The financial technology (fintech) industry is booming, but with great opportunity comes great responsibility.  Earning user trust is paramount for any fintech app, and a well-crafted UX design is key to achieving that. This article explores 8 UX design strategies that will increase confidence in your fintech app and keep your users' financial information safe.

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Incorporating the latest fintech design trends can go a long way in building trust.  For instance, leveraging fintech AI for anomaly detection and fraud prevention can add a powerful layer of security.  However, the core of user trust lies in transparency and clear communication.

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By prioritizing these strategies and fostering a seamless, user-friendly experience, your fintech app can establish trust and loyalty, leading to a thriving user base.

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‍How to Design For Fintech UX?

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8 Strategies to Increase Confidence in Your App

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1. Multi-factor Authentication:

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Multiple forms of identification or biometrics such as facial and voice recognition, fingerprint, or one-time code add extra security than the traditional username and password. Implementing this will prevent hackers from gaining access to user data and protect against fraudulent activity. It provides reassurance to the users that their money is safe. Furthermore, it demonstrates your app's commitment to protecting the data and money of users.

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2. Automatic Logouts:

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Automatic logouts should be implemented when users have periods of inactivity on the app. Often, users forget to log out of apps and this puts their data and money at risk. Automatic logouts prevent unauthorized access and security breaches. This helps in creating a seamless experience for users who know that they can rely on your app to protect their finances.

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3. Transparency in data collection:

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Your app needs to seek permission before collecting any user data. It should also explain why data is being collected and benefits of data collection can be highlighted such as personalized recommendations and regular reminders. Thus, your app needs to include the following concisely and clearly in fintech ux design:

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• Informed consent

• Terms of use and privacy policies

• Disclosure of what information will be used by third parties

• Transparency around any hidden charges

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4. Educational/demo videos:

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Creating educational videos that are of high quality, up-to-date, and accurate on how everything works is one of the best ways to earn trust. It instills confidence in users as they're updated with reliable information. Users feel more in control of their financial journey in the app. These tutorials need to be in simple language so all users can understand. Additionally, FAQs and instructions can be added for common doubts. All this can erase common fears emerging from unawareness especially if the fintech product is new in the market.

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5. Notifications:

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Too many notifications can frustrate a user, but in fintech apps, notifications are important in building trust. Your fintech app needs to send notifications about their account activity, especially money transfers and alerts on fraudulent activity. It’s beneficial if your app keeps notifications automatic by default. This constantly reminds the users that their money is being securely managed.

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6. SMS Code: 

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SMS Code is one of the forms of multi-factor authentication and it's important to prevent unauthorized access. However, this feature needs to be used carefully. It should include the following:

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• Tips on how to use the code

• Advice on not sharing the code

• Limiting time on the validity of code

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7. Additional Safety-related Tips

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Additionally, your app should provide safety-related tips wherever necessary to increase trust in fintech user experience. This can be throughout the user journey such as reminder to  Some examples include:

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• Encourage users to create a strong password

• Give alerts on any signs of fraudulent activity

• Update security protocols and inform users about them

• Provide instant customer support on security issues

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8. Signs of Trust:

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Incorporating signs that make your users trust your app is one of the proven ways to expand your customer base and improve the overall fintech ux design. These signs include (but are not limited to):

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• Any past awards or accomplishments

• Positive customer testimonials

• Third-party endorsements

• Licenses and security certificates such as PCI-DSS or ISO 27001

• Number of users/app downloads 

• Number and names of countries in which the app operates

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Conclusion:

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Trust is the most significant aspect in designing for fintech that can determine a fintech company’s future growth and success. By implementing these strategies and promptly resolving security issues in fintech user experience, your app can demonstrate a commitment to prioritize user trust. This should be coupled with seamless navigation, intuitive experience and jargon-free language. All this will inevitably lead to increase in acquisition of new users and retention as trust can help in building loyalty towards the fintech product.

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Ready to turn your fintech ideas into reality? Let's team up

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Read more:

Fintech UX Design: 7 Must-Have Features

10 Fintech Design Trends in 2023

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Sources: https://www.forbes.com/sites/forbestechcouncil/2021/06/02/how-localization-can-help-solve-fintechs-trust-issue/

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