UI Development of Fintech Products

Almost 80% of the time that customers spend on offline banking services is wasted, and that explains the rise of online banking services in recent years. Since online banking can be done from the comfort of your home or while you are on the go, it saves you time and helps to skip long queues.

On the other hand, online banking users often face problems navigating through their account dashboards for 20 seconds and more, which is frustrating, confusing, and feels like a waste of time.

Poor user experience can become a serious bottleneck in using online banking services. It impacts conversion rates, bounce rate, as well as the number of successful or failed transactions, etc. Whereas, a convenient and easy-to-use interface can significantly improve user experience with your online banking solution and even overcome competitors.

What Is a Good Interface for FinTech?

For any company, operating in the banking and fintech industry, the issue of the user interface is of primary importance because it can also have an impact on service credibility. In addition to its ease of use, customers are also concerned with the security and reliability of the service provider’s transactions.

A good interface lets you start momentarily, without reading tons of information or training. However, there are many peculiarities in the payment-related services domain, and without understanding them, it is impossible to create a good UI. That is why to create a suitable design for a payment-related product you need to hire professionals with solid experience in FinTech.

UI designers must have experience in financial and banking services design. Otherwise, they will waste a lot of time on learning and training, and there’s no guarantee that you will get a high-quality product.

General Principles to Keep in Mind

Here are some of the most important general principles you need to keep in mind at all times.

Focus on Customer Journey

The customer journey not only focuses on the overall goal that customers want to accomplish, but also helps to define a structure, culture, and policy issues. As service providers, banks should be aware that the customer experience involves several touch-points with the company. They interact with the website, the customer service team, etc. In short, users communicate with various departments, on different devices, through different channels.

One of the good UX practices is to create a customer journey map to visualize user interactions. The map shows the stages the user might go through. The following data is gathered for every stage:

• Goal: What is the customer trying to achieve?
• Questions: What does the customer want to know?
• Emotions: How does the customer feel about the experience?
• Touch-points: What parts of the company is the customer interacting with?
• Weaknesses: In which areas is the organization letting the customer down?

Avoid Information Overload

In the banking&financial sector, the most common mistake companies make is overloading users with a lot of data. You should always think of the people who are going to use it when creating a user design. Many end-users do not grasp the meaning of certain data or make sense of field-specific terms.

Nobody wants to read a boring text or try to make sense of massive excel sheets that contain just numbers – this would cause users to spend more than half of their time understanding what each number means.

It is important to have a clean and simple interface that focuses on what the user is trying to do. Instead of showing all the information on one screen, you can use animations to segment data while still keeping it easy to access.

Security

Security is probably the most important aspect when it comes to finances. The challenge of making a secure and safe transfer of funds is to design a simple way of conducting transactions.

As a rule, FinTech apps ask for a lot of personal information from the users. Requesting so much data from users is a big hurdle for FinTech organizations, so it is critical to clarify to users why specific data is necessary. It is also important to store and protect the user information in a secure way so that no one can steal confidential data. To handle users’ money correctly and securely, these apps need to incorporate additional security features, such as additional log-ins and alerts.

Facing Compliance and Regulations

Fintech is a highly regulated industry, and to verify user identity, banks and e-money providers must collect certain details from potential customers before establishing a relationship with them.

Unlike other apps, the main value proposition for banks is the speed of setting up an account. That said, the registration process can be lengthy because users are required to enter a lot of personal information, including name, birth date, residential address, etc.

This can still be a tedious process, despite the advancement of modern technologies that now make it possible to implement a secure approach to collecting data from users without the need for face-to-face communication. Potential clients will need to spend 5-15 minutes on registration and will have to wait until an account is finally set up.

Therefore, it’s important to divide the registration steps into smaller steps and concentrate on one task at a time. Doing so will help to simplify the whole process and provide the right mental space to focus on responses.

Gamification

Gamification is another way to enhance user experience. It can help to make finances feel less of a burden and more engaging. It also acts as an educational tool and can help develop healthy habits by making things like saving money or paying bills on time enjoyable.

Gamification also simplifies the understanding of otherwise complex banking products for younger customers and improves their financial literacy. This implies educating them about their money  and helping them to make more informed decisions, which translates into intelligent financial moves for the future.

Build Trust Through Digital Experience

Trust is the fundamental element of any relationship; a healthy bond can not exist without it. We deal with trust all the time in our everyday lives. We can’t rely on each other if there is no trust, and it is crucial to feel that someone has your back. The same principle can be applied to finances.

When opening a bank account, people share a lot of private information with their banks, starting from their personal information, right through to their transactions and future wishes and goals. This relationship depends on trust which is hard to earn. To put it simply, people won’t use the services of a bank they don’t trust.

Once the banking interface is easy to use, the page layout is well designed, graphics are carefully created with human psychology in mind, then users will be inspired to interact with the product more frequently. Other important aspects, such as customer care and user guidance, also play a great role in building trust. Therefore, great emphasis should be put on all of these elements when creating a financial product.

Finding the Right Team

When finding the right team for fintech or banking software development, explain your objectives, think about what challenges your service and app are addressing, ask for the relevant experience. So make sure that the specialists you employ have an understanding of the baking and financial sector. Obviously, not having to clarify every little detail to your team will help you save a lot of time. But most importantly, if the FinTech software development team understands financial terms, the connections between procedures, you will get much better results.

Summing Up

We live in times when online digital banking is so powerful, influential, and is such an essential part of our lives. When a digital banking product is launched and used by millions of people, it is crucial to create a meaningful impact in the form of a positive and enjoyable customer experience. Customers expect their banking solutions to understand them, care about them, and reward them. Building attractive digital banking UI requires an understanding of what clients experience when they interact with the banking product.