The Role Of UX/UI Design In Financial Applications
Services digitalization is a trend across all industries, especially in the financial sector, where digital transformation makes services more accessible and cost-effective.
Today, the fintech market is more than $306 billion, and the number of new startups continues to grow steadily, demonstrating the high demand for fintech services.
At the same time, more and more of the traffic companies receive comes not from websites but from mobile platforms. Thus, the challenge for startups and financial institutions is not only to make services attractive to people but also to make access to these services easier and more user-friendly. This is where UX/UI design and software architecture services are essential. After all, even the most promising financial application can fail after the release if it turns out to be inconvenient for the user.
That is why companies must ensure that their products are accessible and understandable to the average user, which sometimes may be a relatively difficult task in the case of the financial sector. Therefore, architects and designers are faced with the challenge of explaining complex things in an easy way.
Let’s take a closer look at the value of UX/UI design and why it is so important for fintech applications.
What Is UX/UI Design In Fintech
Fintech app design is different from apps from many other industries. The main reason for this is that designers should pay special attention to the security and speed of the platform here. In addition, the complexity of many financial operations is also one of the factors to be considered. Therefore, fintech applications must guarantee exceptional user-friendliness and intuitiveness.
App design consists of two main parts: UX and UI.
UX is about how features are implemented in the app, how content is viewed, and how the user interacts with the app.
At the same time, the goal of UI design is to build an intuitive and accessible financial product for the majority of users. Also, UI design is about creating an attractive app’s appearance since it is the first thing the user interacts with and forms their opinion about the product. The UI design of the application must be consistent (this applies to the style of all elements such as fonts, colours, graphics, animations, etc.).
So the main factors that play an important role in app design include:
- Application functionality and performance
- Application architecture and design wireframes
- Colour scheme and general style of the application
- Navigation and app intuitiveness
- Application optimization for different platforms
- User flow charts and diagrams
- Content, photos, videos, graphics, and animations
The value of a well-thought-out and implemented UX/UI design is that it makes it easier for the user to adopt the app, increases conversion rates, and encourages the user to stay with you and even recommend you to their friends.
The Importance Of UX/UI Design In Fintech
As the financial industry requires more customer awareness and knowledge, fintech solution developers face a difficult task. After all, it is necessary to plan and implement an application design that will be client-oriented, convenient, and understandable for the average user.
Today, many payments, purchases, and service subscriptions proceed in a virtual environment due to digital transformation. Thus, the performance and speed of transactions play an essential role for any financial institution. However, it is precisely because of the focus of most efforts on transaction processes that many financial applications are inconvenient.
And UX/UI design is critical to ensure the creation of a product that may solve the user’s problem and be accepted by the customer. The best way to implement an intuitive and attractive UX/UI design is a customer-centric approach. In other words, the application should not only look good but also feel good. The focus should always be on the user and their needs.
It is worth collecting data and analysing customers’ behaviour and habits for this task to understand what the customer expects and what can be helpful for them. This approach can significantly improve the fintech product, as it provides a thoughtful interaction between the client and the application and contributes to a positive user experience. And the more convenient and understandable functions you can offer a client, the higher your chances of retaining a user and increasing competitiveness in the financial market.
Thus, the value of UX/UI design in fintech is about making financial instruments understandable and increasing the financial literacy of the average user, which naturally makes financial services more accessible to a wide range of people.
From the financial institutions’ point of view, investing in UX/UI design is a perfect solution. This approach solves several problems at once:
- It allows you to implement more thoughtful and effective strategies to achieve your business goals;
- It helps to anticipate possible weaknesses in the application in advance, thereby fixing them at an early stage and before the product’s release;
- It helps save time, money, and resources for reworking, making adjustments, or completely changing the application after the launch;
All this allows you to significantly reduce the risks associated with your financial product and increase its chances of being accepted by the audience.
Popular UX/UI design trends many fintech companies are using today to improve the user experience of their apps include:
Data Visualization
Visualizing information in the form of panels with tables and graphs simplifies the perception of data by users, allowing them to quickly obtain key information regarding their accounts, payments, and markets.
Bright Interfaces
The use of different colour combinations, interesting and sometimes unusual themes makes the application more attractive and increases the user’s desire to explore it.
Animations
Animations have a good effect on the user’s interaction with the application, making it more “alive” and responsive. Also, this is facilitated by skeletal loading screen implementation, when information blocks appear gradually, giving the user time to familiarize themselves with the content.
Personalization
App customization is perhaps one of the main trends. The ability to customize the product to suit users’ preferences and habits allows you to make the application more convenient for each user.
Simple Concepts
Because the financial sector is quite difficult, using simple language to explain complex terms makes financial services much more accessible and understandable to most customers.