Fintech, a blend of finance and technology, is currently one of the fastest-growing industries. It focuses on providing domain-specific products and services that integrate AI, blockchain, and data science into traditional financial services to provide customers with an effortless experience. Due to the convenience and accessibility that it brings, it has become important for people in their everyday lives. In this article, we’ll understand the things one should be mindful of when designing for Fintech.

Elements to keep in mind when designing for Fintech

1) Frictionless User Onboarding

Think about your visit to a bank or your insurance provider’s office. It wasn’t daunting now, was it? You went in, the person at the office gave you all the information you needed, and you were out. This is something we want to think about when designing for Fintech as well. Onboarding is the process of introducing users to your product/service. Fintech users generally experience emotions, both positive and negative, when they start to use a new piece of software. While they love the convenience of being able to carry out their financial activities online, they just as much dislike the hassle when it fails. Hence, identifying their emotions and designing a fintech software that appeals to them is necessary. This is where frictionless user onboarding comes into the picture. 

According to AITE, 5-15% of new customer applications are abandoned before onboarding is complete. To avoid this, there are some basic areas we focus on to ensure the users have a good experience when using Fintech software. 

A) When the users sign in to your software, it is generally to complete a series of tasks. However, they do not want to be met with numerous fill-me-ups and piles of indigestible information right away. The design should help them focus on the task that they have at hand and then guide them into the next one in simple steps with just the right amount of information they could possibly need. When the users have a positive experience carrying out a single task, it leaves a good first impression on them creating an immediate emotional impact. This one experience provides them with a positive context for the rest of the tasks, eventually leading to emotions of trust and reliability by the time they reach the end of the activity.

B) When designing for fintech think about the fact that when carrying out financial activities, the last thing the users want is to enter the same information every time they want to carry a task out. The absence of integrated information makes it arduous for them. End-to-end integrated platforms where the customers only have to enter their details once during the onboarding process and are met with pre-filled information from thereon makes the experience seamless. 

C) Predictive analysis tools like heatmaps should be used when designing for fintech. They can prove to be a great help in understanding where the users spend the most time when carrying out an activity and the errors that they come across. Facing a problem and not being able to find a solution for it right away can be a potential friction point for the users, especially when it involves sensitive financial information. The use of AI to answer their questions faster and solving their problems instantly can streamline their transactions better. 

2) Red Route Analysis

Red Route Analysis is an important exercise in the process when designing for fintech. It aids in identifying the most frequently chosen paths by the users in the software. Red routes are the foundational user journeys that make the software valuable by optimizing the habitual and repetitive tasks carried out by the users. Let’s understand this with an example from mobile banking software. When a customer uses a mobile banking app, the common red routes are bill payments, transferring funds, etc. When designing the software, we keep these red routes in mind and build an Information Architecture that takes them into account. Subsequently, the Wireframing process puts these functionalities on the screen for the final, iterative check-point to see how it spells out. These red route matrices help reduce the friction significantly for a successful customer experience.

3) Scalable Design

The fintech industry is growing rapidly. There are likely chances that there might arise a need to redesign the software as per the changing user needs, technology changes, or financial regulation changes. This makes it important when designing for fintech, to have the potential to evolve in the future and be scalable. The use of Design Systems or good style guides can make this possible.

4) Establish trust and reliability

User Persona plays a huge role when designing. When designing for Fintech, our key observations for user needs are financial security and familiar technology. Most users are concerned about security and not very well-versed with technology. With money comes the concern for security since several user actions also involve third-party integrations. Fintech software deals with a lot of user-sensitive data to meet the financial regulations and fulfil the software functionalities. This can be achieved by designing and developing additional security features like additional sign-ins, login sessions, notifications, etc. Even though the burden of security in fintech lies more on the backend side, a fintech design is responsible to visualize and communicate it in a way that wins the user’s trust.  

5) Data Visualization

All Fintech software essentially deals with data, some of which also needs to be presented to the users. While too much data can be overwhelming, just the right amount of data represented with clarity fares well. This is something we should take note of when designing for fintech. A good Fintech design visualizes data in a graphically meaningful way as dashboards, graphs, charts, etc such that the user can extract information without the burden of interpreting or analysing it. Using Machine Learning algorithms, users can access predictive visualizations that can help them track their choices over time. A basic example of this can be a visualization of data in personal finance software that displays the ratio of expenses and earnings. This simple approach helps users assess their monthly income and expenses. 

Conclusion

While the fintech industry might seem onerous, it demands creativity to craft a good fintech design that not only wins the hearts of the users but also builds trust and transparency. A simple, flexible, and agile design that provides comprehensive functionality and end-to-end tools elevate the user experience and help the business grow. If you have a Fintech software that you are looking to redesign or make one from scratch, call or email us, and we’d be delighted to discuss it further.