The importance of UX/UI in financial applications
In the last decade, financial applications have transformed from slow, complicated, and inconvenient programs to digitalised and user-friendly apps that allow users to do much more than just transfer money. Modern FinTech apps are fun and personalised, with gamification and a lot of useful features to interact with. Users can now enjoy simple UI without worrying about making accidental mistakes.
Good UX/UI is important not only for users. According to the 2023 Fintech UX research, every $1 invested in UX generates a 9X return. By investing in UX research and improving UI, banks and financial institutions can also enhance user engagement and satisfaction — thus increasing profits. Businesses without a design department can hire a third-party UI/UX design company with the necessary expertise in the field.
What makes a quality UI/UX design in fintech apps?
Quality UX/UI design involves understanding customer needs and behaviours to create a truly seamless and anxiety-free experience. It has a far larger role than just looking good — user-friendly software is intended to increase financial literacy and accessibility for all users, including those unable to visit physical bank branches.
A quality UX ticks the following boxes:
- Usability or intuitiveness. It should be easy to navigate the app without having to consult lengthy guides and instructions. The intuitive design uses common practices without complications — logical menus and navigation paths, breadcrumbs to navigate the features without confusion, uniform buttons and icons, predictable interactions, etc.
- Accessibility. The app should be suitable for all types of users, not only the main User Persona. Financial apps are often used by older people and users with some forms of disabilities and anxiety issues. Quality UI design encompasses features like screen readers, voice commands, and adjustable text sizes.
- Trustworthiness. Money is a sensitive issue for most users. That’s why a financial app should have clear messages, transparent explanations, and predictable behaviour to every action, allowing users to make informed decisions about their finances.
The best way to meet all these requirements is by conducting thorough user research before and during the development of a financial app. It will help identify the customer needs, behaviour patterns, pain points, and areas for improvement.
4 UX design practices in fintech apps
In app development, there are design practices specific to almost every sphere. They can change and improve with time by adding or removing some techniques, but when it comes to FinTech, the following practices prevail:
1. Gamification for financial education
Although gamification is still something alien for traditional banks, neobanks and other financial services are making the most of it. Gamification techniques help keep users engaged and invested in the app. Progress bars, rewards, and challenges increase user interaction with the product and enhance overall satisfaction. This approach helps transform mundane financial management tasks into something more exciting and fun while improving customer financial literacy. Gamification makes the app more accessible and interesting for the younger generation, which benefits their financial education.
2. Personalized financial insights
Personalisation is THE thing right now. It is adopted and facilitated in every customer service area, including FinTech. According to a recent McKinsey survey, it has great advantages for the business: it can reduce customer acquisition costs by 50%; increase marketing ROI by up to 30% and increase revenue by 5-15%. Most of the customers taking part in the survey associated personalisation with a positive customer experience.
Speaking about FinTech, financial apps can provide users with personalised financial insights, tailored to their situation and goals. Using the collected user data, apps can customise the information seen by the customer and offer the specific features they would likely use or buy. It also allows for higher upsell opportunities.
3. Voice-activated financial assistance
Voice-activated features add to the app’s accessibility and user-friendliness. In a way, they are revolutionising the way we perceive and interact with financial apps. By integrating voice-recognition technology, users can perform most tasks hand-free by using voice commands. Actions like checking the balance, transferring funds, and even receiving financial advice can be done on the go without even looking at the smartphone. This is especially valuable for people with sight impairments or disabilities and can make the app more intuitive and accessible.
4. Social collaboration tools
At first glance, it may seem that social collaboration and networking aren’t really associated with financial apps. However, nowadays, as FinTech apps offer more and more features, and almost everyone is using them, networking and sharing your financial experience are one of the advantages.
Social networking connected with the use of financial apps can double its effectiveness — you can share your financial goals, tips, and insights within your social network, or you can communicate within the app. On the one hand, you can now easily share your bank account or even start a fundraiser with the people on your social network without any risks. On the other hand, some neo-banks allow for messages and emojis exchange with other app users. Using this feature, you can thank someone for sending you money or text them via the application.
Key takeaways
FinTech apps have come a long way since introducing digital banking. Nowadays, they are fun, intuitive, user-friendly, and accessible. By employing techniques like gamification, social collaboration, and voice recognition, financial apps can better engage users, lower customer acquisition costs, and even increase revenue. But most importantly, such methods make financial management accessible for all user categories, including people with disabilities. Such practices help boost financial literacy and make finance management easy and stress-free.
