The banking sector in the past decade has seen a drastic change in its structure and the way it works. With the integration of technology, the banking sector has seen immense growth in terms of processing information, customer experience, and overall faster communication with customers. Be it an app or a website, customers are now very relieved to see their financial data through a matter of clicks which was once a long process. Users don’t have to wait in queues at the bank, no filling of lengthy forms and transferring money is smoother than ever.
This success of the banking sector has led financial corporations to develop new digital products that help make the most out of the customer’s money. With numerous benefits, big corporations and businesses are focusing more on Fintech products due to their ease of use and scalability. It’s no wonder why so many financial mobile apps and websites have become a huge trend over the past few years. And the success of these products depends on a good customer experience which eventually comes from a thoughtful design thinking process.
Why do most Fintech rely heavily on a design thinking process?
Since Fintech services can be considered digital products, they always need a certain amount of visual appeal. From the look and feel of the application screens to the way how it is developed, everything matters. And since these products are financial-based, there’s a lot of trust-building with users as they will be spending their time and most importantly money on these apps.
Fintech apps revolve around a customer-centric design thinking process for some of these following reasons below,
1. To build a user-centric business
Relying on just good UI design is merely not enough to have a strong user base for your product. The key is to always have the customer as the focus so the app is built around them and not the other way around.
2. To Innovate and Adapt to situations
Fintech apps require them to have a flexible and adaptive process of product design that helps them develop new innovative ideas or features. And these new concepts will only come from doing actual research on customers and users.
Now, due to the covid situation, there is a huge disruption in businesses and their customers. So, a process revolving around the circumstances of the users is always beneficial. And a well-structured design thinking process will surely do the job.
3. To be different from a Banking Solution
A Fintech app is very different from it’s counterparts, i.e; banking solutions. Both play around in the digital space but Fintech packs a punch with it’s new and fresh ideas.
A banking solution with good UI UX design will do great because most users are alike and they all want the same thing, access banking services. On the other hand, a Fintech app needs good UI UX design plus delivers new expectations of users because the types of users here are very unique and vast. And only with a customer-centric approach can Fintech succeed.
4. To connect with it’s users
Without the support of users, Fintech will certainly fade away in this competitive market. So, the moment a user starts using the app, it needs to connect to the user and build a trustworthy relationship. And this can be done by studying and understanding what the users want.
Relying on just good visual design is merely not enough to have a strong user base for your product. The key is to always have the customer as the focus so the application is built around them and not the other way around.
What will good design do for a Fintech?
A good amount of investment in a design process will ensure that the product is going to deliver the needs of the users. And when it is done right, developing a connection with the users becomes a lot easier. Gaining their trust, generating credibility, and showing a transparent process are all important parts of building a successful Fintech product.
But above all, it is also important for a Fintech to be profitable. And this can be achieved by having a strong design process that acts as the foundation of Fintech’s business model. A flow with which a user will navigate through the application, explore services and invest money in the product is crucial and requires planning. And a good design process can help achieve this feat by doing the following,
1. A simplified user journey
To make the app interactive, it needs to have a simple layout, content, and flow. The user should feel motivated to use the app as suggested by B.J. Fogg’s Behavior Model.
Now, in order to accomplish this, it is crucial to understand the basic knowledge of the target user base and how a problem they may be facing can be solved. Giving simple tips or CTA buttons and showing the appropriate information they need develops a good user experience. This practice will enable the user to trust the app with their finances.
2. Showing only the essentials
Information overload can be a troublesome user experience for most. Showing users long texts with unfamiliar words will only create more confusion. So, it’s always better to understand and think about the people who will use the app. With this approach, unnecessary data can be hidden and the user can focus and analyze the important information presented on the screen.
3. Displaying Data Visually
All finance apps will have to deal with a lot of data and information. Asking a user to read or go through every other number on the screen will be very excruciating. Instead, graphical informative elements like charts or graphs with standardized color schemes must be used. This eases the translation of complex data into simpler digestive bits.
4. A good user interface
Most users will be attracted to the app by the way it looks and feels. The first visual impression matters. Design elements like colors, typography, visual imagery, graphics, micro-interaction, etc carry a lot of weightage in delivering the first impression. And without this, a user may not enjoy using the app and simply jump over to another app.
5. A custom experience
As we know, users on any Fintech app are not the same. They will come from a vast variety of backgrounds and knowledge. For users like these, customizable features and services would be a great way to deliver a good experience. Things like converting data of currencies to Dollars ($) to INR (Indian Rupees), an option of language change based on the user’s location, use of familiar slang or words based on the user’s regional area, and much more.
Neointeraction’s experience in designing Fintech products
With plenty of experience in the financial domain, we at Neointeraction have worked with developing multiple Fintech applications over the years. Our biggest strength is our thorough and detailed design process which has been the formula of success for us for the past 12+ years. The design team at Neointeraction focuses greatly on understanding the business model and the user requirements of the Fintech app. By developing a well-thought flow that keeps the user and their expectations on focus, we are able to give the product the direction it needs.
We always strive to deliver a great experience for users and this is how we do it,
1. Conduct User Research
Every design process starts with collecting data. While developing a Fintech app, it is very important to understand the business model and the users. Based on this knowledge, designers can create flows and designs that feel familiar to that particular userbase. And when done right, it can deliver the needs of users giving them a satisfying experience.
2. Build Quick Wireframes and Prototypes
Whenever a new Fintech product idea is pitched, it is very important to check it’s feasibility and usability. And the fastest way to ensure this is by building wireframes or prototypes. This process will show if your product has any underlying issues that you may have not thought of before. And a streamlined design process will take care of that for you.
3. Get Early Feedback
Building up from the previous point, the wireframes or prototypes that get developed can be shared with a select number of your users. And with their feedbacks, whether good or bad, you will now know what is working well and what’s not. With these inputs, the design can be modified and made better before you launch the new Fintech idea to the market.
4. Helps Reduce Costs
Now imagine a scenario where you launch a product without a design process. You have no data about the users or what they want. And eventually down the road, your users will have a bad experience and turn their backs on the product. What do you do know, restart the whole process? And what would it cost to start it all again?
That’s one big reason to invest in UX. Starting the process with a planned approach will always help your business stay on a safer side whenever you’re planning to launch a new product or service.
5. Positive word of mouth and brand loyalty
With good customer service, you’re not only making your customers happy but also bringing in new ones. Positive word of mouth can help boost your Fintech app to the next level and if you can use Social Media here the right way, your product will get strong validation from a lot of potential customers. And continuing to deliver this positive experience will eventually result in some loyal userbase who will always have your back.
With the Fintech sector already booming in the year 2021, it is no doubt that there will be plenty of products in this space in the coming few years. And each one of them will require a hand from the design agencies to help them succeed. Plus, a profitable Fintech app is a possibility only when it is able to connect and convey its idea to the users by building a trustworthy relationship. This can be easily achievable by investing in a good design thinking process that will pave the right way for your Fintech app. Hire UI designers & Ux developers from Neointeraction team to get your next fintech application designed. The flexible engagement models offered by our UI/UX design agency can be adjusted to fit your budget and project timelines.