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Driving fintech UX trends: how to make your app smooth and clear


Maryna Cherednychenko - February 19, 2020 - 0 comments

The design has always played a secondary role in the financial services sector. The situation changed dramatically with the advent of fintech companies that entered the battle for the client with well-known consumer brands. Such organizations are more flexible than large banks. They quickly respond to customer requests and are more focused on their needs.

Currently, the number of fintech startups exceeds seven thousand, so you are facing a difficult task. You need to build a product that will stand out from the others. The proper fintech app design can help you with that.

Onboarding

Put yourself in the shoes of the client who came to the app. Draw an analogy with a physical office. Before ordering a financial service, you must introduce yourself and show identity papers. Please, do not force the user to do it right out of the gate. Let them look around and get used to the environment. On the Internet and in real life, customers often go by a first impression. If it is based on honesty and trust, they say, “Yes!”

Now, let’s get back to the question of UX in the banking industry. According to KYC and AML rules, you should ask the ocean of user data before allowing them to work with your service. However, immediate authentication may scare clients away. So, let them play around with your app before throwing an entry form. Make a strong first impression, so they want to log in.

 

Onboarding screen banking

Onboarding screens for fintech app

Registration

Finally, ask to enter identity details. Be sure to explain why they are needed and why it is crucial to enter accurate data. A distinct note will let users know that incorrect data leads to failed authorization.

Make the app registry instantly clear and straightforward. For that, use the main tips for great fintech app design:

  • Use a one-column layout. This structure allows the user to fill in the data intuitively and do not skip the required fields.
  • Split the form into several stages. Such breaking helps the user locate themself and calculate the steps to do.
  • Apply masks and stoppers. But do it carefully. You don’t have to leak private data like credit card number or pin code.
  • Describe errors. Highlight the relevant field and tell the user what is wrong so they can fix the problem quickly.
  • Submit options. Choosing among available options saves time, as users do not need to type in manually.

Authorization

The security issue in fintech goes more in-depth than in the rest of the apps. Here you need not only to ask for a password at the entrance but also to secure monetary transactions carried out through the app. Banking app design trends require smooth user experience in three cases:

Login. The one thing is to keep bad guys out of user belongings. The other thing is not to make further problems for the user if, say, they forgot the password. In this context, biometrics never fits better. Use fingerprint, face recognition, voice detection to let users in an app. Don’t forget to design a fallback option in case biometrics doesn’t work.

 

Banking app UX

Biometric authorization in banking app

 

Transactions. Separate sensitive and non-sensitive data. Design robust security for essential app sections and simplify protection for low-risk operations. For example, you may ask a password each time the user makes payment but remove authorization for the recurring charges.

Wrong password. The idea of blocking users after several failed attempts to enter a pin is not bad only if the phone fell into the wrong hands. If the user forgot the password, the complete blocking of accounts looks less cool. To avoid unhappy customers, you should provide the best UX in banking app. For that, do three simple things:

  • Warn. Display something like: “You have two attempts left, after which the account will be blocked.”
  • Allow time. You may extend the period before lockout or make a blocking temporary.
  • Give a second choice. Provide an alternative method of authorization and make sure the user can reach client support effortlessly.

Personalization

Today, fintech companies provide new UX experience in banking apps. They are trying to be on the same page with a user, communicating in a simple and understandable language. In that regard, AI plays a vital role. It acts as a personal assistant who knows the preferences of their client and provides the most relevant services. The in-app advisor chooses a friendly tone of speech. It moves away from standard surveys to more informal methods. Among other things, an AI expert addresses the user by name, asks questions, and gives advice. It reaches the client via popular messengers, which are called from the mobile app. Such means of communication make a human-like perception as if you are chatting with a friend.

 

Chatbots in banking app

AI human-like assistant reaches the user via Facebook messenger

UI tips

The user experience should be not only tangible but also visible. A visual look is a calling card of the app. When working on a banking service, you need to be careful. Dazzling colors and eccentric design are unacceptable. Instead, the following trends are in favor.

Visualization

Give the visibility of the numbers. Use charts, diagrams, schemes in your financial dashboard design. Data display helps users understand economic indicators and map the current state of their funds. In this way, people absorb complex records quickly.

 

Banking app dashboard

Financial dashboard visualizes economic indicators

 

Easy-to-understand content

If you focus on the average user, the content should be within a tier: no wonky terms and complex texts. Be short and concise. Put maximum meaning in minimum words. Try to sound friendly rather than official.

Soft tones

People tend to spend much money. Every day they transfer funds, pay bills, buy goods. To avoid mental discomfort, we recommend that you do not use a red color to highlight spendings. Look at executive dashboard examples and pick up your idea.

 

Mint app design

Mint displays spendings in a grey

 

Creativity

The best fintech app design is not boring. Forget about the suit and tie and let in the ripped jeans. Don’t go too far. Make the users feel cheerful but keep the reputation of a severe app. To spice app look-and-feel, you can play with color or include freaky elements.

Design thinking

“Design is intelligence made visible,” as Alina Wheeler has said. Many modern fintech companies go by this rule. They put design thinking at the core of software development. It means that, first of all, the product is produced with the thought of a user. Choosing between “it will be right” and “it will be better for the client,” select the second. In practice, design thinking is implemented in several stages.

  1. Empathy. The team learns to understand the customers: what they want from the product and what benefits they expect to receive. For that, designers create a picture of a typical user – persona. It shows user social class, relationship status, personal preference, education, and other things.
  2. Definition. Here, developers and designers define the main challenges that clients face. What are their thoughts and needs? What problems are they going to solve with the help of the fintech app?
  3. Ideation. After naming the problems, it’s time to look for solutions. How to implement an app that will meet user expectations? To find the answer, the team uses brainstorming, mind mapping, social listening, and other idea generation tools.
  4. Prototyping. When user motives seem to be clear and solutions identified, developers proceed to prototype the product. Usually, they produce several options. The idea is not to make a final app but to find the fittest variant.
  5. Testing. Finally, the team can try fintech app design traces. It reproduces the most expected user scenarios. In a perfect world, it involves users for testing.

Final thoughts

UX in banking should be simple and understandable. At the same time, it has to fit dozens of functions on one screen: from quick access to personal data to the opportunity to receive a bank statement. If you look for a creative team that can help you with this task, contact us. Let’s do an outstanding project together!

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