Managing money is not an easy job. This fast-paced digital world offers you so many opportunities, from providing platforms for investments at a single tap, easy transferring of money with banking apps, all the digital wallets, and ready credit lines. It’s like you are surrounded by money and money management systems as well. But what kind of experience we are gaining after using all the finance products? Let’s dive a little on UX in finance to understand the kind of experience a user expects.

People are learning to trust and adapt to this new era, but at the same time, they are confused too. There are challenges that the financial services face in terms of educating the user and, most importantly, gaining their trust. The challenges come from varied areas. Designers build transparency around the complex concepts, making users feel their money is in safe hands and, of course, making numbers easy for them to understand.

Let’s talk about a few challenges that a user experience design face in the finance and the fintech industry.

#Challenge 1- Clear and Detailed Information

#Challenge 2- Make users feel safe

#Challenge 3- Dashboard Design

#Challenge 4- An intuitive yet informative interface

#Challenge 5- Clear Action Items

So, what are these challenges about and the best practices we can follow to ensure that a user keeps coming back to your product?

Clear and Detailed Information

UX in Finance- SignUp

Complexity always comes tagged along with finance. Providing information that is detailed yet easily understood by users is a challenge. A well researched UX design can solve this challenge.

You can start by creating an onboarding process that educates the user about the product or service and how best they can utilize them. It can be followed by using tooltips everywhere, providing users what the industry jargon means (if you are using any). However, we recommend using an upper cap in terms of industry jargons you are using.

Make your users feel safe.

UX in FInance- Security

If there is anything that can refrain users from using your product, they don’t feel safe while using your product. And, when it comes to finance, the factor even doubles. The best way to overcome this is by keeping the user well-informed by providing feedback on every action they take.

Enabling password or biometrics protection can allow users to authenticate effortlessly and quickly; it also creates a sense of security in their minds. A UX Designer should ensure that a user doesn’t feel anxious while taking some long term financial decisions while using your platform or products.

Dashboard Design

UX- Dashboard

With the amount of information we have for any fintech application to be presented to a user, the dashboard is the most optimized way showcasing it. A dashboard that enables the user to gain the information with a few clicks is something a user needs. For example, an app that allows users to invest in mutual funds, a user will be interested in knowing the current status of the investment, his future predictions, and how a particular stock will perform.

The best-case scenario would be if a user can see customized data based on the preference like in the next 3 years, what will be the final amount he is receiving, and the amount of interest he has gained.

An intuitive yet informative interface

Clean UI- Finance

We have understood so far that fintech products thrive on data, but that should not become the bottleneck for creating an intuitive and informative interface. The users want to make a sound decision with their hard-earned money, and a finance app’s product design should connect with the user emotionally to help them connect with you easily, ensuring you are there in case something wrong happens. The copy in the design matters as much as any other component, like using words like billing instead of invoicing or monthly account statements instead of financial statements. This helps in evolving the overall UX of the product.

Clear Action Items

Visible CTAs- Fintech

Anna was trying to set up a monthly budget for her personal expenses on a budget planning app, and she added a wrong entry. She wanted to delete it and immediately started looking for the Delete button. Due to unclear feedback for her action, she ended up deleting all the records for that particular month. Do you think Anna will ever come back to your app to re-enter all the information? We all know the answer is ‘No.’ 

No user would want to go through such a mess when they have very little time. It’s very important to understand your product’s users’ mental model to provide the right level of detail at the right time. The user flow should be clearly defined, the transformations, and the exceptions; everything should be conveyed to the user.

The finance industry is not very design-focused, so it is even more difficult to design for it. Most of the websites you visit are filled with lots of figures, text, and hardly any clear information. Conduct an extensive user and market research, learn the language your users speak, and, most importantly, make them feel safe in the entire user journey. You can check out some of the examples of the products we have developed for the finance industry.

Rajat Bagree

Rajat Bagree

An experienced Creative Director with a demonstrated history of working in the Design, Information Technology, and Services industry. He is skilled in User Experience, User Interface Design, Graphics, E-commerce, and all fields associated with technology.

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