UX Financial Services. What Do You Need To Know?

Today, the financial landscape is evolving rapidly, driven by a dynamic blend of technological innovation and shifting consumer expectations. In this new era, user experience (UX) emerges as the epitome of success for financial service providers. About a quarter of the global economy is thought to be made up of the financial services industry. As traditional brick-and-mortar institutions have given way to sleek, user-friendly digital platforms, the focus has shifted towards enhancing the customer experience like never before. This article delves into the multifaceted world of UX design financial services, exploring how it empowers individuals, fosters trust, and redefines how we manage our finances.

Financial UX is the design and optimization of digital products, interfaces, and services within the financial industry, focusing on meeting the users' needs and preferences. The goal of UX in financial services is to create a seamless, efficient, and enjoyable experience for customers while interacting with various financial platforms and services, such as banking websites, mobile apps, investment platforms, and other financial applications. Research says that as of May 2023, there were 11,651 fintech startups only in the North and South Americas. The design is one of the reasons for your company to stand out.

UX design is paramount to financial services for several compelling reasons:

• Enhanced user engagement. A well-designed user experience attracts and retains customers. Financial service providers can keep users engaged, leading to higher user adoption rates by providing a seamless and intuitive interface.
• Improved conversion rates. Regardless of the step the user is about to take, a smooth and user-friendly interface increases the likelihood of users completing their desired actions, thus improving conversion rates.
• Competitive advantage. In today's digital era, where financial services are increasingly offered online, a superior user experience can be a significant differentiator. A qualitative financial UX design can attract new customers and foster loyalty among existing ones, giving the company a competitive edge.
• Increased trust. Financial services deal with sensitive personal and financial information. A positive user experience fosters trust and credibility, reassuring customers their data is secure and that the platform is reliable.

Read more about Fintech UX Design.

UX design varies in different industries. Let’s look at the main principles of successful financial UX.

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Finances are a delicate topic. You can create a welcoming atmosphere for users by facilitating processes. Data visualization is significant in this ecosystem. It helps users understand their financial information and monitor their health. 

Have a look at Gapsy’s T2PAY project. Our team analyzed all the problems to create an outstanding user experience. You can see our solution for visualizing content below.

Your task is to come up with a practical decision for this issue. Although data visualization is becoming a commonly integrated solution, the UX design industry evolves daily with new ideas. Effective data visualization in financial services UX goes beyond aesthetics. It should provide valuable insights, promote financial literacy, and empower users to make informed financial decisions. Regular usability testing and user feedback can help refine data visualizations to meet users' needs and preferences.

Create informational architecture

A well-organized informational structure is critical to designing a user-friendly and intuitive user experience. The goal is to present information clearly, logically, and easily navigable, allowing users to find what they need quickly and understand the content effectively. 

It’s the place where you must understand user psychology. Putting customers first is an opportunity to develop a satisfactory design. Look at the financial UX from the users’ point of view. Identify the fundamental tasks they want to accomplish and the information they seek. This understanding will serve as the foundation for structuring the content. Establish a hierarchical structure to prioritize and organize information based on its importance and relevance. Use headings, subheadings, and bullet points to break down content into digestible pieces. Remember that a practical informational structure is a continuous process of refinement and adaptation. Regularly reassess and optimize the system to ensure a seamless and delightful user experience as your platform evolves and user needs change. 

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Provide a value proposition

Your UX for financial services should radiate unique and compelling benefits. A strong value proposition is essential in attracting and retaining customers, driving engagement, and differentiating the financial service from others in the market. Here is a list of the main aspects of the unique value proposition:

• Concise messaging
• Trust and credibility
• Addressing user needs
• Qualitative results

See how you can do it with Gapsy’s T2PAY example:

The thing is, it’s impossible to create a perfect product for everyone. It’s your reason to conduct thorough user and market research to minimize mistakes and fit your target audience’s requirements. Your end-users make the product unique. Take time to analyze your competitors, see the tendencies in UX financial services, and create a persuasive product for your customers. 

