Fintech is a significant upgrade to the traditional financial sector, there’s no denying that. The perks of digital transformation have found their way to financial services. Fintech or financial technology empowers people to get an optimal and enhanced financial experience with modern technology, leading them to remotely and efficiently access financial products.
However, fintech as a concept is not enough. Many financially oriented businesses forget that, alongside incorporating technology and innovation, they still need to keep things simple for the end use. An overly complex user experience can have the opposite effect. User Experience (UX) is one of the deciding factors that could either build up your user base or break your business.
A fine user experience focuses on patterns and content preferred by the targeted customers. No matter how much financial expertise and ingenious designs you incorporate on your website or application, it will not be able to achieve its goal at the end of the day, if it is ignored by the users.
UX – Simplifying the complex financial services
UX has evolved the fintech industry, streamlining financial services that were once considered overly complicated and usable only by experts. Financial markets have now become accessible to almost everyone, with the help of easy-to-use apps and terminals. The forex trading industry, for example, has flourished significantly thanks to a wide range of brokers incorporating a good UX that accommodates the clients’ needs, such as a simple interface, speedy execution of commands, easy-to-navigate website or app, and more.
Moreover, other financial products like investment and cryptocurrency companies are also seeing a widening client base thanks to their focus on UX. Indeed, the integration of an easy trading interface, simple dashboard, clear instructions, and layman language by the fintech institutions has lowered the entry barriers for all types of participants.
How emerging fintech brands are uplifting their businesses with good User Experience (UX)
In the digital age, technological innovations are inevitably a part of almost every segment of life, and the financial sector is no different. Various new fintech brands, especially the challenger banks, have taken full advantage of the fintech services to rapidly establish a footing in the banking domain. According to a recent report from Business Insider, 89% of all consumers utilize digital mobile banking. However, a Gallup report found that 38% of users desert mobile banking activities if it takes too long.
It signifies the prime role of a good UX and UI in the banking industry. Emerging banks have succeeded by implementing good user experience practices as they understand their effectiveness. They focus on creating an interactive and consistent design, with a clear and step-by-step user flow. Moreover, they take care to avoid crowding of features and prevent the inclusion of complex financial language.
Tips to improve the fintech UX for improving customers engagement
‘Finance’ has always been associated with complexity, deterring average laypersons from approaching it at first. However, a user-centered attitude can enhance engagement, along with increasing adoption of services. Here are some quick tips in regards to improving the UX:
- Thoroughly research your target consumers and determine their attitudes, behavior, and motivations.
- Apply a straightforward design, balancing blandness and embellishment that can appeal to the users.
- Add precise and relevant information with simple language.
- Simplify the navigation process by introducing the features one by one.
- Provide coherent call-to-actions.
- Integrate a design adaptable to all devices.
Clearly, UX is not enough. As a financial business, you must also make sure you are offering the end user something that they can’t get anywhere else – or at least not at the standard that you abide by. However, keeping user experience in mind in every phase of building your interaction with the customer is crucial in today’s competitive fintech arena.
About the Author
Mirko Humbert
Mirko Humbert is the editor-in-chief and main author of Designer Daily and Typography Daily. He is also a graphic designer and the founder of WP Expert.