UX Writing for FinTech: How to Communicate Complex Information Clearly

‍

The FinTech sector is expanding rapidly and changing how we handle our money. Financial services are undergoing a transformation because of cutting-edge digital goods like robo-advisors and mobile banking apps. However, this development also presents a new difficulty: making sure that everyone, regardless of financial situation, has an easy-to-use and clear experience. FinTech UX writing can help with this.

‍

User experience has become increasingly popular in the FinTech industry over the last ten years, and the financial services sector is now starting to take notice. However, the majority of us associate UX with design and research. UX writing is a relatively younger but equally significant subject that is still within the cocoon. And, dare I say it, our conversations and our language are examined closely when it comes to handling other people's money!

‍

What is UX Writing?

Image Source: Romina Jorge

‍

User experience writing, or UX writing, is a specialty writing style that focuses on developing an understandable, user-friendly, and engaging interface between users and digital goods. It is also referred to as content design and product writing. UX writing may be utilized in the FinTech sector to produce user-friendly manuals, streamline difficult procedures, and offer intuitive user experiences. UX authoring has one of the biggest influences on the industry's ongoing growth and innovation.

‍

It may get confused with other forms of writing like creative writing, copywriting, ghost writing, etc but it’s different from them. Where others may focus on sales, marketing, or leads, UX Writing focuses on a product and the user, to educate and make the flows much easier to be understood by an average user.

‍

The Role of UX Writing

FinTech products often deal with intricate financial concepts and terminology (jargon). Without clear communication, users can experience confusion, frustration, and even make costly mistakes.

‍

Users only read roughly 16 percent of web information, according to another study by the Nielsen Norman Group titled "How Users Read on the Web." They accomplish this by reading the page in an F-shaped pattern (for languages that read from left to right), which gives the text in the upper left corner of the page the greatest attention. The text receives less attention the lower and right it moves.

Image Source: Nielsen Norman Group

‍

Heatmaps from Nielsen Norman Group show user eyetracking studies of three websites. The red areas in the heat maps indicate where users looked the most on three different websites, the yellow areas are in the middle, while the blue ones indicate where users looked the least.

‍

A good UX writing helps in improving the overall readability of web and app pages which leads to better engagement and conversion. Clear and succinct UX writing might be especially important in the financial technology industry since customers are frequently searching for specific information or instructions on how to utilize a product or service.

‍

Why Has FinTech Increased Demands for UX Writers?

Image Source: Qubstudio

‍

The above chart shows the percentage of UX Writers hired during 2022 in various industries.

‍

UX writers translate difficult ideas into language that is simple enough for people to understand. UX writers also assist in lowering text redundancy during competitor analysis and information architecture study, which speeds up work completion. Users who use digital goods more successfully and with less material are able to do activities more quickly and easily. This improves the product and consequently the brand.

‍

It's also critical to note that inclusive UX authoring. A website becomes more accessible and helps more people when its material is created with screen readers or visually impaired users in mind.

‍

Image Source: Toptal

‍

As can be seen in the picture above, how easily UX writers manage to communicate complex things in simpler ways. Imagine if the screens were empty without text or had some complex jargon, it would hamper the user experience. 

‍

The 3 C’s of UX Writing

Consider these as the basic set rules while writing for a product/service. 

1. Clarity

Image Source:  HALO LAB

‍

Whatever you write should be clear and easy to understand. Remember you’re writing for the people who may not be familiar with your product or services. If a UX copy is not clear then the users may:

‍

• Have a hard time understanding the patterns and not complete their goals.
• Will get confused and stray away from the journey.
• Lead to a bad user experience and frequent drop-outs.

‍

2. Concise

It’s all about being straight to the point. If a copy is too complex, users have a hard time decoding it. 

‍

Image Source: HALO LAB

‍

As the above examples show, when one thing can be written in a very concise manner, why stretch it out? The second option “Sign in the comment” is straight to the point which makes it easier for the user to comprehend it.

‍

3. Consistent

Keep a uniform style and tone of writing throughout the product. It ensures trust and uniqueness of the brand. 

‍

For example if you’re using a specific word for a specific action, that should remain consistent throughout your design.

