How to Develop a Great UX for a Fintech App

Many of us have a tendency to think that fintech applications must necessarily be dull and somewhat difficult. Yet why? According to Steve Jobs, design is more than just how something feels and looks. Wouldn't it make us all happy to use a banking app that was easy to use, intuitive, and even enjoyable? Discover how to create a solution like this and get past some potential UX obstacles.

What is UX?

Any interaction a user has with a product or service is referred to as the user experience or UX. Every component that shapes this experience is taken into account in UX design, as well as the user's feelings and how simple it is for them to complete their intended tasks. This could include anything from how a tangible item feels in your hands to how simple the online checkout process is. UX design seeks to provide users with simple, effective, pertinent, and overall enjoyable experiences.  

Why Great UX is Necessary for a Fintech App

The fintech sector has seen a sharp rise in competition. Smaller, more nimble companies are developing innovative products, attracting funding, and going head-to-head with the market leaders. There are plenty of innovative ideas out there, including P2P lending platforms, challenger banks, and inventive investing apps. Being digital natives gives these new businesses the advantage of not being constrained by conventional methods of doing things. This enables them to create digital-first models without using physical locations or face-to-face interactions. Users have quickly come to expect their mobile and desktop experiences to be quick, simple, and secure as the industry has advanced in a short period of time. If you don't give your customers this, they might complain online and eventually switch to a competitor who does it better.

How to Develop a Great UX for a Fintech App

It's critical to create an application with an intuitive layout so that users feel a genuine connection to the system and don't find the process of sharing information to be onerous. Consider implementing the UX elements listed below to help users reach their goals.

1. Visuals and flow

Investing in eye-catching photos and visuals is crucial to bringing life to a dry subject like fintech. Instead of just providing consumers with numbers, you could, for instance, use graphs, diagrams, and schematics in the financial dashboards so they can more easily understand the data and macroeconomic factors affecting their current finances. It will be simpler for your clients to comprehend the information without having to speak with their wealth manager or bank.

2. Copy and microcopy

The app includes both copy and microcopy for every text entry. Everyone should be able to understand the app's content, regardless of their level of financial expertise or knowledge. Because economics is a challenging subject, your FinTech application should be written in plain language that is free of complexity and fancy terminology. Find ways to explain complex ideas to customers without overcrowding the interface, even if they are challenging ones like Loan-to-Value (LTV) calculation or insolvency. Remember to write in a conversational tone.

3. Content adaptation and device display

Flexibility is a key aspect when developing fintech applications. All information and data that customers expect to receive should comfortably fit onto any display to guarantee a positive user experience on any screen resolution. Another distinguishing feature is the capacity to display a sizable amount of data in large tables, including statistics, forecasts, financial reports, and the like. If these statistics and documents are displayed on a monitor and arranged in a way that doesn't overwhelm people, customers should be able to easily explore and comprehend them. They should be expandable, logically constructed, and readable.

4. Gamification

Despite the perception of the financial industry as being serious and professional, your application can still add a little humor to the user experience. Gamification can help you lower entry barriers for financial apps and enhance the user experience. Gamification elements will enhance customers' overall user experiences and make transactions more enjoyable for them.

Benefits of having a Good UX for a Fintech App

Okay, let's get specific. What are some of the real advantages of having a great UX/UI design?

1. Improves your customer experience (CX)

Your customers will enjoy using your products and services if you create a frictionless experience centered around an intuitive, simple-to-use product architecture—combined with a user-friendly layout and design. This is not shocking. On the other hand, poor UX and UI design can drive customers away right away. Did you know that 90% of users have abandoned an app due to poor usability? Whether you develop enterprise collections management software or smartphones, CX is king.

2. Transforms your bottom line

Offering excellent CX (based on UX and UI design) is one thing, but it means little unless you can clearly see how it affects your bottom line. Fortunately, spending money on UX and UI might just be the most effective move you can make to increase your profitability. According to research, just $1 spent on UX yields $100 in return (at a ROI of 9,900%). How then does this operate? To begin with, UX and UI can significantly impact your conversion rate. According to Forbes, "a well-designed user interface could raise the conversion rate on your website by up to 200%, and a better UX design could yield conversion rates as high as 400%." That's not all, either. You'll be able to raise your prices because, according to research, 80% of consumers would pay more for a better customer experience. You'll also convert more prospects.

