Over the last 18 months, we’ve seen tremendous growth in financial technology (or FinTech) and an influx of “neobanks” driven by the Covid-19 pandemic. Even while avoiding physical bank branches, customers expected to enjoy the convenience and accessibility of financial services at their fingertips. Even consumers who were previously opposed to digital money management have adopted alternatives such as mobile deposits and transfers, and as a result, financial institutions are being forced to keep current with technology and design trends. In fact, we saw an 85% increase in the number of FinTech user sessions in 2020, and that’s already up to 49% in 2021. As this demand increases, the need for quality, engaging FinTech UX inevitably follows. Here are four lessons to consider when designing for FinTech companies:
Lesson #1: Get Familiar
Financial technology may not seem like the most exciting field, but we all rely on this technology each and every day. While no one expects a UX designer to learn the intricacies of banking regulations overnight, you should have some basic knowledge about financial services and what they involve. Familiarize yourself with basic buzzwords so that you can easily and clearly convey information to the consumer. Now more than ever, people want an easy-to-use, comfortable, and positive customer experience, and this includes accessing their bank account to check balances.
Lesson #2: Break it Down
People log on to their institution’s website for a specific purpose, be it to access their checking accounts, pay bills, or review their budget. To get them there, focus on using clear, digestible language and avoid overly technical jargon. Whenever possible, steer away from acronyms that can cause information overload and user paralysis. Chances are if you don’t know what it means, neither will your front-end user. Use friendly, accessible copy that won’t intimidate the end-user. Be wary of “feature creep” causing information overload. Focus on the key features, rather than highlighting every bell and whistle that’s available.
Lesson #3: Build (and Maintain) Trust
It doesn’t get much more personal than finances. Your design needs to give the end-user confidence that whatever button they click will do what it’s supposed to. Consider integrating confirmations before key transactions, like a pop-up requiring a pin or helpful microcopy. The design needs to be streamlined and easy to use, so users feel confident that clicking the wrong button won’t send their funds to the wrong place. Create trust and alleviate any fear by giving simple explanations of where their money is going and what’s being done with it.
Lesson #4: Have a Little Fun
Ok, so maybe checking your balance isn’t fun, but there are ways to make the experience more enjoyable. Many companies have harnessed the powers of gamification and are using goal setting and rewards to motivate clients. As more banks go entirely online, virtual banking becomes the user’s only engagement with the financial organization. Why not incorporate visuals and personality to that contact to make it more engaging? The color palette, font, and brand personality are all important to keep in mind when designing an inviting experience for the end user.
You can expect to see the demand for financial digitization and FinTech UX design to continue to expand. Creating an enjoyable experience for the end user that will maintain their trust and keep them coming back requires balancing streamlined, easy-to-use, and thoughtful design.