Fintech Design – A Compilation of the Best UX Tips for Product Designers

Posted on  27 March, 2023


FinTech is an exponentially growing industry, standing with a $160 billion market value. The industry has a massive impact on the populace, as 93% of users reported gaining benefits from FinTech apps. To meet this, financial platforms are actively digitizing their products, with the aim to reach the masses.

However, the primary concern for all FinTech products is the ease of commercialization.  Users prioritize an easy-to-use, captivating experience to adopt and demand the product. Clearly, it’s vital to have an attractive yet informative UX design that satisfies both— product value and consumer demand.

Convenience is key to your customer’s heart.

With a user-first approach in place, the goal of UX designers is to create a frictionless navigating experience that directs the user toward what they were looking for. The design should have enough value impact on the user for them to be pulled back and build demand.

Why UX in FinTech is challenging

Lined with numbers and technical jargon, the FinTech industry is a complicated space for UX designers. They need to understand and break down the financial terms and extensive information for the non-tech-savvy user. The average user does not understand 58% of all website content in the financial banking industry.

Stitch this with the extensive data reports, and complex information, presenting it all in an attractive fashion is a challenge.  The leading idea is to design the FinTech product with the foundation of the target audience’s preferences. This includes studying the audience, understanding the product/service, and displaying the information in an engaging format.

While the task of displaying something so vast and complicated in a constricted space is a tall order, it’s not impossible. In fact, there are certain practices that simplify the process and help make a strong FinTech UX design.

7 actionable UX tips to overcome FinTech challenges

A winning FinTech product UX design is about finding the sweet spot between information and simplicity. The ideal design should be engaging for the user, and also deliver significant value for conversions. Leveraging the tips below, you’ll be able to build a fitting UX design that hooks customers.

Mobile-first approach

Keep Mobiles in Mind

Designing the UX just for the desktop is obsolete. Every user is going to access your application or website on their mobile. 99% of Gen Z and millennials say they use mobile banking. Your product or service should complete the comfort of the handy device.

Many FinTech websites restrict certain features only to their desktop users. This might kill your traffic and conversion rate. The mobile version of your application or website should not limit your abilities and UX design. It should add to it.

Pro Tip: Research the most widely used devices amongst your target audience, and create adaptive UX design accordingly.

Simple Language and Crisp Display

As a FinTech brand, establishing trust is vital to your reach. This calls for an inviting display with user-friendly content. Avoid complex, technical jargon at all costs.  

The financial service offering—be it an application or a website— can be complex, and involves some complex information to convey. It ranges from long data sets to technical reports. However, UX design should be descriptive yet simplistic enough for the user to understand and navigate their way to a conversion.

Instant Sign-up and Secure Access

Crisp Information Display

FinTech applications often require sensitive personal customer information. The security concerns looming with this might scare some users off. To overcome this, it’s vital to maintain a welcoming, friendly UX and interface. 

Allowing quick, hassle-free sign-ups attracts users to trust your FinTech product better. Security and simplicity are the two primary concerns of a customer—and businesses can ensure both with appropriate UX/UI designs. A secure UX ensures that sensitive user information is always protected.

Easy Forms

Particular fintech products call for a long list of information from the customer. It’s common for the forms to get boring and monotonous in such cases. UX designers should ensure that the user is engaged throughout the process and that the interface helps him in his journey.

Simple design elements that showcase completion progress or time will give the user an idea of what to expect next. Utilize drop-down menus and placeholders to accelerate the filling process for your users. An engaging UX design should make everything fall into place and make the user at ease when interacting with the product.

Engaging Color Scheme

Engaging Color Scheme

Why make fintech boring? Use color psychology to engage users with your fintech product. The goal is to play around with different hues without getting too flashy. The entire brand identity is described by the colors utilized in the application or website interface. In fact, research says 60% of users demand a digital product based on its color alone!

UX designers have the liberty to build a personality for the fintech product. Muted, minimalistic colors will create a professional persona, while vibrant hues will give a friendly, upbeat look. It’s important to understand the target audience and the service and use colors accordingly.

Attractive CTAs

Attractive CTAs

Intuitiveness and responsiveness define an attractive fintech UX design. The interface should make it simple for users to navigate and arrive at what they were looking for. A digitally assistive UX design guides the user effortlessly to the CTA.

The CTAs used in fintech products should convey exactly what it entails. It should add persuasive value to the brand, prompting people to take action. As the final step to a purchase, it should include what the user is gaining from it.

Understand Your Audience

FinTech product/service takes legacy banking and financial services online. Customers already have set expectations for these services which the UX designer should meet and surpass with a functional design. A focus on exclusivity and personalized treatment in the UX makes the user feel welcomed and attracted to the offerings.

Certain UX elements and design tweaks based on the user information collected via forms help build a personalized platform. The user-specific elements, direct messaging features, and other characteristics ensure active user engagement, establishing a loyal customer base.

Embrace Centralization

There are a lot of elements to FinTech products and services. Payments, credit systems, savings, and a ton of departments work together to form the final product. The trick is to display all elements in a cohesive, centralized manner that engages the audience.

A seamless UX design minimizes fragmentation and establishes a winning customer experience. It simplifies the complexity of the product, creating a meaningful ecosystem.

The Importance of Attractive UX in Fintech

The importance of attractive UX in FinTech

Large chunk of texts, detailed numbers, technical jargon…This is a recipe for the fintech industry. But it also makes for a boring, unwelcoming user experience. This is why the magic of a good UX is extremely relevant for fintech products. It makes or breaks the brand.

The engaging UX design has the power to transform your business model. Studies suggest that a $1 invested in UX brings in $100 in return. Talk about a great financial investment!

Besides, with the amount of competition in the market, there’s no room to compromise on the user experience and the design of your product. It serves as your first impression to the audience.