3. Sets you apart from the competition

Your brand can gain an advantage over rivals by having a strong UX and UI. An increased emphasis on UX and UI is largely responsible for the rise of Fintechs in recent years. Personal finance and banking are complicated. Brands that assist customers in sifting through the clutter will succeed in the market. The key to standing out is to design enjoyable, memorable experiences. This is now an essential feature. It is necessary.

4. Makes your brand appear trustworthy

This is crucial in the financial and banking sectors, where younger consumers have a negative perception of big, established banks. In fact, only 28% of people under the age of thirty think banks are reliable organizations. Who do they believe, then? Younger generations are becoming more reliant on established tech giants like Google and Apple, which prioritize UX and UI design in all aspects of their operations. Tellingly, if digital banking products from Google or Apple were ever made available to the public, 56% of consumers under the age of thirty said they would choose to use them. Initial impressions matter. Brands that are visually appealing and have an engaging user experience (UX) will keep customers' attention for a longer period of time and gain their trust over time.

5. Turns tricky processes into enjoyable experiences

Consumers' feelings of embarrassment, uncertainty about their options, or annoyance that their sense of agency has been violated (a concept known as "reactance") have historically made the dunning process extremely difficult. However, this isn't required to be the case. The best enterprise collections management software reimagines the repayment process through UX and UI. Customers can quickly determine how much they owe, create a repayment plan, and make payments as they are able. Rather than subjecting them to complicated (and ostensibly intimidating) terms, they are invited to participate in an ongoing conversation. There aren't any unexpected screens, pop-up ads, or dense language to wade through. Instead, there is a straightforward flow that gently prods clients to pay what they owe in a way that works for them.

Our Experience in Building a Fintech App

Mobirevo has extensive experience in the creation of finance-related technologies and has worked with fintech apps for a considerable amount of time. A smart budgeting app, an AI-powered loan issuing platform, investment solutions, loan tracking apps, and cryptocurrency apps are just a few examples of the fintech apps we have developed. We approach every fintech app project from beginning to end, starting with a prototype and ending with an app that is published to the App Store and Google Play. Additionally, we create the app's back end, and we are at ease using pre-made designs. However, we always decide to validate the designs before beginning development. The particular features the app requires will determine how long it takes to develop. Creating a profitable fintech app typically entails the following steps:

• Designing wireframes — rough imagery for what the app will look like
• Putting together an interactive prototype using the wireframes
• Testing the prototype with users
• Applying user feedback to the prototype
• Designing the actual graphic UI of the app
• Putting together a high fidelity prototype using the UI
• Verifying the prototype with the user base
• Developing an app and the back end
• Testing the app
• Making the app available to the public

Conclusion

Most people need to use fintech apps in their daily lives. Numerous mobile applications exist to make managing finances easy, from simple tasks like sending money or keeping track of one's budget to more complicated financial operations like investing in cryptocurrencies. The days of making frequent trips to the bank should be behind us, so managing one's finances shouldn't be difficult or frightening. However, difficult-to-use apps that are confusing, unintuitive, and difficult to navigate may be what prevents users from developing sound money management practices. Mobirevo is a leading mobile app development company in Nigeria that has offered development services to companies in finance, healthcare, construction, retail, consumer products, logistics, industrial engineering, and entertainment over the years. Our design team is eager to work on new initiatives like fintech. You can contact us today to get a free quote. Our team at Mobirevo strives to provide unrivaled services to all of our valued clients. You can also check out our case study page to see our client’s portfolio and better understand the quality of the services we deliver. Also, contact us if you have any questions about our services, and we will get back to you as soon as possible. Want to receive more content like this? You can sign up for our newsletter, which features curated opinions and Mobile app development tools for building remarkable digital assets. If you sign up for our weekly newsletter, you will be the first to know when we publish fantastic like this. You can also visit our blog to see other content created with love by our amazing team.