UX design is the development of valuable and straightforward apps that increase user loyalty to a brand. It is prevalent today in the field of financial technology as the fintech applications market is expanding. Famous companies introduce the latest innovations such as ecosystems, AI, and paperless services. Such applications make people’s lives easier, but they can also make it even more complex if poorly designed. Thus, we will tell you how to make a technologically advanced and convenient fintech app design in this article.
What is Specific in Fintech App Design, And What Is It?
Fintech is a technology that helps financial services and companies manage the financial aspects of a business. These include software, applications, processes, and business models. Fintech is also called an industry where companies use new financial technologies and solutions to compete with traditional financial institutions for the hearts and funds of customers. Most often, these are tech startups and companies that use fintech tools to improve their services.
Previously, fintech was perceived solely in the context of the internal development of financial institutions. It’s as close as possible to the consumer of financial services since it’s the basis of all online transactions – from money transfers to payments for utilities.
The History of the Fintech Industry
Financial technology is a unique sector. Until now, no industry in history has transformed as quickly as fintech. So it’s worth looking at the stages of its development to understand the industry’s current state better.
The initial stage lasted from the Internet’s formation in the late 90s and the 2008 crisis. At this time, online payments and related infrastructure became the main model. Significant companies of this era were the most prominent fintech companies globally—PayPal (valuation – $50 billion) and Ant Financial (valuation—$60 billion).
The next stage came after the 2008 crisis. Changes in the regulation of the banking industry and the general deterioration of the situation in the banking market led to the fact that many banks began to close entire branches of business.
Lending accounts for more than 50% of banks’ profits, and it is in this segment, the largest number of fintech startups have appeared in the last ten years. Due to the greater flexibility, the online model, the ability to work with alternative data not used by banks, and the availability of cheap funding, many startups could offer their clients better conditions than banks. For example, the primary use of American P2P sites (LendingClub, Prosper) has historically been card debt consolidation to reduce the overall rate. In many other cases, fintech startups have opened up access to credit for those historically cut off from the formal banking system. This trend was especially noticeable in Asian countries, where most of the 2 billion people live without access to banks.
Best Tips on How to Design a Fintech App by Gapsy Studio
When developing fintech applications, the UI/UX should be as straightforward as possible to understand. Yes, financial apps are complex, so your task is to simplify everything. So, what does fintech app design consist of, and what are the pitfalls?
At a basic level, fintech applications are very similar to applications in other industries. But, working with them, you will undoubtedly face the problem of transforming something complex into a simple tool that will be understandable even for a kid. So pay close attention to these five things.
1. Learn and understand fintech
The first and foremost thing you need to do is research, analyze, and, most importantly, understand fintech. There is no doubt that you can be well versed in design, and creating applications will not be difficult for you. However, you also need good financial knowledge.
The goal of fintech apps is to help users with financial operations as quickly as possible. Once you align your design with the customers’ goals, it will be easier for you to move forward, and you will not face any problems while creating a fintech app design.
2. Make a good text
You need to involve a copywriter who will write understandable UX texts for everyone. But if at first, everything seems easy, then you will definitely notice that some complicated terms like “overdraft” or “prolongation” are simply inevitable. Think of an easy way to explain these terms to customers without overwhelming them with information. Ensure everyone on your team understands the correct terms correctly, and compile a glossary with all the definitions and related concepts in the application design. You need to be sure that your employees are on the same page.
3. Provide interface smoothness
Due to the complexity of most financial services and a large amount of information, it’s essential not to overload users with tasks. Use a fluid-structure. For example, you can divide the user registration process into three parts. In the first one, ask for the primary data: name, birthday, address, etc. After that, provide them with a draft of the service. If they are happy with what they see, they can click the “Continue” button and fill in the rest of the fields.
Thus, you will attract even more customers, since they don’t need to enter all their information about themselves and you can even test the service itself. You need to think about what personal data can be changed and what should remain intact. It’s best to allow as little change as possible for security reasons, but everything can change for the client, even gender.
4. Color
Color is the first thing the client sees. Research shows that choosing the right color increases brand awareness by up to 80%. According to Comscore, in 2017, 21% of millennials said they uninstalled an app just because they didn’t like how it looked on their phone screen.
Of course, it can be argued that color is a matter of taste. But remember the color lessons, where you were told about the rules for combining colors and their effect on people. Please note that the interpretation of colors will depend on the country and culture where your app will be used. For example, in Western cultures, purple symbolizes holiness, belonging to high society and faith, but it’s a mourning color in Thailand and Brazil.
Read more on choosing the right color in our article How to Choose the Correct UI Design Colors for Your Product to Reinforce Your Business.
5. Responsive design and correct display of content
The fintech app design has an important feature to always keep in mind. Financial proposals must display large amounts of data in tables: statistics, reports, etc. Therefore, the developer must consider how it will look on different screens: from the iMac to the $ 50 Chinese phone. Make sure all numeric application fields are set to decimal. This will allow you to enter a certain number of digits after the decimal point, as they can significantly affect the calculation.
You can learn more about responsive design in our article What is Responsive Website Design and How it Works.
6. Find the team
If you can gather like-minded professionals, then product development shouldn’t be a problem for you. Communicate goals, think about what issues the service solves, and how everyone can use the product – from bankers to cleaners, from actors to economists.
7. Provide user interaction
Keeping users bored and leaving the app is not an easy task that requires professional product development. However, all companies are trying their best to gain access to unique customers: loyal ones are assigned a premium status, personal managers are available around the clock, increased bonuses and cashback, and concierge service is flourishing.
This personalized support further increases loyalty and builds a caring company image. In addition to traditional services that provide increased comfort, there are interesting original ideas.
Some of the other tips for improving and providing the best possible experience for your fintech app design include:
8. Keep things simple and intuitive
When it comes to fintech apps, one of the most important aspects is simplicity. You want your users to quickly and easily understand how to use your app without getting overwhelmed by complex features or menus.
9. Focus on user feedback
Another important element of fintech app design is paying close attention to user feedback and reviews. This can help you identify areas where your app may fall short, allowing you to make changes or improvements as needed.
10. Stay up to date with the latest trends
It’s also important to keep up with the latest trends in fintech to ensure that your app is providing the most cutting-edge ex, and making sure that your app is compatible with the latest devices and operating systems.
11. Make security a top priority
When it comes to handling financial information, security is crucial. So be sure to incorporate strong security measures into your app design to protect your users’ data and reputation.
12. Offer customer support
Finally, don’t forget to offer some form of customer support in case users have any questions or run into any problems while using your app. This can help build trust and confidence in your brand development and encourage people to keep using your app even if they encounter occasional issues.
Following these tips can help you create a fintech app that provides an excellent user experience and meets the needs of your target audience. Keep these considerations in mind as you work on your app design, and you’ll be well on your way to success.
Wrapping up
As you can see, design is not only about the look but also the way of working. In terms of fintech app design should be visually pleasing and make complex things easier for users while remaining clear and transparent. To create the best UX Fintech, make sure your application text is understandable for people with different backgrounds and financial backgrounds. In addition, visual cues such as color schemes must match the cultural perceptions of the audience.
Our studio, like no one else, knows how to make high-quality and intuitive fintech app designs. Do you have any doubts? Then we suggest you go to our projects on Dribbble and Behance and see for yourself. And we are ready to support our professionalism with the services that we provide. Take a look! We will be happy to create cool projects together.
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