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Beyond Transactions: What to Look for in Fintech UX/UI

UX/UI
July 18, 2023
10 mins
Content

Are you looking for tips on what to consider in financial website/app design? You're exactly where you should be! 

It's more than just a good look or fintech data analytics – a well-designed website for financial services can become your most effective marketing tool.

Together with Yevhen Ivliiev, Head of UX/UI at Promodo, we explored how financial website design can establish trust, engage users, and convert visitors into dedicated clients. 

What Makes a Good Fintech App Design

When you're putting together an application, remember some crucial components and guidelines to focus on. Why? Because these factors are what make a fintech app design successful and user-friendly. Let's take a closer look.

#1 Security and SSL Certification

Security is not simply important in our high-tech society—it is a must! 

Users expect that their financial data and transactions will be protected from unauthorized access. UX/UI should convey a sense of reliability and security by employing secure authentication methods, data encryption, and security recommendations.
Yevhen Ivliiev, Head of UX/UI at Promodo

Applying this to a website for financial services, ensure that it has a valid SSL certification. By using the Secure Sockets Layer (SSL) protocol, you're providing a safe environment for your users' sensitive data. This little padlock in the browser bar is a major trust builder.

#2 Simple and Intuitive Interface

Financial services can be complex and challenging to understand, especially for regular users. UX/UI should be simple and easy to grasp, providing clear instructions and navigation elements. It is important to adhere to the "one-click" principle and minimize the number of steps to complete financial transactions.

A fintech app design should be clear, intuitive, and user-friendly. Your website's/app’s navigation should be enjoyable. Clear menus, logical information architecture, and well-organized content – these are the cornerstones of a user-friendly fintech design. 

Simplify things for everyone! Financial technology apps should be straightforward to navigate and comprehend, even for those who are new to fintech.

#3 Mobile Responsiveness

According to the latest finance business analytics, 56.96% of internet traffic originates from mobile gadgets. Therefore, having a responsive financial website design is not an option; it is a need! Keeping in mind both desktop and mobile users became non-negotiable.

With the increasing use of smartphones, UX/UI for Fintech and Banking should be optimized for mobile devices. Mobile design should be attractive, user-friendly, and responsive to various screen sizes.

Yevhen Ivliiev, Head of UX/UI at Promodo

#4 Visual Appeal

Did you know that 94% of first impressions are design-related? A visually appealing design not only captivates users but also conveys professionalism. Your web design for financial services needs to catch the eye with high-quality images, appropriate color schemes, and well-designed layouts. Same goes for your finance app design: it should make it fun to engage with, that’s why fintech top-players choose vibrant colors and even gamification elements, such as:

  • colorful progress bars and goal trackers
  • interactive graphs and charts
  • recognizable animated characters and mascots
  • dynamic backgrounds
  • animated transitions
  • customizable themes

Just remember to avoid visual overload – balance is key!

#5 Speed and Performance

In our fast-paced world, speed really does matter! 

Ensure your website is optimized for fast loading times to provide a seamless browsing experience and put in extra effort to identify and get rid of bugs that may interfere with loading speed and cause overall dissatisfaction with your product.


#6 Compliance with Regulations

We are all aware of the regulatory minefield that is the banking sector. To avoid legal issues, confirm your website design adheres to applicable laws and rules. This includes data protection and privacy regulations (e.g., GDPR), and accessibility standards (e.g., WCAG 2.1).

What about the Current Trends?

Now, you might wonder, are those factors reflecting the latest trends? Since the world of UX/UI is relatively new, the latest trends still overlap with the best practices we listed above. Here are some of the hottest trends that are shaping the future of financial application design:

Improved Customer Experience

It's all about the customer! And financial organizations are now laser-focused on enhancing customer experience. 

They're doing this by offering more seamless services, designing intuitive user interfaces, simplifying complex processes, and providing personalized interactions.

Mobile-First Approach

According to a report, mobile banking is predicted to reach a whopping 3.6 billion users by 2024! If that doesn't yell 'mobile first', I'm not sure what will.

In response to this paradigm shift, financial applications are being designed with a mobile-first approach. This indicates that designing for larger screen sizes like tablets and desktops comes after the mobile interface.

