Designing For Trustworthy Fintech UX: 8 Strategies to Increase Trust in Your App
It's pretty straightforward. Fintech apps deal with money so trust tops the checklist that needs to be ticked during the fintech UX design process. According to a report by McKinsey, 30% of users in the US considered trust to be the primary factor for choosing a bank. Trust becomes even more crucial in digital banking where there's an increased risk of cyber crimes and errors in interface.
Apart from Gen Z and millennials who have rapidly adopted fintech services, the older generation is still unaware and fears the unknown. They continue visiting traditional banks despite attractive services offered by improved fintech user experience such as automated services and low processing fees.
Designing for a trustworthy fintech banking partner involves transparent data collection and solutions so that the customer knows exactly what's happening with their money. Bad fintech UX design can lead to users getting frustrated and suspicious of the app.
Although the goal of fintech is to make finance accessible and convenient to everyone, trust cannot be compromised. Often, additional steps need to be taken to ensure that building trust is prioritized in fintech user experience.
How to Design For Fintech UX?
7 Strategies to Increase Confidence in Your App
1. Multi-factor Authentication:
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.
2. Automatic Logouts:
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.
3. Transparency in data collection:
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:
- Informed consent
- Terms of use and privacy policies
- Disclosure of what information will be used by third parties
- Transparency around any hidden charges
4. Educational/demo videos:
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.
5. Notifications:
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.
6. SMS Code:
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:
- Tips on how to use the code
- Advice on not sharing the code
- Limiting time on the validity of code
7. Additional Safety-related Tips
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:
- 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
8. Signs of Trust:
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):
- 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
Conclusion:
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.
Ready to turn your fintech ideas into reality? Let's team up
Read more:
Fintech UX Design: 7 Must-Have Features
10 Fintech Design Trends in 2023
.webp)
.svg){kind=icon}
.svg)
