Fintech UX Design: Top 10 Trends to Watch in 2024

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What is Fintech UX Design?

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Have you ever felt overwhelmed by your banking app? Fintech UX design aims to change that. For any Fintech app, digital security, a user-friendly interface, and seamless navigation play a pivotal role.

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Fintech UX design aims to address all these concerns by creating smooth, user-friendly experiences for financial technology. Imagine apps that make managing money, investing, or sending payments a cakewalk.

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It bridges the gap between complex financial processes and everyday people. It's about empowering users with clear interfaces and helpful features so they feel confident taking control of their finances.

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Fintech apps are at the forefront of this transformation, offering innovative features and a user experience (UX) that's far removed from traditional banking. But in this competitive landscape, how do Fintech companies design UIs that stand out?

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In this blog post, we'll explore the hottest trends in Fintech UX design, from personalization and gamification to leveraging AI and building a strong brand identity.

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Let's dive in and discover how Fintech apps are making money management not just functional but engaging and enjoyable.

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Some Noteworthy Developments in FinTech Industry

• Market Growth: There has been considerable growth in the Fintech sector. It is estimated to become a $1.5 trillion industry by 2030. Translating into the growing demand for skilled Fintech UX designers.
• Personalization Powerhouse: most the consumers are now looking for personalised experience. Around 72% customers consider personalisation integral for financial services. Hence, fin tech UX designers are at the forefront of crafting solutions that cater to the personalised experience of the consumers.
• Robo-advisors Rise: The robo-advisors market is also projected to showcase a significant annual growth rate of 8.06% from 2024 to 2027. This rise also highlights the growing popularity of automated investment platforms that offer user-friendly interfaces and come with a UX design to attract and retain customers.
• Lucrative Career Path: The rising innovation in the Fintech UX designs domain not only boosts the growth of finance companies but it has opened avenues for growth for UX designers. Around 45% of Fintech product executives earn more than $100,000 annually.

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Exploring more about Fintech UX design?

Fintech UX designs focus on enhancing the user experience of financial technologies. Consider it’s similar to designing a user-friendly application or website that manages money and takes care of investments and payments.

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Key Principles of Fintech  UX Design

Fintech UX design needs to strike a balance between simplicity and security. Nowadays, every user wants financial apps that are easy to use and, at the same time, should offer security. Here are some key principles to incorporate to provide the user with the same:

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1. User-Friendly Design

The first parameter to consider is the user-friendly interface. Whether it is a financial application or a website, people are looking for an easy-to-use interface. The buttons, icons, and menu should be easy to use and navigate.

2. Clear and Simple

The UX designers aim to present the financial information and options in a simplified manner. This helps in making informed decisions from the consumer's end.

3. Security

Another focus area while designing a Fintech app is to maintain complete confidentiality of the user's information. Incorporating features like encryption and authentication is a mandate. It ensures the safety of sensitive data and also prohibits access by unauthorised users.

4. Mobile-Friendly

There are more than 6.8 billion smartphone users worldwide, and with this growing number of consumers, US designers need to focus on creating applications that are compatible with mobile devices and offer easy navigation. With optimised layouts for smaller screens, the use of applications becomes easier.

5. Personalization

Customized user experience is a must. The UX designers ensure that the application offers tailored experiences like recommendations based on spending habits or suggesting investment goals.

To sum it up, Fintech UX design is all about creating a digital experience that is easy to use, safe, and matches the expectations of the individual user.

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Game-changing Trends in the Fintech UX Design World

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1. Gamification & Rewards System

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Let’s admit a fact: managing finance is not everyone’s cup on the team. Hence, in recent times, there has been a growing usage of animated videos, emojis, and infographics to make financial literacy easy. This is not just limited to promoting the company’s services but also promoting financial literacy and enabling the consumer to make informed financial decisions.  One of the new trends observed in the industry is the use of gamification.

Many apps are using gaming experiences to increase user engagement and retention. Fintech apps are no different. While money is a boring and serious affair that nobody likes to mess with, there’s an opportunity to make a gamifed banking experience. Gamify the rewards system by adding points, badges, challenges and daily leaderboards to encourage users to meet their goals faster and better.

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(Example 1 from Gpay)

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Example 2 : Cred-Spin The Wheel

CRED, a Fintech company in India, aggressively uses gamification to engage its consumers. Its spin-the-wheel methods ensure daily engagement. It gives the user 10 chances to try their luck and win rewards like gift vouchers, discounts and others.

The spin-the-wheel concept draws attention and also generates the desire to win. Thus making it attention-grabbing and engaging.

