For many people, managing their finances is stressful at best and overwhelming at worst. A good finance app should aim to make this task as easy as possible by ensuring that the app is efficient and enjoyable to use. That is why user experience (UX) is important when building a fintech app.
This article will discuss the impact of financial UX design on your business development, which user needs UX design should address in fintech apps, which features should be included in UX design, and more. So, if you’re looking to employ UX design to build a new fintech app, you’ll be interested to hear what we have to say.
How Does Financial UX Design Impact Business Development?
UX design substantially impacts business development, especially in the fintech industry. Consider how many people are moving to digital finance solutions to manage their money. Why would such consumers choose to use an unwieldy, unoptimized, and unattractive app when better options exist? The answer is obvious—they wouldn’t!
You will not only see an improvement in customer retention when you use appropriate UX for fintech app building, but you’re more likely to attract new customers, as your focus on user satisfaction is bound to make you stand out from other fintech developers.
Finally, keeping up-to-date with the latest UX design developments ensures that you and your app stay relevant. This is a necessity in a world where the digital landscape is constantly evolving at an astonishing rate.
Which User Needs Should be Covered by UX Design in Financial Applications?
So, when building a UX design for a financial application, which consumer needs should you consider? Different apps may offer a variety of features, but all successful fintech applications will cover a few basic needs.
Here are some of the essentials user experience design for finance apps should include.
- Your app should help users understand their spending habits and let them know when they’ve done something right. Through clear, comprehensive design, your app should provide users with a means of combating irrational spending behavior. Any good financial service app will help clients understand their spending and how it may be affected by their emotions. This is the first step towards developing a better relationship with money, as well as healthier habits.
- Customers should feel secure using your fintech app. One of the main concerns of any financial application user is the software’s security. If a customer doesn’t feel safe using your application, this will no doubt add to the anxiety they may already feel about making financial decisions. You should place as high a priority on safety as the consumer does. When requesting data from your users, reassure them about where that data is going and its purpose. Make sure that data collection is a seamless, stress-free process. Finally, be sure to offer plenty of positive reinforcement in your app to reassure the customer of their safety.
- Your fintech app should engage users, helping them to feel excited about their financial future. As we’ve already said, managing finance can be a source of great stress and anxiety for many people. Others may simply find it boring. An important aspect of creating a successful financial app with UX design is finding ways to engage the user, helping them get excited about their future. By utilizing positive feedback and an attractive, clean design, you can help your customers feel more confident about planning their finances and turn vague goals into clear objectives.
- Make sure the language you use is easy for non-specialists to understand. Fintech is an industry filled with complex language, which your average user is unlikely to be able to follow. Without talking down to your users, try making your app as accessible as possible so that the customer can engage with planning for their future. If a special term is unavoidable, you could use a glossary to help your users understand some of the more complicated lexicon.
Which Features Should Be Included in a UX Design for a Financial App?
Successful UX solutions for finance apps will include a few important features. Three of the most important characteristics your app should include are outlined in this section.
A User-Friendly Design
Your fintech app design should place user-friendliness above all else. If your app is not easy to navigate or use, it immediately puts a roadblock between your client and the application, making it difficult for them to manage their finances.
When designing your app, consider what kinds of symbols, buttons, and icons your user may already be familiar with. If your app includes design elements your customers already know and have come to experience in financial applications, it will be far easier for them to find their way around.
Optimized App Speed
Regarding UX design, nothing is more off-putting than a slow app. The more time it takes users to complete your app’s tasks, the less likely you are to retain customers and generate new ones. To boost speed, you can minimize cursor clicks, have large and easily accessible buttons, maximize the scannability of your textual content, and more.
Immediate Access to All Bank Accounts
No one wants to have to open and close different applications to review each different bank account. It’s much more convenient to have them all in one intuitive menu. By including deposits, credit cards, and transactions in the same place, you ensure that your software is your customer’s one-stop-shop for their financial needs.
Problems You May Encounter with Financial App UX Design
What are some common problems with financial app UX design? This is a necessary question to ask yourself before building your fintech application. In this section, we’ll explain some UX design challenges for financial apps.
- It can be difficult to use accessible language in banking applications. As we’ve already said, it’s best to stay away from special terms as much as possible. However, sometimes it can prove a challenge to translate them into simple language. This is when including a glossary in your application can prove useful.
- Sometimes, it can prove difficult to put yourself in your customer’s shoes can prove difficult. When designing a fintech app using UX design, putting yourself in the position of your users is crucial for building a successful application. This isn’t always easy to do, but you should try your best to consider things from your client’s point of view to foster a stronger connection with them.
- Incorporating accessibility features for disabled people can present some unique design challenges. An increasing number of tech developers are placing a greater emphasis on disability accessibility. This is fantastic news; however, incorporating accessibility features into your design isn’t always easy. The best course of action here is to find out directly from the disability community what features they would like to see in their finance apps.
- Troubleshooting your fintech application can sometimes be trickier than you’d expect. When problems inevitably arise with your fintech application, it’s time to troubleshoot. However, identifying the issue can take a while, and it can prove a challenge to keep customers satisfied in the meantime. Generally, we recommend being transparent with the customer about what’s going on, as you take the time to thoroughly review the issues your app is experiencing.
The Best Examples of Properly Developed UX Design in Financial Apps
If you’re curious about what well-developed UX design in financial applications looks like, these apps should serve as great examples. You likely use one or more of these applications multiple times a week, if not multiple times a day.
Recent statistics show that there are as many as 11.1 million Google Pay users in the United States — and with such a sleek user interface, it’s hardly surprising. Google Pay has excellent usability and is easy to navigate, eliminating the stress of managing your finances.
With 30 million monthly users, Cash App is another massively popular finance application, which sees use all over the world. The application is used to send cash easily to friends and family. As you can see from the image below, it benefits from a super simple design that makes sending money to others a breeze.
With its simple layout, bright colors, and easy-to-understand data visualization, Mint is a fantastic tool for managing your finances. Whether you want to control your monthly budget, monitor your savings, or view your credit score, Mint’s easily navigable platform makes the app a pleasure to use.
With more than 425 million users across two hundred regions, PayPal is easily one of the most popular fintech apps in the world. The app is easy to navigate and clearly labeled, making sending and receiving money through it a simple process.
Consider Tino Agency Your Trusted Partner
UX design for a finance app is a sure way to enhance customer experience and retention. In the business language, it means more loyal users who will praise you for simplicity and outstanding user experience.
If you’re looking for expert UI/UX design services, look no further. Tino Agency has helped various startups create attractive, well-optimized apps for their businesses. With our years of experience, we understand what is required of a successful app design to ensure your customers come away with a positive experience.
So, if you want to see what a state-of-the-art mobile app development service can do for you and your business, reach out today to find out more.
Financial UX design is finance application design with an emphasis on the user experience. In UX design, user satisfaction is the number one priority. Fintech applications that use this design process focus on creating user-friendly, well-optimized platforms for their clients.
When using UX design for finance apps, you should keep several key things in mind. Is your app clear and easy to navigate? Have you used a minimal amount of technical language? Is the application attractive and accessible? These are the sorts of questions you should be asking yourself during the design process.
When thinking about the importance of UX design for finance applications, one should consider the effect a positive experience can have on a client. You are far more likely to retain customers if they are pleased with your services. Furthermore, it’s more likely you’ll be able to grow and develop, too, since your application will help you gain a positive reputation.