Our Top 7 Fintech UX Design Features For Startups

The average fintech adoption rate globally is 64% whereas, in India, it is a whopping 87%. Many fintech startups have emerged to cater to various financial needs of the users. This growth has prompted many fintech startups to come up with unique features on their fintech UI and improve their user experience to compete and stay at the top in the fierce market.

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We have identified the top 7 design features that every company should incorporate while designing for fintech: 

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1. Use Biometric Authentication 

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Security is one of the topmost concerns while designing for fintech. To reduce the anxiety of users and increase their trust in your startup to handle their money, your app needs to have biometric authentication. This refers to face, fingerprint, or voice recognition which is more secure than passwords. Biometric authentication is unique to each user and cannot be replicated. According to iProov, $2.5 trillion worth of mobile transactions will be secured with biometric authentication by 2024. The integration of biometric authentication not only improves the fintech application's overall security but also provides a seamless and user-friendly interface. Long and complex passwords are not necessary for users to remember because they are easily forgotten or exploited. Rather, customers may use their distinct biometric identities to securely access their bank data and complete transactions, which simplifies the login procedure and lessens mental strain.

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Furthermore, a more organic and intuitive user experience may be achieved by seamlessly integrating biometric authentication into the whole user journey. For example, users may authenticate themselves without requiring manual input or memorization by only pointing their finger at the specified sensor or glancing at the camera on their smartphone. In order to address privacy issues, biometric authentication technologies have developed. As a result, sensitive biometric data is processed and kept securely on the device rather than being sent to or stored on distant servers. This strategy contributes to preserving user faith in the financial platform's dedication to data security.

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Biometric verification can be used in addition to login authentication to authorize high-risk activities such as sensitive account changes or significant financial transfers. This additional security layer gives consumers peace of mind when doing crucial financial operations and helps reduce the danger of fraudulent activity. Fintech UX designers may create a smooth user experience while maintaining strong security measures by integrating biometric authentication. This reduces friction and cognitive burden and builds user confidence.

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2. Implement Intuitive Navigation and Clean UI 

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Implementing user-first and intuitive navigation is the key to greater user satisfaction and retention in any app. This becomes crucial in Fintech UX design where apps need to convey large chunks of complex information. To create smoother navigation, make sure to design footers at the bottom of the screen instead of hamburger menus while designing for fintech.

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This helps in informing users where the homepage or chat section is located at one glance on fintech UI. You can even include a search option if your app offers a wide range of services. 

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Your app also needs to have a clean fintech UI to convey information clearly. One of the popular methods in UX design is progressive disclosure which shows only necessary and important content to users. Additional information can be viewed by clicking or hovering over dropdown menus, tooltips, modals, accordions, etc. This technique is needed in fintech which involves complex processes and information that needs to be broken down into bite-size pieces to not overwhelm the users. 

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3. Optimize for Mobile in Fintech UX Designing

According to a report published by Oberlo, mobile phone usage went up by nearly 25% in 2021. As the number of hours has also gone up for mobile phone usage, fintech need to cater to a wider audience. The younger, tech-savvy crowd who use mobile phones for their daily needs now has purchasing power to use fintech. Optimizing for mobile includes both mobile-friendly, responsive websites and apps. Fintech applications must offer a smooth and optimized experience across multiple mobile devices and screen sizes in today's mobile-first world. This includes optimizing load times, designing user-friendly interfaces, and making sure all features and functionalities are easily accessible on smaller screens. A crucial component of mobile optimization is responsive design, which makes sure the application scales and adapts to different device resolutions and orientations in a way that ensures a consistent and aesthetically pleasing experience, irrespective of the device being used.

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Fintech UX designers should also take into account the particular difficulties and limitations posed by mobile devices, such their small screens, touch-based interfaces, and fluctuating network conditions. To guarantee seamless operation even in places with inadequate connectivity, this may entail streamlining navigation menus, giving priority to pertinent information, and optimizing data transfers. Furthermore, mobile optimization need to go beyond aesthetics and include functionalities like gesture controls, voice commands, and smooth interaction with other mobile applications and services. These changes have the potential to significantly raise customer satisfaction levels across the board and increase the usability and accessibility of fintech apps for mobile users.

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4. Collaborate with third-party services 

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Collaborating with external services can help create a seamless experience where your app can be a reliable partner for all your user's needs. While designing for fintech, you can provide a wide range of services by integrating with payment gateways, credit monitoring services, investment platforms, accounting software, customer relationship management tools, etc.

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One of the most popular examples includes using a payment gateway like Gpay which allows users to make payments on your app itself. This will increase user satisfaction and create a seamless experience. 

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Fintech apps may take use of the knowledge and specialized skills of other providers by integrating with third-party services, providing consumers with a more complete and all-encompassing solution. By using this strategy, consumers may satisfy their financial demands more easily and spend less time juggling different applications or services, all while improving the fintech platform's overall functionality.

Working together with payment gateways improves conversion rates by streamlining the payment process and lowering friction. Users may receive real-time credit score updates and customized recommendations for enhancing their credit profile by integrating with credit monitoring providers.

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Additionally, users may manage their investment portfolios directly within the fintech application by collaborating with investment platforms, and the process of preparing taxes and maintaining financial records can be made simpler by linking with accounting software.