‍

Image Source: UX Writing Hub

‍

How UX Writing Benefits the FinTech Industry

1. UX Writing in FinTech Provides Brand Consistency 

An improved tone and unified voice assist a brand in telling a coherent narrative. UX writers make sure that all communications are on-brand and that the brand's voice is consistent across all channels by offering a set of rules with language catered to consumer groups (e.g., using more technical jargon for experienced traders but simpler vocabulary for novices).

‍

2. UX Writing Helps Reduce Need for Customer Support

Digital solutions that are simple to understand and use might result in fewer customer support calls. Users are less likely to ask for assistance when they can easily do their duties on their own. By removing the need for consumers to contact customer service, this not only helps the users but also enhances the bank's experience. Better service is produced as a result of fewer support calls, which relieve strain on customer support representatives.

‍

3. Raises User Satisfaction and Trust

According to a survey conducted by StoxPlus and FinTech Vietnam ‘80% of the users said that having better UX writing on financial websites make them more likely to use the website’s service or product.’

‍

4. UX Writing Ensure Security

By improving the user interface's intuitiveness and usability, UX authoring contributes to the security of FinTech digital goods. This reduces the possibility that the user may do something like input their login credentials in the incorrect box, which could jeopardize their security. In the end, effective UX writing can help keep users safe by lowering user anxiety and confusion.

‍

5. Prevents Occurrence of Errors

This point is related to the one before it. By offering clear and simple instructions, feedback, and error warnings, UX writing contributes to the development of a more intuitive user experience. It lowers the likelihood that consumers may make mistakes or errors when using the product by helping them better comprehend it.

‍

6. Good UX Writing Increases Conversion Rates

By providing an intuitive user interface, UX writers may help minimize customer service requests and boost satisfaction by making it simpler for customers to execute activities, discover the information they need, and understand how a product or service works. Furthermore, search engine optimization (SEO) and website navigation may be enhanced by UX authoring, resulting in an increase in exposure on well-known search engines like Google and Bing. Increased traffic to a website or product page has the potential to lead to increased conversion rates.

‍

Challenges of UX Writing in FinTech

There are a few notable challenges for UX Writers in the FinTech industry that need to be highlighted are as followed:

‍

1. Balancing Accuracy and Clarity

Since financial services are heavily regulated, precision is crucial. On the other hand, using too technical terminology to describe complicated ideas might turn off people. It's critical to strike a balance between precision and lucidity.

‍

2. Catering to Diverse Users

The user base of fintech consists of people with different levels of financial knowledge. Writing for fintech UX must appeal to a wide range of readers, including tech-savvy millennials and others who are not familiar with financial jargon.

3. Jargons and Acronyms 

Financial goods can be perplexing to non-experts since they are frequently filled with acronyms and jargon. This jargon has to be translated into plain and intelligible English in fintech UX authoring.

‍

4. Legal and Ethical Considerations

A UX writer must also negotiate a complex web of moral and legal issues.

This entails making certain that accessibility guidelines, industry rules, and privacy laws are followed.

‍

Transparency and honesty are also required by ethical writing practices, particularly when it comes to the gathering and handling of user data.

‍

It can be challenging to strike a balance between these demands and the desire to produce interesting and convincing information.Financial goods can be perplexing to non-experts since they are frequently filled with acronyms and jargon. This jargon has to be translated into plain and intelligible English in fintech UX authoring.

‍

Some Good UX Writing Examples in FinTech

Let’s look into some of the current examples of UX writing in the FinTech industry.

‍

1. Robinhood

‍

Robinhood uses simple language to explain complex financial concepts, making investing accessible to a wide audience. It tries to clear things out for the users in the best possible manner leaving no important note behind.

‍

2. Wise

Image Source: Mobbin

‍

Wise is another good example of UX writing being used in finance. It clears out all the necessary details for the users in a clear and easy to understand manner.

‍

Final Thoughts

All things considered, UX authoring has a significant influence on FinTech digital goods. It improves security, usability, and decreases user annoyance. UX authoring will be crucial to creating and enhancing product awareness as well as cultivating customer loyalty as the FinTech sector expands and innovates. Furthermore, it plays a significant role in the UX/UI design, which maintains the coherence and consistency of a digital product. Our team uses thorough research, in-depth analysis, succinct language, and award-winning design to consistently provide FinTech solutions.

‍

‍

‍