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Why UX Design is Important For The Success of a Fintech Product

Why UX Design is Important For The Success of a Fintech Product

In the modern banking world, it is not enough to have a website, no matter how incredible and functional it may be. Users have switched to mobile devices: they pay bills, conduct business, order goods and services. Not surprisingly, more and more companies are interested in fintech app development cost. In this article, we will consider the specifics of developing banking mobile products, in particular, about UX design.

Why is UX Design Important For an App?

When creating a banking application, it is important to consider the following important aspects:

  1. The product must work reliably even under heavy load (be scalable).
  2. The product should be adapted to the widest possible audience of users (different ages, different levels of mobile device proficiency, etc.)
  3. The product should be as interactive as possible and provide the user with the latest information.
  4. The product must be available in multiple languages.
  5. The product must include the mechanics of collecting feedback.
  6. The product must be adapted to the needs of people with disabilities.

All of the above aspects are equally important when designing a mobile banking application. The set of all necessary functions affects the development cost of a fintech app. UX design helps to take into account all these aspects and provide customers with an excellent experience of interacting with the banking application.

Key Principles of Fintech UX Design

In fact, the principles of UX design are more or less universal and applicable to the development of any application:

  1. Make it easier for the user to choose. Avoid overly complex interfaces that make it hard to choose the right feature.
  2. Provide information in a verified and understandable way. If you are developing a product for a wide audience, you do not need to be too creative. Choose familiar interface elements, patterns familiar to users. On the other hand, it is still important to follow the trends in the industry and introduce successful innovations in time.
  3. The visual component should prevail, as users do not like to read a lot of text
  4. Do not overload the function block with unnecessary elements. It is difficult for the user to interact with more than 5 elements
  5. Group information. It is desirable to break the information on the screen into logical blocks – so it will be easier for the user to perceive a large amount of data
  6. Don’t hide important items. All important interface elements need to be visually highlighted.
  7. Three click rule. For a comfortable transition to different sections of the application, as a rule, only 3 clicks are required. The same principle applies to the start screen. The user must access the required data by making three clicks from the start screen.
  8. Do not scatter similar controls across different sections. If possible, all settings should be combined so that it is convenient to manage them from one place.

How to Achieve Good UI/UX in Banking and FinTech Products

Great UI/UX is extremely important for fintech solutions. This factor affects such indicators as conversion rate, user experience, and brand trust. What needs to be done in order to get a wonderful UI /UX? There are several main factors:

  1. Define your target audience. Studying potential customers opens up great opportunities for you. You must correctly represent the portrait of the user, as well as know his needs. Only after research can we talk about the effective formation of UI / UX.
  2. Deeply study the target audience. Defining the target audience is not enough. You need to look deeper and understand the motives of this or that behavior of a potential user, his weaknesses. This knowledge is the key to effective UI/UX.
  3. Create a prototype. The next important step is the development of a prototype. A prototype will help you visually and functionally evaluate the final product. The prototype also allows you to test all the UX features before a full launch.
  4.  Testing. Finally, it’s important to constantly test the UI/UX to make sure it meets the needs of the user. As a rule, approaches such as surveys and A / B testing are used for this. Regular testing and tweaking helps maintain user satisfaction and improve conversion rates.

How to Improve UX In a Fintech Product

Each idea should be implemented with user-friendliness in mind. This is very important as the user will be interacting with your financial management solution. A bad experience can lead to disappointment in your product and brand. Luckily, in addition to the above points, there are a few key things you can do to create an even better user experience in banking and fintech products.

  1. Simplicity and ease of use. Make your application easy to use and convenient for customers.
  2. Contextual assistance. Provide clients with contextual assistance and hints so they can quickly find information about their finances and complete tasks without having to contact support.
  3. Predictability and transparency. Display information about commissions, payments and other expenses in a transparent and predictable way. Make sure customers always know how much they will pay and for what.
  4. Bonuses and perks. Provide customers with bonuses and perks for using your application, such as cashback or discounts on services. This can become an additional incentive for customers and increase loyalty to your brand.
  5. Personalized experience. Provide customers with a personalized experience tailored to their preferences, needs, and app usage history. For example, you can offer investment recommendations based on their investment portfolio.

Creating a positive user experience in a financial app can help increase customer satisfaction and loyalty.

Final Thoughts

UX is a critical aspect when developing a fintech product, as user load and product usability are major factors influencing the success of a product. A well-designed UX can significantly increase conversions, increase customer retention, and improve the overall reputation of a product. If you are interested in developing a quality product and want to know the fintech or banking app development cost, then we recommend that you contact Langate. The company has over 10 years of experience in developing fintech products that improve user experience and guarantee security.

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