designing for fintech

8 Things to Keep in Mind When Designing for FinTech

Businesses and users have a high demand for advanced systems that are user-friendly and efficient. FinTech is a popular technology that is revolutionizing the business industry. Currently, the FinTech industry has a market share of over $179 billion, with 30,000 FinTech startups out there. Some of the cutting-edge solutions include blockchain, AI, and data analytics technologies.

The future seems even brighter for FinTech companies because of mobile technology. Although traditional banks are still powerful, the demand for FinTech apps is rising, with numerous payment platforms, digital currencies, and online banking options entering the market. You can easily make transactions directly from your smartphone. Thus, financial service providers must create innovative products to stand out from the competition and keep up with the tech progress.

Today’s standard customer demand is a functional, friendly, and appealing product. So, you must focus on the user journey to create an exceptional SaaS UX design. This article discusses essential factors you should consider when designing a FinTech application.

1. Simplicity

Many finance applications are complicated, with overwhelming numbers, statistics, and confusing jargon. Too much data makes customers uncomfortable, resulting in high abandonment rates. Also, incorporating many UI features in your FinTech app increases the cognitive load on users.

These features cause unnecessary user frustration and lead to greater churn rates. To avoid these troubles, you should move away from complex layouts, scrambled navigation, and vague CTAs in your FinTech design. Focus on making simple designs that help users accomplish tasks faster.

Ensure you design page layouts with relevant content to avoid dumping information on users. Overwhelming a user with too much content is a design flaw. It might compromise their experience with your product.

In addition, ensure the features are easily accessible and functional. Use simple charts and graphs to display financial data for easy understanding. Your FinTech app should help customers pay bills, manage transactions, and create monthly budgets efficiently.

2. Security Features

Security is a critical aspect of FinTech that you should never ignore. With the rise of online hackers, incorporating advanced security measures in your product is a must. Simple and efficient payment apps will always have security concerns, as many applications store customers’ personal information. For instance, login details, passwords, and bank account information are the frequent target for online scammers.

Thus, you must create additional security features like two-factor authentication, face recognition, biometrics, and a PIN code to ensure your users enjoy end-to-end security.

3. Device Adaptability

FinTech UI/UX design is data-driven because of reports and statistics presented in the form of charts, tables, or graphs. That is why you must ensure that your app is optimized for mobile devices. Your application should adapt to desktop computers, tablets, or mobile phones. This way, users will have an engaging experience while viewing the charts or tables on their smartphones. Besides, mobile optimization enhances navigation, and users can access each section easily.

You need to design web pages with readable content and visible images. Adaptability is a critical feature that allows fitting the relevant user information into any screen size. Thus, ensure your app design is responsive to deliver an amazing user experience.

4. Seamless Integration

Another essential factor to consider when designing a FinTech app is the ease of integration. Today, customers want to use apps that link to third-party services seamlessly and let them access a broad FinTech ecosystem of related services.

For instance, a budgeting app is more efficient if it automatically tracks spending. No one wants to keep entering data manually on an app after each purchase. So, you need to design an app that integrates seamlessly with other payment applications to allow it to record each transaction automatically. Thus, users will have a great experience tracking their expenses.

Many FinTech apps in the market are designed to integrate smoothly with other applications. An example is Google Pay, which links well with eCommerce applications via APIs. Thus, ensure that your design allows one-touch payments to improve user experience.

5. Frictionless Onboarding

Customers love the convenience of handling their finances online but dislike unnecessary friction. Research shows that many customers abandon an application before completing the onboarding process. Thus, you need to design a frictionless onboarding experience to increase conversion rates.

One effective way to avoid friction is to create simple registration forms. Request only the required user details in the sign-up process because lengthy registration steps will bore the customer. Besides, many people don’t want to reveal too many details about themselves during the first interaction with your digital product.

Moreover, ensure the CTA buttons are clear to allow customers to complete tasks efficiently. Once customers feel comfortable with your FinTech app, they will enter additional information upon request. Save their information to avoid requesting the details again; it will improve the users’ first impression of your app and build trust and reliability.

6. Scalable Design

As mentioned above, the FinTech industry is massive, with a high potential for growth in the future. You might have to redesign your app to align with new trends and customer needs. Besides, technology is dynamic and financial rules might also change. Thus, it would be best to design scalable FinTech applications to allow room for flexible adjustments and upgrades.

7. Data Visualization

FinTech applications deal with data that must be accessible to users. However, complex numerical information can overwhelm customers. Thus, proper data visualization is essential in financial apps. Customers don’t have the time to extract, interpret and analyze data. So, you can incorporate machine learning algorithms that help users access predictive data visualizations.

Over time, customers can track their financial choices easily. So, you must design an app that presents the right amount of data in visually comprehensible, user-friendly formats to achieve an optimal UX for your app.

8. Focus on Users

Most users judge an application within the first few seconds of interaction. Thus, you need to design an app that focuses on the user’s needs and expectations. Ensure your app has appealing visuals and functional features. Conduct extensive user research to understand your target audience before developing a FinTech app. This will align your business objectives with the customers’ needs.

Conclusion

FinTech is an innovative industry that requires professionalism, innovation, and transparency. It is not about designing appealing apps only. FinTech designs entail simplifying payment services to enhance customer experience. Thus, follow the pointers above and design an efficient app that caters to your customers’ needs.

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