1. Data Visualization

Humans tend to struggle with processing numerical information, especially when it comes to comparing or performing complex calculations. That is why conveying that information in a visual, easy-to-understand format is very important. Data visualization has been widely used in reporting and analysis. And it has a lot of potential for application in deposits, loans, investments, and other financial activities.

Data visualization is effective because it changes the balance between perception and cognition to maximize the capabilities of the brain.

• Quick Perception: Visual information is processed quickly by the visual cortex, allowing users to easily and quickly grasp information.

• Cognitive Load Reduction: Visualization helps lessen the burden on conscious thinking, allowing users to focus on decision-making instead of having to analyze complex data.

The traditional methods of presenting and receiving data require conscious thinking for most steps. Data visualization shifts the balance towards utilizing more visual perception, strongly leveraging our eyes whenever possible.

2. Develop a tool, not an ad-filled page.

Unless the sole purpose of the product is for marketing, there will be a range of other user needs that need to be met. While placing ads on products can offer some benefits, overwhelming customers with irrelevant messages through a financial product can have a negative impact.

Even if your product is highly reliable, many users still have doubts about new features. In an unfamiliar digital environment, they often do not want to be confused and miss out on displaying useful information.

It is important that the core value and navigation address users' needs; the product should display everything users find important. Marketing messages should be subtle to help increase the value of the user experience.

A tool that empowers users and prioritizes them will be more effective in improving customer retention and boosting sales.

3. Provide relevant and personalized content

When buying new clothes, one of the first criteria people consider is how well they fit. This is also true for financial products. Personalization allows the system to identify users as a specific group or individual while providing appropriate content and functionality for that user.

For example: In asset management, there is a lot of information about the performance and risk of an investment that can be tailored to the assets of a specific individual. There are so many details that people hardly have enough time to understand everything. Furthermore, no two customers are the same.

The product should act as a personal assistant, extracting and presenting important information concisely, allowing users to easily access it without being overwhelmed with information. From there, users can choose whether to explore further or not — this is just a starting point through which users can further explore your other products.

4. Create a seamless product onboarding process.

To deliver a perfect experience from the very first time, it is essential to introduce the right service to the customer. Users need to clearly understand the value that the product brings from the outset.

• Achieve their short-term and long-term goals

• Understand the value of your product

• Improve customer retention and minimize dropout rates.

When people hear the term "feature onboarding," they often think about the initial set of forms describing the application’s functionalities and gathering basic user information. However, that onboarding process is not just about presenting functionalities; it's also about how to connect users with the value of the product quickly and effectively.

To understand your users better, identify who they are and how to communicate with them most effectively. Rather than just focusing on the product-market fit, learn about users' specific needs and develop the product to meet those needs.

Those who have invested or borrowed through digital platforms are familiar with the smoothly designed onboarding process. Financial companies invest heavily in this, as customers who use financial services often provide high value. Therefore, businesses will reap significant benefits by focusing on effectively and appropriately introducing services to customers.

5. Make customers feel special

Gold, platinum cards, and other premium cards primarily provide a sense of exclusivity for their owners rather than real value. In past decades, such exclusivity was limited to the wealth management clientele, but it is now expanding into banking, retail, and many other fields. The goal of special customer programs is not only to reward customers but also to retain them, encouraging them to return to use services regularly.

Don't get me wrong — I do not encourage you to deceive your customers, but rather to make them feel special. The goal of special customer programs is not just to thank them but also to keep them. You want users to come back, making the product a part of their daily lives; you can achieve this by frequently rewarding them. Offer incentives that clearly demonstrate the benefits to users and encourage their daily usage.

With today's technology, creating personalized experiences for each customer has become easier. Small adjustments in service can create a sense of premium and exclusivity, making customers feel valued and encouraging them to continue using the product.

6. Design for enhanced security

Consumers want a seamless and familiar mobile payment experience while also requiring high standards for transparency, honesty, and financial data security. With the increase in fraudulent methods and increasingly sophisticated digital financial attacks, security has become a top priority not only for users but also for financial institutions.

To maximize security, banks should implement various protective measures beyond traditional password authentication, such as biometrics and gesture patterns. Biometrics are hard to spoof and provide quick access with high security, improving the user experience without compromising usability.

Additionally, consider when designing digital passwords, the following methods:

• Add an auto-lock function after multiple unsuccessful attempts.

• When creating a password, the font size should be large and easy to read.

• Keep passwords hidden while they are being entered.

• Allow a login expiration time option after about 1 to 5 minutes of inactivity.

• Do not accept easily guessable passwords like 0000, 1111, 1234, …

7. Leverage all capabilities of devices and new technologies.

The increasing popularity of mobile technology is having a significant impact on the development of Fintech technologies. With rising pressure to achieve profitability alongside the rise of emerging startups, most businesses will consider ways to optimize their current operations.

In recent years, AI has become an integral part of the Fintech industry, and its popularity is on the rise. Major areas of AI usage include data collection and management, analyzing personal spending habits, as well as safeguarding and facilitating transactions. The ability to provide customers with personalized experiences and perfectly tailored products will soon become a significant competitive advantage in the Fintech market.

Technologies such as eKYC allow banks to automatically verify customers online and comply with regulations. Moreover, chatbots and virtual assistants are becoming more popular, making transactions easier for users. AR and VR technologies also open new opportunities for customer interaction, creating unique experiences in financial services.

8. Communicate and respond clearly to users at all times.

Users should know where they are and what is happening at all times. For every action that requires feedback, people should be able to read it within a reasonable time. Don’t make your users guess. Let them know what their actions have led to.

Uncertainty causes anxiety, so it should be avoided as much as possible. Anxiety increases when handling financial transactions, order placements, and similar situations.

Whenever users interact with a system, they need to know whether that interaction was successful or not. Providing current status notifications allows users to feel more in control of the system, take appropriate actions to achieve their goals, and ultimately build trust in the brand.

As a designer, your task is to make users feel safe while interacting in your application space. Communication increases trust, one of the key factors that influence customer retention. When the system seems to withhold information from users or unilaterally makes decisions, users begin to lose trust and no longer feel the relationship is equal between them and the business.

Users need to be clearly aware of their status and progress in every interaction with the system. Timely feedback helps them understand whether their actions have been successful or not, thereby reducing anxiety, especially when executing financial transactions. Uncertainty can cause anxiety, so clearly communicating the current status will help users feel more in control and build trust with the brand. As a designer, you must create a safe and transparent environment for users. Clear communication not only enhances trust but also retains customers. When the system does not provide adequate information or seems to be concealing it, users will feel distrust and no longer view their relationship with the business as equal.

9. Communicate in the user's language

In the field of financial technology (Fintech), effectively communicating with users is crucial, as customers are not industry experts. To help them clearly understand your products and services, use simple and accessible language. Avoid complex technical jargon, as most users are not familiar with them.

In addition to using easily understandable language, you also need to pay attention to tone and communication style. Many Fintech products often have a tone that is too serious, which can create a distance between the brand and customers. Opt for a friendly and approachable way of communicating to build a better connection, helping customers feel more comfortable and trusting when using your services.

Another common issue with the way Fintech products communicate with users is tone and voice. For some reason, it is often perceived as too serious, formal, or boring. This depends on the overall personality and values of the brand. Perhaps people view banks as serious organizations where everyone is dressed in formal suits.

This may fit traditional, long-established private organizations, but as times change, even these banks are adjusting their messaging as their customers become more diverse. In personal finance, such seriousness actually creates a barrier between customers and your brand.