The finance industry has become one of the most heavily transformed industries throughout the past decades, all thanks to fintech.
Every day we’re seeing a rise in the adoption of online banking and e-wallets following the current trend of touchless transactions. Fintech startups are seizing this opportunity to rise up with digital enhancements that are providing users easier, faster and safer ways to process monetary transactions.
However, designing products and services that are functional and lovable requires in-depth understanding of ever-evolving consumer behaviour — especially when it involves money. What are some of the keys in designing for financial apps? Here are 4 must-haves to keep in mind.
Design for Experience and Trust
Consumers have certain expectations for design when it comes to financial apps. Often, successful fintech apps are sleek and seamless with fast and easy-to-use navigation. For instance, an animated but simple visual showing the status of a transaction as it’s processed in real-time could drive huge increases in user engagement.
The best advice with regards to fintech design is always: To not overwhelm your users. The last thing that getting to a new product should be, is a challenge. With that being said, it’s essential to provide a smooth onboarding process that doesn’t require a steep learning curve. That is the start of bringing your user to a good product experience. Simplifying the entire experience in terms of page layouts, task flows and content display will do wonders for your app.
Never underestimate the power of intuitive design and what it does for ease of use. Apply a hierarchical layout by placing high-importance and frequently used tasks in the forefront to make them more visible and accessible, or use simple and familiar icons for important buttons like ‘Menu’ and ‘Transfer’. These little things can give your users confidence in navigating your app and handling their finances.
Unlike social apps like Instagram and Twitter that are mostly built on content, fintech apps are primarily data. That may sound boring, but it doesn’t mean creative elements can’t be explored to boost user experience from simply expected to exceptional. Think about aesthetic-usability effects, and develop a deeper understanding of customer needs and goals. At the end of the day, trust can only be developed through experience.
Enhanced Security for a Safe Space
Security is the most important aspect of any fintech software. No matter how convenient and advanced your app is, if it is not secure, it will fail tremendously in bringing in users and revenue.
Once a user experiences a data breach, it would be near impossible to regain their trust in your platform. In cases where third party components are being used in your product, make sure they are reliable and regularly updated. Here are the Top 3 Payment Gateways used in Malaysia.
There are a number of security trends and features that fintech companies are taking on to help users feel more secure with their apps, such as the integration of voice and face recognition to allow for quick and effortless authentication, displaying only the last three digits of cards or mobile numbers to prevent theft, etc.
It is the responsibility of product teams to ensure that users feel safe while using their app. Some of the ways to do that is by always providing clear reasons for why certain data is required, making data collection as effortless as possible, and providing reassuring messages in the process.
Personalization for a Better Experience
Personalization is far from just customization. Traditional demographics like age, gender, race, etc. don’t really capture what sets one user apart from another.
Personalization can turn fintech into a more personal and pleasant experience through behavioral data. Using predictive analytics, AI and Machine Learning, one can not only reach users but also help them make the best and most profitable decisions about their investments.
By using AI in your product, you can get detailed insights on each of your users and deliver them an experience that is tailored to their needs.
Blockchain for Efficient Ecosystems
Blockchain took over the financial world after Bitcoin gained popularity. It, being a decentralized system, offers extreme transparency to users and performs transactions in the least time.
One of the basic principles underlying blockchain technology is permanent records whereby once a transaction is entered, the records cannot be altered as they are linked to every transaction record that came before them in the “chain”. This immutability is what makes blockchain such a good foundation for fintech applications.
This technology can definitely benefit both companies and users with fast and secure data sharing across different platforms with the interface of intermediaries like banks, insurance companies and financial institutions. Using blockchain will definitely bring positive results to your app because it reduces transaction fees for local and international payments as well as encourages peer-to-peer payment.
Next Step for You
Opportunities in the fintech industry are brimming. Whether you’re thinking of building, launching, or revamping a financial app, we might be the solution you’re looking for.
From design to development, Snappymob has deep experience in making great financial apps that delight. Talk to us — we’ll explore the possibilities together!