UX/UI designers play a critical role in FinTech in facilitating user experience. Find out what FinTech designers do to improve business processes.
The financial industry is evolving as new technologies emerge to improve services. One of the latest technologies taking the banking industry by storm is FinTech. It is a modern approach that uses technology to enhance traditional business operations.
FinTech is transforming the banking sector because of its efficiency and great user experience. Some examples of FinTech are mobile payments, digital lending, and insurance.
Today, many banks use FinTech applications to offer seamless services. Hence, the applications must comply with the current design trends, which entices tech-savvy customers to like and use the products. That is why a banking app design should be intuitive and user-friendly.
This article gives insight into what UI/UX designers do to improve FinTech products.
Conduct User Research
User research is crucial for UX designers who want to build user-centered products. You should define your target customers and understand their pain points. Knowing what a customer needs and expects makes the design process smooth.
Moreover, putting yourself in the customer’s shoes will help you design great apps that meet their needs and preferences. So, user research will help you develop effective design solutions that improve user experience.
Create Engaging Products
Many bank applications were boring with passive color schemes and complicated financial jargon. But FinTech has changed the dull design and made banking apps more exciting and engaging. Apart from having a functional app, you can customize it to suit your preference. Besides, UX designers play a huge role in enhancing product identity.
The banking industry faces stiff competition, and retaining new users is an uphill task. If your app is complicated with a poor UX design, chances are high that customers will abandon your product. But if your product is friendly with an engaging tone and intuitive design, customers will easily connect with your brand.
Develop Clear User Flows
Finance is quite complicated to a layman; thus, UX designers simplify it through effective designs. FinTech apps are simple, clear, and easy to use. Overwhelming your customers with endless tasks and a complicated onboarding process is bad for business.
Thus, designers must ensure that they incorporate a step-by-step onboarding process that is short and straightforward. Let the users know the next step and the action to take. You can also streamline the process with machine learning features like biometrics or face authentication.
Another way to create smooth user flows is to design simple CTA buttons in your application while maintaining consistency. Don’t confuse the users with complex microcopy on the CTAs. If users encounter an error during onboarding, explain the situation to lessen their frustrations.
In FinTech, device adaptation is a critical factor you need to consider when developing FinTech applications. Can your product adapt to different screen sizes? There are many devices today – desktops, laptops, smartphones, tablets, and iPads. Thus, you must ensure that your graphics and content will be clear and accessible. Include only the necessary information in the app for a good display. Optimizing your application or website is vital to provide an exceptional user experience.
Therefore, conduct extensive user research and find out the popular in the market used by your target customers. It will help you define the product optimization specifications.
Allowing an application to control your finances is a big deal. Many customers might feel reluctant to trust FinTech apps to transact their money. Even if you are familiar with an app, you must trust the brand before willingly offering your personal data. To bridge this gap, UX designer must use their skills to build a customer’s trust in a FinTech company.
You must understand user psychology and implement design elements that assure customers constantly. Whether it is a banking or investment product, your customers should know that their data is safe and each transaction is successful. Creating a strong UX design will help you foster trust and good customer relationships.
Launching an effective FinTech product is not a one-person job. It is the collective responsibility of the entire product development team. One key role of UI/UX experts is collaborating with researchers, developers, data scientists, and marketers to develop, test, and launch functional applications that satisfy both the users and stakeholders.
Thus, team collaboration gives an in-depth insight into ways to make your FinTech design better and more powerful.
Reduce Banking Risks
FinTech brands that contract expert designers to develop their products have a low-risk failure. The banking sector is very sensitive, and people can easily lose money. Sometimes, customers make errors during transactions or abandon an app due to bad designs. But, customers are satisfied if you implement a user-focused approach in your designs.
One way of reducing risks is to include a confirmation prompt before a person makes a transaction. It allows one to think about the transaction and verify the recipient’s details.
Besides, the FinTech industry faces tight competition. So, you can add UI elements for extra authentication to assure clients of safety.
After testing the product in the market, users usually review it and give feedback. Is it functional, and has it met their needs? Thus, UX designers usually gather customer feedback to determine the app’s strengths and weaknesses. The experts implement changes and improve the product further.
Many customers are attracted to intuitive applications that solve their problems. Thus, ensure the product offers solutions and is appealing to the user.
The FinTech industry is growing, and modern users need more efficient applications. Developing strong UI/UX designs to enhance user experience is a key aspect of FinTech. Thus, designers create solutions to cater to the rising demand of tech-savvy customers.
Banks should offer efficient, intuitive, and user-friendly software for market success. Users want applications with great visual designs, richness of features, and end-to-end security. Following these design trends helps FinTech companies with skilled designers on board attract more clients and generate high revenue. So, ensure you have professional designers to streamline all user experiences with your product, from the onboarding process to checkout.
Photo: Andrey Suslov/Shutterstock
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