You may be interested in Fintech App Design.

Pay attention to quality

A well-designed financial product creates a positive user experience that exceeds customer expectations. Prioritizing quality ensures the financial service remains competitive, retains customers, and fosters brand loyalty in this industry. 

Qualitative user experience financial services combine reliability and security. Financial applications often deal with sensitive and valuable information, which is why users place a great deal of trust in them. Reliability in financial app design goes beyond technical aspects. It encompasses a commitment to providing a stable, secure, and trustworthy platform that users can rely on for their financial needs. By delivering a reliable user experience, financial service providers can build and maintain trust with their users, leading to customer loyalty and business success.

Designing a financial UX can be challenging at times. We offer you some of the best practices to facilitate the process.

Provide personalized content

It’s a powerful strategy that tailors the user experience to individual users' needs, preferences, and financial goals. Personalization enhances engagement, improves customer satisfaction, and fosters a sense of trust between users and the financial institution. 

Encourage users to create profiles that capture their financial preferences, goals, risk tolerance, and investment horizon. This information forms the basis for delivering personalized content. Based on this, you can use data analytics to provide targeted financial recommendations based on users' financial behaviors and historical data. For example, suggest suitable investment options, savings plans, or credit card offers. Remember that personalized content should always be relevant and valuable to users. Avoid excessive personalization that may feel intrusive. It’s essential to strike the right balance between customization and user privacy to create a positive and trust-building personalized user experience in financial services. 

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Create an onboarding experience

It’s crucial to familiarize users with your product. The user onboarding process goes beyond the initial series when consumers open the platform. It’s a continuous process of learning how the digital product works. Onboarding allows users to see your value and relationship with customers. 

Keep the onboarding process straightforward. Communicate the steps users must take to register and start using the platform. Avoid overwhelming users with excessive information or unnecessary fields to fill. Another part of onboarding would be to implement validation checks and error messages to prevent users from making mistakes during the onboarding process. Help users fix errors with guidance on how to proceed. A successful onboarding experience in financial services UX design should facilitate user registration and establish the groundwork for a positive and lasting relationship between users and the platform.

Use familiar patterns

This approach can enhance user understanding and ease with the platform. Leveraging familiar design patterns and interactions that users are accustomed to can improve usability, reduce cognitive load, and increase user satisfaction. 

Navigation can be an example. Employ standard navigation patterns, such as a top or side menu, to help users find and access different platform sections. Habitual elements' location can help users feel familiarized with the product. Call-to-action buttons are another case where you should stick to simplicity and a traditional approach. Implement familiar button designs and placement to help users achieve their goals. Customizing these patterns to match the unique branding and requirements of the financial service while maintaining consistency and clarity will help create a comfortable and efficient UX design.

Minimize financial terminology

Excessive financial and technical jargon can appear overwhelming. Minimizing financial terminology in UX for financial services is essential to improve user understanding and reduce the potential for confusion or intimidation. 

Use simple, everyday language that is easy for the average user to understand. Avoid using technical terms that may not be familiar to the general audience. When using necessary financial times, it's critical to offer clear explanations or tooltips to aid users in comprehending their significance and potential outcomes. As we mentioned previously, visualization is a key to users’ comprehension. Use visual elements like icons, infographics, and charts to convey information instead of relying solely on text. Visual representations can make complex financial information more accessible and digestible.

As the industry evolves and adapts to the ever-changing landscape, putting the customer at the forefront of design and development will be more crucial than ever. An exceptional user experience can help cultivate a sense of confidence, contentment, and commitment among customers, leading to increased prosperity and achievement for your company. It is evident that embracing a user-centered approach benefits customers and provides a competitive advantage in an increasingly crowded market. Investing in financial services UX design can lead you to success.

Gapsy Studio is ready to provide you with high-quality services and help to create an outstanding UX design. Our professionals have experience in designing financial services. You can find more of our works on Behance and Dribbble. Feel free to contact us to discuss the details of your future project!