in turn, facilitates a bilateral relationship between fintech and the user.


Fintech is a tough nut to crack for UX designers. This is mainly because of the set protocols of financial institutions and an ordinary person’s difficulty in understanding them. Even good designers make mistakes with the terminology and rules of fintech. The only way is to do the hard work by rechecking and re-testing the design and build a sound and user-friendly fintech. This will also ensure the functionality and transparency of the design, ultimately enlarging the user base. All of this will successfully make the UX design community transform the traditional and not-so-exciting investment sector into a modern and efficient one.


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