Here are some compelling reasons why the mobile-first approach is taking center stage:

  • Rise in Mobile Usage: More than half of the web traffic now comes from mobile devices. We already said that one, right! That's a clear sign that a large chunk of your audience will likely access your financial services via a mobile device.
  • Better User Experience: A mobile-first approach ensures that your content and design elements provide an optimal user experience on smaller screens. This means fast load times, intuitive navigation, easy-to-read text, and touch-friendly buttons.
  • Improved SEO Ranking: Since switching to mobile-first indexing, Google has mostly used the content's mobile version for indexing and ranking. A mobile-optimized site is more likely to rank higher, increasing your visibility to potential clients.
  • Increased Conversion Rates: Mobile-friendly websites are key to converting visitors into clients. According to a study, mobile sites that load within 5 seconds have a conversion rate almost double than those that took 19 seconds.
Since we’re talking about applications, you might also be interested in our article on how to promote mobile apps.

Minimalist and Clean Designs

Less is more! A minimalist and clean design aesthetic helps users focus on what's important. With uncluttered interfaces, and a focus on core features, this approach enhances user-friendliness and creates a sense of elegance and professionalism.

Data Visualization

A study found that visuals are processed 60,000 times faster than text. This is why effective data visualization plays a crucial role in financial applications. By presenting complex financial data in an easily understandable and visually appealing manner, users can quickly grasp important information and make informed decisions.

Financial data can be complex to understand. UX/UI should provide convenient data visualization and analytics, helping users easily comprehend and analyze their financial metrics.

Yevhen Ivliiev, Head of UX/UI at Promodo

Biometric Authentication

Security is not just a requirement, it's a promise, especially when we're dealing with financial services. And let's face it, nobody likes remembering and typing complex passwords. Enter biometric authentication, our knight in shining armor!

The term "biometric authentication" refers to security procedures that utilize distinctive biological characteristics, such as fingerprint, face, or iris recognition. There are several very compelling reasons why this is becoming more and more prevalent in UI designs today.

Why biometric is becoming increasingly popular:

  • Enhanced Security: Biometric authentication offers a high level of security because it's much harder to fake unique biological traits. This makes it a great choice for financial applications, where security is paramount.
  • User Convenience: Biometric methods provide a frictionless user experience. No need to remember passwords or answer security questions; a quick fingerprint or face scan, and voilà, you're in!
  • Speed: Biometric authentication is quick, and time is money. Biometric authentication methods could save up a few seconds compared to traditional PIN authentication.
  • Reduced Fraud: The use of unique biological traits significantly reduces the chances of fraud. Using biometric authentication might cut financial fraud by up to 90%, according to a paper from the Biometrics Research Group.
  • Increased Trust: By using advanced security methods, you're showing your users that you take their security seriously. This can increase their trust in your brand.

‍Personalization and Customization

A study by Epsilon found that 80% of consumers are more likely to do business with a company if it offers personalized experiences. That's why fintech design means incorporating personalization features. This could mean options for layouts, themes, notifications, or personalized recommendations based on user preferences and financial goals.

Users in the Fintech and Banking sphere want the ability to customize their product experience according to their needs. UX/UI should provide personalization options, such as configuring notifications, choosing tracked indicators, and customizing the user interface.

Yevhen Ivliiev, Head of UX/UI at Promodo

Takeaway

All these trends are working towards creating a user-centric fintech app design. By putting a strong emphasis on simplicity, data analytics in finance, usability, and security, they aim to offer users an enjoyable and efficient experience.

By incorporating these aspects into your financial website design, you can achieve a more professional, credible, and user-oriented site. You're not just designing a product. You're creating a platform that effectively engages visitors and makes their lives easier. So, remember, every detail counts. 

Win over your customers
We do UX right from scratch or redesign your website, app, or any other online product.


Written by
Anastasia Marchyshak

Content Marketing Manager at Promodo

Immersing myself fully in any topic I explore and my appreciation for simplicity are the driving forces behind my work.

Written by
Yevhen Ivliev

Head of UX/UI at Promodo

‣ Experience in international markets (East Asia, Africa, South America).

‣ As a Design Lead, developed innovative design solutions and strategies that helped improve user experience and reflected in positive changes in key performance metrics.

‣ Project leadership and management: While working in design agencies, he has successfully led project teams, ensuring that tasks are completed on time and within budget.

‣ While working for a startup, he played a key role in growing the company from one market to five, which led to increased sales and revenue.

‣ Successfully assembled and managed a multi-national team of 15 talented professionals from different countries, fostering cultural diversity and creativity.  

‣ My design solutions have contributed to increased conversions, reduced bounce rates, and increased user engagement, positively impacting key business metrics. ‣ Ensured high quality UX/UI products, taking into account the needs of users, which led to excellent reviews and customer loyalty.

‣ Successfully collaborated with various internal teams such as product development, marketing, and analytics, which contributed to a harmonious approach and achievement of common goals.

‣ Actively contributed to the development and implementation of design processes and methodologies, which ensured more efficient and synergistic teamwork.

Published:
July 18, 2023
Updated:
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