Is it feasible to use a UX design strategy to reduce friction and enhance the design of fintech apps in a matter of days? Many people think it takes a lot of time and money to accomplish. However, that is untrue. You can raise customer satisfaction by alleviating their most frequent problems.
The design of user interfaces (UI) for financial technology goods and services is known as fintech app design. This design style concentrates on developing intuitive and user-friendly interfaces for desktop and mobile financial applications to make it simple for consumers to manage their financial accounts and transactions.
Key Elements for a Good FinTech Design
In addition to being straightforward, user-friendly, and aesthetically pleasing, the best fintech app design successfully satisfies user needs. Requirements for a strong financial user interface design include:
1. Functionality
Without any extraneous features or difficulties, a successful FinTech product should be able to efficiently carry out all the tasks for which it was specifically created.
2. User experience
A strong fintech product should have an intuitive user interface and be simple to use and comprehend.
3. Visual style
An excellent financial product should have an eye-catching design that complements the company's aesthetic and identity.
4. Adaptability
A financial product should be responsive and flexible enough to work on a variety of platforms and devices so that users can access it on their preferred devices.
5. Accessibility
A decent fintech product should adhere to pertinent accessibility standards and guidelines and be usable by people with impairments.
Top Ways to Improve the FinTech App Design
Financial services products should be designed with the customer in mind to create a user-friendly and seamless experience. Over the past five years, our team of UX architects has gathered thousands of examples of money flows that cause usability issues.
A thorough explanation of each of these examples is provided below so you can see where the usability issue is and what precise actions you need to take to eliminate friction and make it a positive experience when designing your financial product.
1. Fast and Easy Login
When customers want to check their balance or transfer money, but find it difficult to use the financial app, they may become quite irritated and prefer to return later when they have more time. This is not a method of building relationships with the clients.
In the short term, customers may tolerate it, but in the long run, they will move to a financial app that offers a seamless and rapid login.
From a user experience (UX) standpoint, it is essential that the login process be easy to use and provide straightforward access, all the while keeping security in mind.
2. Clear Navigation
Some users equate financial apps to a jungle. They must navigate a dense "forest" comprising dozens of functions to reach their target. This is not a short or pleasant voyage.
One of the primary purposes of user experience design in finance is to assist consumers in achieving their objectives as quickly and easily as feasible. Here, it's critical to consider whether your financial software will remind consumers of a jungle. In this case, a thorough UX audit and evaluation of all functionalities should be conducted.
Often, users only use one-third of the offered capability. Removing superfluous functions improves the overall service experience.
3. Effortless Transactions
One of the most significant features of financial apps is the ability to transfer money. This is a scenario that determines whether users will continue with your financial application. It's essential to keep everything as simple and easy as possible.
Users anticipate to complete these common scenarios in seconds. They are unlikely to be forgiving if making a payment is difficult and takes up a significant amount of their time and energy. The less time your users have to think about it, the more grateful they will be for your financial services.
4. Providing Feedback After the Payment
Making a payment gives users a sense of responsibility, but they also worry about whether they will send the right amount to the right person.
If everything works as planned, the user is relieved. If, for any reason, the payment cannot be made, the user becomes worried. Without a doubt, the financial app should reassure the user in this situation and guide them through any possible problems.
5. Prioritizing Security
Since most users utilize payment cards to make purchases, all card-related procedures ought to be conveniently available via all available channels. This is particularly true in stressful security scenarios like losing a card or being robbed, where quick action is necessary.
The ability to manage payment cards using a financial app is becoming common across banks. In this case, the scenarios that have a significant influence must be easily available. The user's hard-earned money is directly accessible through the card. Therefore, the ability to control the security settings is crucial for the clients.
6. Accessible Support Opportunity
Financial firms may conceal their contact details or only offer one contact option to prevent an excessive amount of incoming messages. If the user just provides his phone number, he is either unable to provide any attachments, such as screenshots, or he would prefer to chat rather than talk at that time.
The consumer must also wait a long time to get help because phone operators are frequently extremely busy. The outcome of this is a mix of unfavorable sentiments and attitudes regarding the financial service.
7. Simplify the Recurring Payments Setup Process
Users are grateful for services and technologies that make their lives easier in their daily lives. Recurring payments are a feature in banking and financial services that frequently helps users feel less anxious since it makes managing their monthly obligations simpler.
Unfortunately, in certain situations, consumers may experience more issues rather than solutions because of the features' complexity and lack of usability.
Additionally, the program exits the app and reroutes the user to the mobile-responsive version. Because the human brain interprets the entire procedure as a continuous flow, this leads to fragmentation that disrupts the digital banking client experience. Confusion results from the disruption of the flow that occurs when a user is redirected.
Conclusion
The development of UX from conventional models to user-centric designs has been charted in this investigation of Fintech Design, highlighting the critical role that UI/UX plays in creating smooth banking experiences.
The blog explores the nuances of design that improve user trust, accessibility, and happiness by revealing tactics for winning UI/UX, particular advice for various financial domains, and contemporary developments like biometric security and AI integration.
Fintech app development platforms can usher in a new era of user-centric, intuitive, and safe digital financial interactions by demythologizing intricate financial procedures and embracing simplicity.
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