Fintech technology focuses on developing safe applications for financial institutions. It is a cutting-edge technology that allows customers to use banking applications conveniently. You can access your account and make a transaction at any time. Fintech operates on a secure digital platform to protect its customers.
Today, most financial organizations are moving to the digital space. Automation enhances service delivery and improves customer engagement. A UX designer can now develop a reliable banking app design with security features. Indeed, fintech technology is the future of financial services.
Fintech apps are more powerful even as traditional banks still operate. Customers now prefer online banking and digital currencies because of technology. You can transact on your smartphones through a banking app.
Financial companies strive to stay afloat in a competitive business world. Apart from developing new solutions, the banks value the customers. UX is an essential aspect that affects company growth. That is why hiring a product designer is crucial to fintech designs. Besides, the designers ensure customers get a seamless experience.
Let us explore the significant pointers to remember when developing a fintech app.
Simplicity is Key
Simplicity is paramount when it comes to fintech designs. Money is a sensitive issue, and most people need to feel safe while using a banking app. It is advisable to develop simple designs that resonate well with the customers. Avoid using complicated jargon and confusing icons. Also, do not include unnecessary features that might overwhelm the users.
Furthermore, ensure the UX designer incorporates a simple layout with easy navigation tools. If possible, use a flat menu that displays all the sections at once. Include clear CTAs with appropriate icons to avoid confusing the customers. One design mistake that costs most financial companies is content overload. Be precise and to the point with clear information about the services and the products. Not forgetting to place essential functions on an accessible section. Remember, you must provide a smooth user experience if you want your app to receive a good reception.
Design Secure Apps
As a UX designer, do not underestimate the significance of security in fintech apps. Designing applications with simple features always brings safety concerns. Customers will never use an application with security loopholes. The online space has numerous security risks. So, you must include stringent features that safeguard customer data. Ensure the application has two-factor authentication, encryption technology, and extra security features. You can also include fingerprint logins, voice recognition, or additional pin codes. Banks should never get comfortable with hackers lurking online. You should install regular security updates to maintain high safety levels.
Include Adaptable Features
Fintech applications usually contain massive data amounts. You can easily get overwhelmed with the information. Thus, UX/UI designers should develop applications compatible with mobile devices. Customers should view the datasheets from their mobile phones without struggling. The experts should design the data reports for mobile and web versions.
Scalability and adaptability are essential features in banking applications. Users should access important information on their smartphone screens with ease. Thus, designers should make device adaptability a priority to enhance customer experience. Responsive designs allow content to fit in any screen size.
Fintech apps have a lot of customer data, making the application quite heavy. The customer information is personal and available in the application backend. Customers will have to wait for the app to load, which can be pretty frustrating. Also, if the application has detailed interactions, the system will become slow. Such errors might result in lost investments and company revenue.
Thus, one way of minimizing app heaviness is to use micro-interactions. It gives customers instant feedback on each action they make on the application. Whether it is sending money or depositing, you will get a confirmation. Besides, most customers get reassurance when they know the status of their transactions.
Moreover, you will know if the application is functioning well. Or you need to upgrade some features. Thus, using micro-interactions enhances the user experience and fosters good customer relations.
Today, there are many digital platforms that you can use to make various payments. UX/UI designers should consider customers who might use the app on several platforms. For example, budgeting apps with a manual entry will not fulfill the customer’s needs. Filling in spending information every time is cumbersome. But if it integrates with other payment apps, the customer will enjoy the experience. The app will record each transaction. So, the user will not waste time and effort trying to maintain their budget.
The app integrates to make convenient payments if you want to shop online or order food delivery. You don’t have to struggle to pay for an item with a Fintech app. So, ensure you remember app integration when designing for fintech.
Think About The Future
The future of fintech technology is promising. Most financial companies are adopting fintech applications to drive sales and retain customers. Thus, make sure you factor in the future when developing these applications.
The tech world is dynamic and changes with the tides. The digital uprising in the banking industry is impressive. Most companies strive to stay relevant and fight tight competition. You might need to add new features to enhance the user experience.
So, designers must be vigilant and leave room for new changes.
Compliance and Regulations
Financial companies must operate under the required legal parameters. Today, money laundering and other fraudulent activities online are on the rise. That is why banks and credit facilities must verify their customers first.
It is critical to know who you are dealing with to avoid compromising your company’s reputation. Thus, you need to know the right questions to ask your customers during the registration. Break each section into manageable steps to avoid scaring the customer away. Simplify the process to build trust while remaining clear on the customer information.
FinTech Is the Future of Finance
Fintech designs are more than developing appealing applications. It entails creating simple and efficient apps. Get competent UX/UI designers to help you design exceptional applications.