Ensuring safe data exchange protocols, smooth data integration, and a uniform user experience across all linked services are critical when working with third-party services. This might entail putting in place industry-standard APIs, abiding with laws governing data protection, and meticulously creating user journeys that connect disparate services.

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5. Personalize the Experience 

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Personalization helps create trustworthy relationships by tailoring them to an individual's specific needs and goals. In the fintech sector, personalization is a potent weapon since it enables apps to adjust to each user's particular financial condition and objectives. Fintech platforms are able to offer individualized financial advice, customized investment possibilities, and recommendations that are based on each user's risk tolerance, income level, and long-term goals by utilizing data analytics and machine learning algorithms. Users may be updated about significant financial events, such bill due dates, investment performance updates, or changes in their credit ratings, via customizable alerts and notifications.

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In UI, you can also have features like customizable dashboards, alerts, and charts. In addition to improving the user experience, this degree of customisation boosts confidence in the finance platform. Personalization in UX design can be achieved by gathering data about customers' behavior, preferences, and financial history. While collecting user data is necessary for customization, sensitive financial information must be protected by using strong data security measures, obtaining express user consent, and being upfront about data collection procedures. Ensure that your startup is transparent about data collection practices to avoid privacy-related issues. 

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6. Visualize the Data 

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To make better financial decisions, users need to track their spending habits and investments. The best way to present this information is by visualizing the data in the form of charts, tables, and graphs on fintech UI. Users can understand their financial situation at one glance and manage their finances effectively. Data visualization should be dynamic, intuitive, and adaptable to the various demands and preferences of the user.

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Users who are able to discern patterns, trends, and outliers in their financial data may make more educated decisions because of effective data visualization. For example, a line graph can show how an investment portfolio has grown over time, while a pie chart can show how costs are distributed across several categories. Users should also be able to filter and categorize data using data visualization tools according to particular criteria, including account types, date periods, or transaction categories. With this much detail, customers may examine their finances in more detail and from a variety of perspectives.

Fintech applications can make use of interactive data visualization techniques, such as hover-over tooltips, in addition to static representations.

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7. Use of AI-powered virtual assistants and chatbots 

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One of the major areas where AI can help save time and reduce costs is 24/7 customer support where users can resolve their queries with the help of intelligent chatbots. Chatbots and virtual assistants driven by AI may offer context-aware, individualized support, improving the user experience as a whole. These artificial intelligence (AI) powered technologies are able to comprehend natural language inquiries, decipher user intent, and deliver pertinent data or carry out specified activities. AI is also capable of automating a lot of repetitive jobs, including managing loans and paying bills, by giving timely information on loan repayment and helpful advice on lowering interest rates. 

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Virtual assistants can provide individualized suggestions and insights by analyzing a user's financial data, spending habits, and credit history through the use of machine learning algorithms and natural language processing. AI-driven chatbots may also expedite the onboarding process by helping users with important tasks like document verification and account creation. Additionally, they can help with fraud detection, transaction monitoring, and warning users of any security issues or suspicious activities. Artificial intelligence (AI)-powered chatbots and virtual assistants may greatly increase customer happiness and operational efficiency in finance applications. Because these technologies can process a large number of requests at once, they eliminate the need for human intervention in routine operations and improve the efficiency with which financial institutions use their resources.

Furthermore, via constant learning and improvement from user interactions, AI-powered virtual assistants can adjust to the shifting demands of their clients and the shifting dynamics of the market. Fintech apps are certain to be current and responsive to the ever-changing financial scene thanks to their flexibility.

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Bonus Tip: Write Simple and Informative Copy 

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The fintech industry is riddled with jargon and difficult terms that can frustrate an average user. Writing simple, concise, and informative copies that guide users through every step of their journey can make their experience seamless. This becomes especially important in fintech UX design where transparency about information such as data collection practices, privacy policy, and pricing models has to be prioritized. Fintech apps must make an effort to explain intricate financial procedures and ideas in a way that people with different degrees of financial literacy may understand. In addition to improving user understanding, simple and clear content builds the financial platform's reputation and confidence. In addition, the material needs to be carefully organized, using the right headings, subheadings, and visual cues to direct readers through the hierarchy of content. The user experience is enhanced overall by this hierarchical structure, which facilitates users' rapid navigation to the information they require.

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Fintech platforms should also think about adding contextual assistance and tooltips, which offer more definitions and explanations for technical jargon and foreign ideas. This method facilitates seamless knowledge acquisition by enabling users to comprehend complicated financial phrases without ever leaving the program. Fintech UX designers can develop user-friendly experiences that demystify financial concepts, foster trust, and ultimately increase user adoption and pleasure by giving priority to clear and informative language.

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Conclusion

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Startups should incorporate these 7 user-friendly, design features to boost their business while designing for fintech. 

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Alien UX design agency offers end-to-end design services that have contributed to the growth of number of businesses. If you're looking to kick-start the design process in your startup or need help in your journey, contact us. We can show you our design projects and collaborations and discuss the next steps! 

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Enhance your fintech startup with user-friendly design. Connect with a product design agency to create seamless and engaging experiences.

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Sources: https://techjury.net/blog/mobile-vs-desktop-usage/#gref 

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Read More

‍Designing For Fintech UX: 8 Strategies to Increase Trust in Your App

2023 Fintech Design Trends

4 Biggest Fintech Design Challenges: Creating a User-Friendly Experience

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