Fintech has been a growing industry for the past few years.
In the year 2022, the global fintech market size hit USD 133.84 Billion,
whereas, in the year 2030, it is projected to reach USD 556.58 Billion.
With this increasing number, there is no denying the demand
for the Fintech product will also increase. Hence, to meet the demand, if you
are developing a Fintech product, it's important that you take care of the
UI/UX of it.
The UI/UX of a product plays an important role in its
success. It is said to be the face of the company. If it is well-implemented,
your chances of success increase. Well, you cannot calculate the overall
success rate of your product with a UI/UX design. because there are many other
factors that play a crucial role in the success of a product.
But for now, we will talk about the how UI/UX of a Fintech
product can benefit your business if it is well-designed. Besides, we will also
look at what things you should do to make it the best of all.
Let's start!
Why the UI/UX of Fintech Product Matters For Your Business?
Before businesspeople start working on the design and
development of a Fintech app, it's important to recognize the benefits of
designing an effective UI/UX for their Fintech product.
1. Improves your customer experience (CX)
It's a fact that almost 90% of users won't return to an app that has previously provided them with a
negative experience. Improving your customer experience (CX) is crucial when
building your fintech app. Customers are actively looking for high-quality
products and services that come at an optimal price point.
By enhancing the UI/UX of your fintech product, you increase
the chances of customers perceiving your company as one that provides
additional value through interactions. As a result, customers are often willing
to pay more for the same goods and services, and companies that prioritize this
aspect are frequently rewarded with enduring loyalty.
2. Gives you a competitive edge
The design of a product is something that put a long-lasting
impression on your customers. It is the first thing that you let people talk
about. Designing something unique yet fulfilling the purpose is an art. And
that hard work and effort will be rewarded.
3. Encourage Loyalty
For many customers, the use of a fintech product can be
quite intimidating, since the product usually involves dealing with money. In
order to increase customer loyalty, having an aesthetically pleasing UI/UX
design that helps simplify complex topics and tasks makes it much easier for
customers to feel comfortable using the product.
Moreover, designing a good UI/UX for fintech products can be
hard. They often have complicated financial info and need lots of security. To
make it easier, there are some tips that your UI/UX designers can implement to
make a successful fintech product.
Five Tips for UI/UX Design of Fintech Products
When designing fintech apps, it's important to think
carefully about how they look and work. Here are five tips to help make the
best fintech product.
Tip #1: Understand the users and their journey
When developing a fintech project, it is crucial for UX/UI
designers to invest time in researching users and their objectives. This not
only helps to comprehend the customers' preference for features but also paves
the way to build a product that is user-friendly and intuitive.
It is equally important to conduct a comprehensive analysis
of competitors. A thorough understanding of competitors aids in developing a
better design strategy tailored for the product or client. One of the
significant practices in the competitive analysis is to identify three critical
elements: why, what, and how.
Moreover, to achieve sustainable success, companies must
consistently refine their offering, in other words, their product's UI/UX.
Tip #2: Focus on Intuitiveness
A successful UI/UX design in a fintech product must ensure
an easy-to-use product that is simple and intuitive to use. From button
placements and font sizes to menus and hierarchy structures, each aspect should
be designed in a way that guides users throughout their experience. It should
allow them to accomplish their tasks quickly and efficiently.
Cluttered screens, complex navigation, and confusing icons
can frustrate users and discourage them from using the product.
Tip #3: Optimize for Mobile
In today's world, mobile devices are increasingly used for online
banking. The global mobile payment market size was valued at $52.21 billion and
is estimated to be $67.51 billion in 2023, making it increasingly important to optimize the design
for mobile when creating a fintech product.
It is important to keep in mind the small size of the device
and the unique challenges of interacting with a touch screen when designing the
UI and UX of the product. Let your mobile app development company aim to design features that make it simple for
customers to complete transactions quickly.
Tip #4: Establish Consistent Design Guidelines
It is important to make sure that your design elements are
consistent throughout the product. For example, all buttons should be in the
same style, with the same color, font, size, and so on.
Inconsistency creates a bad image of your product, resulting
in losing the sense of trust among the user and making the product feel less
credible.
Besides, different platforms, for example, iOS and Android,
have different design guidelines for the submission of an app. Therefore, it is
also important to make sure your Fintech mobile app design meets the guidelines.
Tip #5: Include Rich Graphics and Imagery
UI is all about the visual appeal of the product. Complex
topics are much easier to understand when graphics, illustrations, and other
visuals are used to communicate a concept. Therefore, when designing a Fintech
product, keep in mind that you are using high-quality graphics and images to
explain the services being offered.
Closing Words!
Besides, all the discussed tips for UI/UX of fintech
products, keep in mind it also comes with unique challenges, such as security
and compliance regulations. Therefore, when you are prioritizing how your
product will look, how users will interact with it, and the overall user
experience, you have to work closely with a Fintech software development company that can help you with the designing aspects
as well as resolving compliance challenges.
