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Finance Apps with User Experiences that Don’t Suck
I thought this was a helpful piece that addresses one of my biggest frustrations with personal finance software. There are SO many apps available that can help people accomplish their financial goals, but most are boring, counter-intuitive and jargon filled…and because of this, they fail to engage people. “Financial wellness” is a long game…trust me! So why are most financial tools total snooze-fests that keep our attention for less than 15 seconds? Well this article gives me hope that there’s a better way…and Divame gave us permission to post this on our blog to spread the word that there are financial apps that don’t suck.
Now let’s have fun getting learnt up…
Fintech product design doesn’t have to be boring. The design can be engaging and speak to customers in a language that they understand. A user-friendly and delightful Fintech app design is the way to make users fall in love with your product.
What is Fintech UX/UI Design?
Throughout history, finance and banking have dwelled in an ivory tower. While it did not shy away from adopting the latest technology, it never truly provided a customer-friendly environment. The complex mechanics of finance and niche jargon rarely provided a satisfying user experience.
However, the digitization of banking has forced the industry to play by the modern design and tech rules. Thus, the adoption of Fintech UX/UI design.
Fintech UX/UI signifies specialized patterns, skills, ideas and guidelines to develop a better digital experience for banking and financial services. It also extends to the creation of a richer user experience for users using financial products like banking, insurance, lending, payments, and so on.
Here, the idea is to create intuitive and easy-to-use experiences for the end customers and also the creation of user-friendly enterprise software used by employees of financial organizations.
What is the Importance of Fintech User Experience?
Have you ever wondered what makes a great Fintech app? Is it the number of features and functionalities it has? Or is it about developing something innovative and simple that gets the job done faster?
While innovation-enriched Fintech products with functionality and cutting-edge design trends are features that help financial service providers augment their brand image, a product truly becomes special when the focus is on the end-user. Users are at the core of Fintech design.
It wouldn’t matter if your app is highly advanced and showcases a creative design interface if customers cannot use it. The finance app must be designed and developed keeping in mind human psychology. It should make things easier for users and not complicated.
To understand the importance of Fintech UX design, read along to know how it helps customers.
1. Trust factor
Financial and banking services require users to share sensitive data. Good financial product UI design helps build trust and make sure the information exchange process is safe and easy. A badly designed product will drive away your customers who need your services and if they don’t trust your presentation, they’ll not register.
2. Registration and onboarding
Registration or sign up is the first interaction that potential customers and visitors have with your app. The absence of a great user experience will deter them from exploring further. Also, a complicated registration and onboarding process will force them to leave your app and go elsewhere.
It is essential that the design of your app sets the tone immediately so that they’re persuaded to register for your services.
Those days are gone where customers need to study law to comprehend the nuances of the finance industry. Good Fintech UX means reduced information overload and complexity, bringing complete transparency and simplicity, and thereby, building trust.
4. Simplified app navigation
Your potential customers want solutions. They’ve not downloaded your app to be faced with more problems. Fintech app UIs prioritize app navigation so that customers feel empowered to find what they’re seeking with few clicks and little effort.
How is Fintech design improving engagement?
1. Personalized design journeys
Design journeys are personalized according to the needs, wants and pain points of users. Obstacles and roadblocks are eliminated so that users can find what they need without much effort. Tracking customer journeys are a wonderful way to find out how customers have landed on your platform and the steps you can take to optimize their journey.
2. Mobile-first approach
The importance of mobile is undeniable. It is estimated that by the end of 2021, mobile commerce sales will hit $3.56 trillion. Having a mobile-friendly Fintech product attracts smartphone savvy traffic and boosts user demand. However, given that banking and finance is an old institution, a lot of your customers might not be tech-savvy and may still work from their desktops. In such a case, you may want to consider building progressive web apps.
3. Data visualization
Data visualization presents complicated data in a simple, attractive visual manner. It helps users understand financial activities at a glance.
For instance, you can use pie charts to represent debit, credit and savings.
The need for Fintech platforms to allow users to self-serve received a huge boost during the pandemic. This means that the Fintech app ought to help users execute most of the tasks with little to no intervention.
Gamification is a fun and exciting way to teach users about investment, stocks and savings. You can include visual aids to make it exciting and simple.
5 Finance apps offering the best user experience
Financial products tend to be boring and the real challenge for any UI/UX designer is to ensure users don’t get bored.
Take inspiration from Revolut. The app is joyful and fun with vibrant dashes of color. It offers a clean design, positive reinforcement and smooth flow at the right places.
Going one step ahead, Revolut allows users to create card designs by choosing their preferred colour.
2. Cash App
Being in Fintech doesn’t mean you have to play it safe with branding and Cash App is an excellent example. The design is simple and includes fun design elements. They’ve used varied geographic elements to make the app appear interesting and attractive.
Moreover, they’re not overloaded with a lot of information while explaining the features in simple terms. Each picture within the App Store preview does a fabulous job in showcasing the functionalities and features. The onboarding process is kept simple to persuade visitors to sign up.
3. Google Pay
Financial products ought to be easily understood by both novice and experts. Users should not be overloaded with too much information. Getting this right can hugely impact the product’s adoption and retention levels.
When it comes to avoiding jargon and using simple language to keep users engaged, take Google Pay for example. The app navigation is simple and users are not overwhelmed during the registration process.
Coinbase has nailed that first impression that industry insiders talk about. Within the first few seconds, the app manages to convince users to download the app due to the detailed video preview and vibrant design. It makes it clear to the visitors that downloading the app will provide them with $5 bitcoin and a dedicated news feed that will help them stay on top of the latest crypto news.
After you download the app, there are no bells and whistles. As a new user, you have to create an account and a verification link will be emailed to you. That’s it.
The UI/UX design of Mint helps users track their spending and cash flow, create a budget, set saving and spending goals, etc. The app even lists a short 30-second video in their App Store listing that allows users to get a snapshot of their features and USPs.
App demos are one of the most stand out features of this Fintech app and it helps to educate users. Also, it makes them familiar with the interface.
Developing Fintech products – be it online banking, e-wallets, lending or online trading – the design of the fintech app ought to be simple, user-friendly and easy-to-understand. It is the balance of usability, intuition and design that can make your Fintech app stand out from the rest.