Fintech or financial technology is a segment that has been garnering a lot of traction over the last few years. It refers to the cutting-edge technology that financial services companies are adopting to automate, improve and better deliver their services. The future of the fintech industry seems promising, thanks to the penetration of smartphone users, ever-evolving digital infrastructure, and relevant geographical trends. With elements such as digital currencies, payment gateways, Internet banking, and the emergence of Bitcoin, fintech can undergo revolution by offering personalized services. The overall value of the fintech market in India is expected to reach $140 billion in 2023, along with a high adoption rate of 85%.
Even though traditional banks still hold a powerful position in the market, the ever-increasing popularity of fintech applications cannot be denied. But, to stand out from the crowd, financial services providers need more than innovation. Besides focusing on avant-garde tech solutions, it is crucial to focus on the user and also the customer journey. Since in today’s social media age, people are exposed to a lot of visual content, it is safe to say that your fintech application will reach the target audience if you nail the fintech design.
Here, take a look at the top 5 things that you should remember when designing a fintech application.
1. Design for simplicity, not to overwhelm users
When it comes to finances, it takes very little to make things complex and confusing. In most cases, displaying a lot of data can make users feel uncomfortable. Similarly, designing your fintech app with too many features can truly take a toll on the cognitive load of your target audience.
You need to steer clear of overcomplicated layout, tangled navigation, and unclear CTAs when designing for fintech. Your design should focus on what users can accomplish by downloading your app and help them do that. You need to work on the page layout and keep the content display to a minimum so that your users don’t feel overwhelmed with too much content overload. Also, keep the important functionalities easily accessible and display cold financial data in the form of charts or graphs.
Take Onemoney, for instance. We have designed this account aggregator that consolidates all financial information or accounts of users with simplicity in mind. The application contains clear categories. These help users create a monthly budget, manage their current or savings account transactions, pay bills, and much more.
2. Don’t overlook the importance of security at any cost
In the financial sector, security is one of the most important aspects of product user experiences. Creating a simple and easy way to manage money and transactions always comes with security concerns. Since fintech apps ask for a lot of personal and sensitive user data, you need to design extra security features such as login sessions, additional sign-ins, notifications, or onboarding. Some of the advanced security features that you can explore include face and voice recognition, fingerprint authentication, login screen with pin code, and so on.
3. Make provision for easy device adaptation
Fintech UI UX design has one distinctive feature of displaying large amounts of data such as statistics, reports, and investment reports in large tables, charts, or graphs. This is why when developing mobile or web versions of an app, designers must ensure that these sheets are displayed adequately on the screen. This way, users can navigate and understand the flow. The sheets should be designed to be easily readable and scalable.
Adaptability is another important feature. The important information needed by users to use the app should fit into any screen comfortably. A responsive design is going to ensure a wonderful user experience. Cause, with responsive design, the content will easily adapt to the size of the screen.
4. Utilize microinteractions to ease the heaviness of the fintech app design
Fintech applications already deal with a lot of data and most of the data is sensitive and personal. Since such a large amount of data is on use in the backend, the application is already heavy. On top of that, if your app has elaborate interactions, it is going to slow down the entire system. The app loading time will increase. And, users might end up feeling irritated with having to wait a long time before making any transactions. The best way to ease the heaviness of your fintech application is by making use of user microinteractions. Microinteractions allow users to provide quick feedback for their actions. Furthermore, this will inform you whether your app is working as expected or you need to make some changes.
Also, when users are interacting with a financial product, it is important that users are provided feedback for their actions, such as confirmation of a transaction. This can be done with the help of microinteractions designed in the form of buttons, animation, icons, fonts, GIF animations, and other UI elements.
5. Ease of integration
If you are designing a fintech app, you must remember that the app will have varied usage across multiple platforms to make payments. For instance, if you are developing a budgeting app and the only way the app works is when users manually enter data every time that they spend money; users will eventually realize the app is not fulfilling their need.
The app would have been useful if users could integrate it with other payment applications; so that it automatically records every transaction. This way, users wouldn’t have to put in a lot of effort to maintain a monthly budget. Moreover, the app will help them keep a track of their expenses and savings.
Gpay or Google pay, one of the most popular online payment systems, is a good example of a fintech app that is designed for seamless integration with other apps. This Fintech app easily integrates with eCommerce apps or food delivery apps for making one-touch payments.
When it comes to designing for fintech, it is not just about making the app look easy on the eyes. It is also about making difficult things easier so that users don’t feel overwhelmed. You can check out our portfolio to see how we have designed fintech applications for our clients. If you need assistance with your fintech app, do not hesitate to reach out to Divami.