The Tips and Tricks for Building UX in Fintech

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The Tips and Tricks for Building UX in Fintech

People are consuming more visual content than ever before in this age of social media. So if any visual content couldn’t capture their attention in the first couple of seconds, they get bored and will scroll down to find another content.

Elegant visuals are very crucial to capture the user’s attention. But if the users won’t find your app appealing, you can’t grow your audience. Steve Jobs explains the importance of design beautifully, “Design is not just what it looks like and feels like. Design is how it works.”

UI/UX Design in Fintech

The UI/UX design of the fintech applications like digital banking, e-wallets, betting and online trading apps should be simple to understand and easy to use. Of course, this is a necessary rule for every design but finance is already complicated to understand not just the clients but the professionals working in the field as well. Sometimes certain terms of financial software development services don’t even make sense to the clients. So it is necessary to build such an interface that conveys to people what do you mean by finance technology and how to use it. 

This concludes one thing that whenever you are designing a product, you should always think from the perspective of the users like what they would need and how would they feel while using your software. And if you want to focus on your targeted audience and their needs while creating a product then I have some tips to share that will enhance the UI/UX of your fintech application. These tricks are tested and proven with time.

If you’re committed to thinking of your target audience and how they’re going to use your app, you’re ready for these five tips, which will improve your UI/UX development for fintech. Each tip is drawn from our own experience and practice.

UI/UX Design Best Practices

The Tips and Tricks for Building UX in Fintech

Now, what might the UI/UX of fintech consist of? What are the important aspects of it? What are the pitfalls to avoid? There are a lot of questions related to this but very few answers. Did you know that there are a lot of common things between fintech apps and apps from other industries? The only challenge you might face while creating a fintech application is to transform complicated things into a small and simple tool that can fit in everybody’s smartphone and other devices. To make it possible, consider the following tips:

Copy and microcopy

The Tips and Tricks for Building UX in Fintech

All the texts in your app are described by these two terms – copy and microcopy. The users must understand the texts written in your application irrespective of their educational or financial background. As we already discussed, finance is a very complex subject but for the convenience of the users, you have to use terms that are easy to understand or have a straightforward meaning.

Even if you do that then also at some point you would come across several terms that you can neither alter nor avoid like prolongation, LTV calculator, overdraft, and more. But you can always use some simple ways where you don’t overload your app with texts and still describe such terms to the fintech app users.

To make sure that everyone agrees with what terms to use as texts in the app, prepare a glossary that consists of definitions and other terms related to finance which you can potentially use in an application. The UX writer and the UX developer must have clarity in their communications. If you are using multiple languages in your app then translating them would need some additional space for texts than the original text would have taken.

Flow

Most financial services are very complicated and use huge chunks of information. In such cases, it becomes tough to keep the flow of the fintech apps as smooth and simple as possible. You don’t want to overwhelm your customers with many tasks. Therefore you must use a gradual structure in your application.

Take the user registration process for example. You can divide this task into two parts.  First, you would ask the users to provide their personal information like name, birthdate, and more. Then provide a draft of the services that you would be offering to them. For instance, a mortgage services app would render a preliminary mortgage calculation.

If they like your preliminary services and accept your suggestions then you can proceed to the second stage where you can ask for all the financial information you require to get them a mortgage. Most of the mortgage services websites follow a similar pattern. At first, they would offer a preliminary suggestion on which the client could rely and then suggest they provide their personal financial information. The user registration process may vary sometimes as it mostly depends upon which kind of services you offer and the data provided by your customers.

Also from the security perspective, you must think about what kind of customer information might change in the future and which ones will remain unchanged because it is better to make as small changes as possible. But allow your users to change their information in the future because it is also equally important for them to update their personal information without facing any problems.

Colors

The first thing that catches the users’ attention is the color of the product. A study suggests that color can increase brand recognition by 80%. Almost 60% of people decide whether or not to buy a product depending upon its color alone. In the year 2017, ComScore conducted research that showed that approximately 21% of millennials deleted the apps from their mobile just because they didn’t like how they looked on their screen.

Although it can be argued that everyone would have different preferences and not all would like the same color, there are also some basic rules of color combination. You might need to consider taking a look at the color wheel while designing your product and choose which color will appeal more to your product or services. For UI designers it is necessary to learn about the basic color schemes. Also, you should not use colors that are too bright, they might have a bad effect on the users’ eyes.

More often the country and the culture in which your apps are going to be used influence a lot on the colors used in the products and services. You have to research what kind of colors and graphic content are popular in the countries where your apps will be used.

For example, the red and yellow color with a crown stands for money and wealth in Switzerland. In western countries, the red color stands for passion and energy whereas in Russia it is highly associated with revolution and communism. In western countries, the purple color stands for piety and faith whereas it is considered the color of mourning in countries like Thailand and Brazil. Similarly, every company should use colors that should reflect their brand purpose keeping the culture of the targeted users in mind.

Device adaptation and displaying content

Whenever you design a fintech UX, you have to consider one thing: financial apps have to display big datasets in the form of reports, stats, charts, tables, and more. Therefore when a fintech development company is building the app, they have to design two versions – one compatible for web and another for mobile. The data sets should be represented on the screens adequately so that the users can easily navigate through them and make sense. You did not want to overload them with data but build it logically to keep it readable and scalable.

The Tips and Tricks for Building UX in Fintech

Another important feature you need to consider is adaptability. The users want their information comfortably fitted in their screens. So you have to make sure that the users have a great experience in any display size. You can also research what kind of devices your targeted users use which will enable your development team to determine the right screen size in advance and build an application compatible with the size of the device and save money at the same time.

Finance applications are all about numbers, so make sure that you set the numeric field of your app to decimal. This enables the users to input amounts with certain numbers even after the decimal point. They can also enter integers and fractional digits which affects the calculations made on the investment platforms. In the countries whose currency value is high, these numbers after the decimal point could add a fortune.

Finding the right team

If you choose to hire a team of UI/UX developers then they will handle all these problems for you. You just have to clearly define your goals and what kind of problems your products or services will solve for them and they will make it happen in the most simple way there is. 

Your products might be helpful to many people. You may start in your niche but can scale later. And to make that possible, you need a panel of talented developers that can develop a unique product or service. The UI/UX designers will give shape to your ideas and make it pleasant for people to interact with them. Many skilled UI/UX designers in the world can do this job for you but you need to ensure that the people you hire must also have some experience or basic understanding of finance.

It will make things much easier and will save a lot of your time and effort that you would spend after explaining every little thing to your team if they weren’t familiar with the finance industry. And what is more important here is that the team with a better understanding of finance is capable of delivering better results. Their knowledge in finance will not only allow them to find the correlations between the processes but will enable them to understand the concept behind the services you are trying to offer to your customers.

Final words

The Tips and Tricks for Building UX in Fintech

As we have already discussed in this blog, design is not just about what you see, it is also about how things work. And when we are talking about the UI/UX design in fintech applications, it is not just which things are elegant to look at but it is also about making complicated stuff easily understandable to the users with utmost clarity and transparency.

If you want to give your customers the best fintech user experience then the text in your application should be easy to understand for people coming in from different backgrounds, you must also take care of the visual markers like color schemes keeping in mind the cultural notions of your targeted users. Apart from that, you must present the data in your products or services in a way that is appropriate for every channel. And the most important thing is that a product is as good as the people who built it. Mind that the effective execution of your idea is only possible if you hire talented professionals for the job.

There are many more things that you should do but if you just take these five simple tips, your customers would like your products, it will reach more and more people and your revenues will increase by many folds.

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