9 UX/UI design tips for fintech products
In an increasingly competitive digital market, users have more choices and higher expectations. That makes customer experience a deciding factor in whether a product can stand out and succeed.
1. Visualize the data
People tend to struggle with numerical information, especially when they have to compare figures or do complex calculations. That is why it matters so much to express that information in a visual, easy-to-understand form. Data visualization is already widely used in reporting and analytics, and it has a great deal of potential for deposits, loans, investments, and other financial activities.
Data visualization works because it shifts the balance between perception and cognition to make the most of what the brain can do.
- Fast perception: Visual information is processed quickly by the visual cortex, so users take it in easily and rapidly.
- Lower cognitive load: Visualization eases the burden on conscious thinking, letting users focus on making decisions instead of analyzing complex numbers.
Traditional ways of presenting and consuming data demand conscious thought at almost every step. Data visualization tips the balance toward visual perception, putting our eyes to work as much as possible, wherever possible.
2. Build a tool, not a page full of ads.
Unless the product's sole purpose is marketing, there is a whole range of other user needs to satisfy. Placing ads in a product can bring some benefits, but overwhelming customers with irrelevant messages inside a financial product can backfire.
Even if your product is highly trusted, many users remain skeptical of new features. In an unfamiliar digital environment, they don't want to be distracted or to have the information that is useful to them pushed out of view.
What matters is the core value and the navigation that gets users to what they need. The product should surface everything users consider important. Marketing messages have to be subtle enough to add value to the user experience.
A tool that empowers users and puts them first will do more to improve retention and grow sales.
3. Offer relevant, personalized content
When people buy new clothes, one of the first things they consider is how well they fit. Financial products are no different. Personalization lets the system recognize a user as part of a specific customer segment, or as a specific individual, and serve the content and functionality that suit that user.
Take wealth management as an example. There is a huge amount of information about an investment's performance and risk that can be tailored to a specific person's assets. With so much detail, people barely have time to take it all in. And no two customers are alike.
The product should act like a personal assistant, extracting the important information and presenting it concisely, so users can get to it without being overloaded. From there, users can choose whether or not to explore further. It is simply a starting point from which they can discover more of your other products.
4. Make onboarding smooth
To deliver a great experience from the very first use, it is important to introduce customers to the service that is right for them. Users need to see the value of the product from the very start. Done well, onboarding helps to:
- Get users to their short-term and long-term goals
- Make the value of your product clear
- Improve retention and reduce drop-off.
When people hear the term "onboarding", they often think of the initial series of screens and forms that describe what the app does and collect basic user information. But onboarding is not merely a presentation of features. It is how you connect users to the product's value quickly and effectively.
To understand your users, work out who they are and how best to communicate with them. Instead of focusing only on product-market fit, learn about users' specific needs and build the product to suit them.
Anyone who has invested or borrowed through a digital platform is familiar with a smoothly designed onboarding flow. Financial companies invest heavily in it because customers of financial services tend to be high-value. A business stands to gain a lot from introducing its service to customers in a way that is relevant and effective.
5. Make customers feel special
Gold, Platinum, and other status cards mostly give their holders a feeling of being special, more than any real value. In past decades this kind of exclusivity was limited to wealth management clients, but it is now spreading to banking, retail, and many other sectors. The goal of these special customer programs is not only to show appreciation but also to retain customers and encourage them to come back and use the service regularly.
Don't get me wrong - I am not encouraging you to deceive your customers, only to make them feel special. The point of programs for special customers is not just to thank them but to keep them. You want users to come back and make the product part of their daily lives, and you can achieve that by rewarding them regularly. Offer incentives that make the benefit to users clear and encourage daily use.
With today's technology, creating a personalized experience for each customer has become easier. Small adjustments to the service can create a sense of premium and exclusivity, making customers feel valued and encouraging them to keep using the product.
6. Design for stronger security
Consumers want a mobile payment experience that is easy and familiar, and they also have high expectations for transparency, honesty, and the security of their financial data. With fraud and digital financial attacks growing ever more sophisticated, security has become a top priority not only for users but for financial institutions as well.
To maximize security, banks should adopt protective measures beyond traditional password authentication, such as biometrics and gesture patterns. Biometrics are hard to fake and provide fast access with a high level of security, improving the user experience without sacrificing ease of use.
There are also things to consider when designing digital passcodes. I suggest the following:
- Add an automatic lockout after multiple failed attempts.
- When users create a password, the font size should be large and easy to read.
- Keep passcodes hidden while they are being entered.
- Offer an option for the login session to expire after roughly 1 to 5 minutes of inactivity.
- Reject easily guessed passcodes such as 0000, 1111, 1234, and the like
7. Take full advantage of device capabilities and new technology.
The growing prevalence of mobile is having a big impact on the development of fintech. With rising pressure to turn a profit and a wave of emerging startups, most businesses will be looking at ways to optimize their current operations.
In recent years, AI has become an important part of the fintech industry, and its adoption keeps growing. The main areas where AI is used include collecting and managing data, analyzing personal spending habits, and protecting and facilitating transactions. The ability to give customers a personalized experience and perfectly matched products will soon become a significant competitive advantage in the fintech market.
Technology such as eKYC lets banks verify customers online, automatically and in compliance with regulations. Chatbots and virtual assistants are also becoming common, making it easier for users to carry out transactions. AR and VR open up new ways to engage customers as well, creating distinctive experiences in financial services.
8. Communicate with users and give clear feedback at all times.
Users should know where they are and what is going on at all times. Every action needs appropriate feedback that a person can read within a reasonable amount of time. Don't make your users guess. Tell them what their action has led to.
Uncertainty causes anxiety, so it should be avoided as much as possible. That anxiety grows when people are dealing with financial transactions, orders, and the like.
Whenever users interact with a system, they need to know whether that interaction succeeded. Communicating the current status lets users feel more in control of the system, take the right actions to reach their goals, and ultimately build trust in the brand.
As a designer, your job is to make users feel safe while they interact inside your app. Communication increases trust, one of the key factors in customer retention. When the system seems to withhold information from users or makes decisions unilaterally, users start to lose trust and no longer feel that the relationship between them and the business is an equal one.
Users need to know their status and progress clearly in every interaction with the system. Timely feedback helps them understand whether their action succeeded, which reduces worry, especially when they are making financial transactions. Uncertainty can cause anxiety, so communicating the current state clearly helps users feel more in control and builds trust in the brand. As a designer, you have to create a safe and transparent environment for users. Clear communication not only strengthens trust but also retains customers. When the system fails to provide complete information or seems to be hiding something, users lose trust and stop seeing their relationship with the business as an equal one.
9. Speak the user's language
In financial technology (fintech), communicating effectively with users is critical, because customers are not industry experts. To help them understand your products and services, use simple, accessible language. Avoid complex technical terms, since most users are not familiar with them.
Beyond using language that is easy to understand, you also need to pay attention to tone and communication style. Many fintech products have an overly serious tone, which can create distance between the brand and its customers. Choose a friendly, approachable way of communicating to build a better connection, so customers feel more comfortable and more trusting when they use your service.
Another common problem with how fintech products communicate with users is tone and voice. For some reason, it often comes across as too serious, formal, or boring. This depends on the brand's overall personality and values. Perhaps people think of banks as serious institutions where everyone wears an immaculate suit.
That may suit traditional, long-established private institutions, but as times change, even these banks are shifting their messaging as their customers become more diverse. In personal finance, that kind of seriousness really does draw a line between customers and your brand.
