Make Fintech Apps More Exciting with UI & UX Design
Posted by Admin on 17 Feb, 2023
A person can be judged for their dressing within split seconds. The same is the case with digital solutions. An app or a website can be judged by its first look and the user can instantly decide to either continue or drop out. Companies, especially in financial technology, can make their digital products trustworthy so the users feel safe and secure.
In this article, let us find out what makes a fintech app boring and how to make the user experience amazing.
The financial world is full of fascination and so is the designing challenge of a fintech UX. In a couple of years, there have been rapid developments in the digitalization of the BFSI industry. Mobile banking, investment, and trading apps are trending by some influential companies. But are they all trustworthy?
Why is the user experience important?
Consumers spend most of their time using multiple apps for multiple uses from tracking their calories and footsteps, learning a skill, shopping online, and using meditation apps while sleeping. Consumers are dependent on most apps to ease out their lifestyles. With straightforward sign-ups, consumers try out different apps, and drop out if the app is slow, unsafe, asking for too much information as well as if the look, feel, and features are boring. That’s where the UX design card is played.
But with financial investments and transactions, consumers are extra cautious. After all, personal financial information is at stake. Trust, thus plays a very significant role in the usage of financial digital products. A user experience is even more crucial because consumers only invest their time if the app is interesting, useful, and helpful.
“Design is everywhere. From the dress you’re wearing to the smartphone you’re holding, it’s design.”
Why are fintech apps boring?
Banking and investment apps focus on numbers, stats, and graphs. As per reports, users form an impression about an app or a website within one-twentieth of one second. Hence, it is crucial to create, rather, design an outstanding website or an application. Reasons, why consumers couldn’t develop a rapport with a fintech app or website, are:
- Outdated dashboard
- Frustrating forms
- A slow and complex process
- Dull look and feel
- Long and jargoned texts
How fintech apps can become exciting?
Financial apps can be exciting as well as professional and simple to use for non-experts. With proper applicable factors, these apps can offer a gratifying and virtually engaging user experience
Better onbording process
Banking apps are meant to be a time-saver and are supposed to eliminate the time of people standing in queues. Mobile banking allows users to complete their transactions in minutes, in the comfort of their own homes. The slow and complicated form-filling processes are cut short by just uploading the documents online. These are a few of the many benefits of online banking. The ultimate goal of these fintech apps is to provide a better user experience in this digital age. Banks and investment companies cannot rely on big marketing budgets and strategies, but to create and offer long-lasting customer value. Out of the endless banking options available in the market, the differentiation and customer value game is what matters the most.
Minimalism is the best
A financial dashboard isn’t always mandatory to be colourless and flat. Traditional dashboards can be replaced by some colour combinations suited to their brand and usage while using the minimalisation aspect. There shouldn’t be a dose of heavy information full of jargoned texts and terminologies, except where it is extremely necessary. Minimal designs, content and data make the app more simple yet intriguing.
Results first, invest second
Customers want to know the results and outcomes before investing. They want to know the steps and processes involved before sharing their personal information. Once they gain the trust of the app, they can sign up to interact more with the app. During a usability test, it was found that there were more dropouts when the users were asked to complete their documentation (Know Your Customer registration) at the beginning of the signup process.
This tiresome documentation process led to the loss of interest of the users and they gave up on the app. The UX design allowed to shift this documentation process to the end of the sign up including the third-party authentication and in-app permissions. And as the users were able to take a look at the app, check and try all the features, they gained the trust and when they were ready to invest, the only step was to register with the KYC documents. By this time, the users already gained the trust of the app and they were ready to develop a connection.
Ease of use
Financial apps can be fascinating with visuals, graphics, and illustrations. With minor animations, transitions, and colour combinations user engagement can increase drastically. A boring sign-up button can be designed as colourful and playful which can excite the user for “what next” and ultimately provide ease of use. The designers should personally try using and interacting with financial apps to be in the shoes of an investor or a user. Thus, the intent of the design needs to be clear. The success of the financial app lies in the appropriate usability, which can be attained with design consistency.
Empathize with the consumer
Fintech is a tricky space. It’s all about the consumer’s mindset as far as a personal financial investment is concerned. But, investing through financial apps doesn’t have to be complicated, especially for non- experts. Here, design can help out to create simple yet engaging features which can make the app interesting to use. Using banking apps can be daunting. The ultimate goal of the financial company is to retain the user for the long run and let them make informed investment decisions.
Rewards, offers, and gamification
To improvise the mobile banking experience, apps can be added with a load of rewards, badges, points, shopping offers, cashback, milestone rewards, etc., to engage the users and increase their interaction with the app. Gamification technique that is, adding a game-like experience, features or game elements in a non-game app can enhance the user interface and improve the engagement rate radically.
Personalised push notification
Apps work on algorithms and artificial intelligence based on user preferences, interactions, and overall user behaviour towards the app. Banking apps can make use of personalized push notifications to provide relevant information to users. These messages are automated as per the user’s history of app interaction. Push notifications involving offers, and quirky texts are likely to be opened.
Clarity of usage
Online financial investments are challenging. Hence, designers should develop a clear-cut process, curated content, and labelling with precise call-to-action buttons so that the users are informed about the upcoming steps. A guide or tooltip can also help the users to understand the usability of the app. Every step can be made visible with symbols, animations, etc. so that the users are aware of what’s going on and what’s going to happen next. Hence, it eliminates the possibility of dark patterns, suspicions, and distrust.
Overall, a financial UX design helps to make your financial company admired by the users. It develops a psychological connection with the users leading to success and customer loyalty in the long run.
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