The financial services industry is a complex one. It needs to make its customers feel heard and cared for while proving itself trustworthy and communicable. How do you bring these concepts to a digital interface?
In other words, how do you design UX for fintech?
What Qubstudio calls the six requirements of developing user experience for banking technology, can be held true for all of fintech.
Security is hands-down the most important aspect of fintech products. When it comes to money, everyone is careful. Those who are wary of technology, even more so. Such apps are trusted with sensitive information that enables the transfer of funds. A single mistake quite literally can cost a lot.
Explanations about why certain data is collected can ease user anxiety. Once collected, data can be saved for later transactions. Consider how much of this initial input of data can be changed. Freezing information aids security, but it shouldn’t become an inconvenience that doesn’t adapt to changing requirements.
While the emphasis of UX is allowing easy, intuitive usage of a product, adding friction in fintech products allows users to exercise caution and judgment while taking an action. This could mean asking for a code before payment or confirming the action multiple times.
Once a task has been completed, feedback is of absolute necessity so users know that the desired result has been achieved. For example, a screen validating that a user’s fund transfer to another bank account was successful.
An inherently complicated sector, financial service products can intimidate customers very easily. Ensure that the interface is simple and doesn’t overwhelm the user.
Start with a robust onboarding experience that explains the key functions and features smoothly. Use visual cues such as icons and graphs to communicate information - be it data or app functions. Build the product to respond to gestures that users are already familiar with.
The most important information should be obvious and hard-to-miss.
Fintech has always been an industry in which customers were guided throughout their journey, their doubts being clarified by personnel. This has changed with the advent of apps, where users are expected to make and understand the implications of complicated financial decisions on their own.
To simplify these processes, avoid jargon and make definitions for terms immediately available. Let the tonality of the copy and microcopy be clear and direct, instead of formal and serious.
Personalisation is a great way to win over your users. Design the product to be a digital assistant to your users. There is so much information available - the trick is to push forth what a particular user is most likely to want to access.
Taking account of the variety of people who will use your product in multiple ways through user research and user personas will allow your end result to be that much more inclusive.
App localisation is another way of enabling personalisation. Whether it is alerting a user of the nearest ATM or allowing transactions in another country, it can have a positive impact on the number of customers who engage with your app.
Fintech apps are not the place to test your creativity, however, a pleasing visual language can ensnare a user before they even realise it. The combination of colours has to enable functions and soothe a user rather than shock them.
Similarly, fonts can be kept simple but effective when important information needs to be highlighted. Since data visualisation is likely a practice you want to pick up, think carefully about how you would like to present the data in various contexts.
Rather than favouring any one platform over another, ensure cross-channel consistency across your website, apps, ATMs, kiosks - whichever user interfaces you have. You never know which channel a customer or prospective customer will choose to reach out to you.
Maintaining consistency is necessary in retaining the trust and reinforcing the comfort of the user. Your every interface is a representation of your organisation and your brand.
The more a user can use a product without thinking too hard (unless, as mentioned above, friction is intentionally created), the better. The user will automatically trust the product more, look forward to using it and returning to it.
On a broader level
Take UX design strategy seriously
User experience at the broadest level applies to every interaction your organisation has with your customers, beyond digital interfaces. Treating it as such and developing a plan with specific goals can help you take user experience to the next level. Remember, customers respond well to good experiences. It can boost customer loyalty, word-of-mouth marketing, and business growth.
An organisation level UX strategy means bringing multiple departments and teams on board. From a digital point of view as well, you will need multiple skills on your team for your product to be successful. For example, expertise in web security is just as important as good design.
Look into user behaviour
Effective UX needs a commitment to learning about user behaviour at a micro and macro level. At a micro level, using laws of psychology that govern design will help you craft a good interface.
However, there needs to be a process-level dedication to understanding customer needs, emotions, and behaviours so that solutions can be delivered. This requires not only user research and testing but also continuous collection and implementation of user feedback.
Developing good UX for financial technology products requires dedication at the highest level and attention to the minutest details. It’s about bringing the customer-business relationship you strive to build, and the trust you work to earn to every interface and interaction. Hold steady to this idea, and it will become easier to make the changes you need to deliver a premium user experience design.