Factors to consider when creating UX-design for fintech apps

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Fintech
Fintech isometric composition with 3d text surrounded by isolated banking cash and payments icons with people vector illustration

Companies from the banking and finance sector are happy to introduce new technologies that are focused on creating a truly convenient environment for customers. Companies are willing to integrate innovative systems that improve the user experience and in this article, we will look at the trends that fintech platform development companies are using to create effective UX design for fintech solutions.

Trends to pay attention to before creating UX-design for fintech apps

The digitalization of the banking sector has forced this industry to play by the rules of modern technology and design. And it’s safe to say that it brought her only benefit.

Fintech companies continue to actively implement modern design and UX standards. We will look at the latest trends in this area that can make the experience of interacting with financial institutions more convenient and enjoyable.

Gamification

Let’s be honest, managing finances isn’t fun at all. Such tasks cause anxiety and require significant intellectual effort. Gamification helps reduce stress levels and encourages “healthy” financial behavior.

As Warren Buffett once brilliantly said, “A stock market is a tool that redistributes money from the impatient to the patient.” It is logical to assume that one of the goals of fintech products is to help users make less impulsive decisions.

By receiving rewards for constructive solutions, users become more fascinated and engaged. Money management is no longer a boring annoying routine. It turns into a series of achievements and accomplishments.

Here are some examples of popular gamification elements that developers add to fintech products:

  • challenges;
  • progress indicators;
  • badges and stickers;
  • leaderboards and social interactions;
  • awards and collectibles.

Product personality

With their boring bland colors and obsessive slang, banking apps have always been boring. Fintech products have come a long way from purely functional tools to full-fledged branding.

When a product is unique, it helps a person realize the importance of fast and painless financial management. This is especially true when not only the product but also the personalities of its representatives, resonate in the hearts of users.

‍Emoji and plenty of white space make the design more human and less alien. This allows you to significantly improve the money management experience.

Fintech design should not only look friendly but also provide a truly enjoyable user experience. In this case, emotional design, colorful animations, and illustrations come to the rescue. They will make the product more fun and enjoyable, which will drastically increase user engagement as well as the value they receive.

Centralization

Thanks to integrations with third-party services, fintech applications can solve a wider range of tasks than conventional banking products. Such applications, especially mobile ones, are not just a tool for transferring money from one account to another. Currently, fintech covers a huge range of financial transactions for both ordinary people and professionals.

This allows users to keep a detailed record of their spending and have a complete picture of what is happening with their money. After all, isn’t that what we all want from a financial product?

Fully mobile banking

Refusal of offline interaction is a logical step in the development of fintech. In an ever-accelerating world, we rarely have time to visit our local bank branch to approve transactions and sign papers.

New financial products such as Revolut and N26 make this possible by providing the highest level of security.

This, in turn, allows you to improve the interaction experience that is not related to the product interface. We are talking about simplifying the client’s access to their finances and eliminating bureaucratic delays.

Social banking

Social networks have changed our view of the world. Now the “news feed” is a familiar format that we are comfortable dealing with.

For example, products like Honeydue allow couples to manage their finances together. With this application, you can track spending and view transactions made by you and your partner. Finch, another popular fintech product that even allows you to share accounts with friends and receive offers from them. The interface is very similar to the Facebook or Instagram feed, which helps you better integrate financial management into your life.

Data visualization

The ability to see the state of your finances in a graphical form is one of the most useful features of fintech applications. This allows you to better understand the volume of expenses, income, and the relationship between them.

Data visualization has become an integral part of fintech applications, so every user expects to see it there.

More advanced products go even further. Using machine learning algorithms, users can access predictive visualizations that evaluate how their actions affect finances over time.

Simple and clear language

Very often, incomprehensible professional jargon prevents users from effectively using fintech products. When an app is cluttered with unfamiliar words, it scares users away, causing them to give up further attempts to track their spending.

The clear text helps people make smarter financial decisions without wasting time learning technical terminology. However, this does not mean that we need to completely abandon financial terms.

You will find that words like overdraft, rollover, or LTV calculator don’t have simpler forms. A great way to help users understand this terminology is to create a special glossary that will contain the necessary definitions.

Final thoughts

While trends change all the time, it’s important to focus on optimizing the user experience through design. Designers and developers continue to improve the functionality of the products mentioned in this article, as well as find new opportunities to improve the user experience. If you have an idea for a fintech solution and want to create a truly successful product that modern consumers will appreciate, we recommend that you turn to Aleph One. This company specializes in the development of fintech products from scratch. Thanks to the knowledge and such technologies as blockchain, artificial intelligence, and big data, the company scales the developed solutions as the customer’s business develops. With Aleph One you can build a trading platform, P2P service, a platform for cross-border payments, etc.

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