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2. Create a Super App

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To keep up with the fast-paced world of Fintech, companies are making their apps a one-stop solution for all their users’ needs. Gone are the days when consumers had to rely on different applications to suffice different purposes. Today, the trend is to create a one-stop solution for all needs. Different applications like PhonePe, Paytm, Amazon Pay, and others offer a platform where consumers can easily manage their financial decisions, such as paying bills, making bookings, and transferring money.

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This not only saves time but also simplifies the task of the users. It helps in greater data analysis and a seamless experience for users who can enjoy consistent UI design throughout the app. This trend streamlines financial management and offers users a holistic view of their financial health.

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(Example from Phonepe)

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3. Visualize the Data

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Data visualization is the key. Whether it is managing the finances or using the application, having an image highlighting all the key points of budgeting, investments, and financial management can help the user track their financial health.

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The use of charts, graphs and other elements for data visualization can help the user analyse their financial behaviour and spending habits. This eventually helps in budgeting and simplifies the information. It also motivates the user to reach their goals.

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‍(Example from Splitwise)

Ever, the Fintech apps or more than just graphs and pie charts. They now offer interactive dashboards and personalised financial insights, which enable the user to understand their spending patterns and how they are progressing towards their financial goals.

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Individuals who are new to the world of financial management can majorly benefit from the pictorial representation of the information. Users no longer need to draw stressful mental maps. They can access useful insights with just one click.

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4. Develop an Intelligent Chatbot

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Chatbots have been a boon for the industry. This not only helps in instantly resolving queries but is also a constant support system for the organization as well as the consumers. AI-powered assistants and chatbots help solve personalized recommendations and queries instantly, improve customer satisfaction rates, and reduce costs.‍

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AI powered assistants and chatbots help in instant solving of personalized queries, improve the customer satisfaction rate and reduce costs. According to ChatBots Magazine, chatbots can reduce 30% of business customer service costs. Besides help and support, they can offer a wide range of services, such as personalized recommendations. The AI intervention in Fintech will reach a mark of $31.71 billion in 2027, claiming a growth rate of 28.6%.

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(Example from PayU)

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5. Use Different Biometric Technologies

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Safety and security are the primary concerns for Fintech app users. The fintech companies are aggressively exploring different avenues to enhance the confidentiality and security of user data. Biometric authentication technologies like facial recognition, fingerprint and voice recognition are being actively harnessed to enhance the security features of the applications. This not only adds up to the safety aspect of the application but at the same time, makes the user feel more secure and assured with their data. This trend is gaining traction in India, balancing security with ease of use.

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‍Example: Applications like PhonePe and Paytm have features like fingerprint scanning and facial recognition. It provides a convenient and secure alternative to continuously remembering passwords or PINs. Also, Kotak Mahindra Bank offers a facial recognition feature to help you log in to the mobile banking app.

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‍(Example from Niyo)

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6. Give Your App an Identity

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Remember visiting a bank, and the assistant talks with you like a supportive best friend? Or how a simple, cheerful greeting could brighten your day? The digital space is no different. To make your customers feel good and to make your app stand out as a reliable partner, having a unique identity is essential. 

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Not only does this apply to strong visual elements, but your app needs to have a consistent human language.

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‍(Example from Fi)

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7. Personalize the Experience

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Personalizing the financial journey experience is an emerging trend that allows users more control over the product. Through data such as analysis of preferences, behaviour and financial goals, Fintechs can now tailor the UI according to individual user’s choices.

Fintech can also use customer data to recommend personalized savings or investment plan options according to the user’s goals and risk tolerance. Lastly, Fintech can give personalized advice and guidance through AI assistants or chatbots.

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8.  Make Your Fintech Go Social

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Merging social media with Fintech is one of the coolest trends of Fintech UX Design in 2024. Family and friends make many financial decisions. Besides, everyone’s familiar with a social media UI, the famous “feed” format. This can be utilized while building the split expenses feature. Aspects of social media can also be included in various other ways, such as features of managing finances together with your spouse or parents.

Imagine using an app that enables you to split the bills with your friends. Won’t it be great? What if the app enables you to get all the updates on the best investment decisions? Fintech mobile apps are now transitioning from being a mere payment platform to your personal financial advisor. One of the simplest examples of this is the spilt the bill feature available on Phonepe.

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9. Create a Seamless Onboarding

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Opening an account gives us flashbacks of long lines and tedious paperwork, some of the key problems that fintech digital banking aims to resolve. Such processes are at the heart of onboarding. Onboarding needs to have minimal steps without compromising on information. One of the key ways to achieve this is by breaking the onboarding process into bite-sized steps.

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(Example from PayPal)

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10. Build a Community 

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To keep up with emerging trends and solve users’ problems, getting constant feedback is of utmost importance. For this, fintechs can build a community of users who can raise queries in the portal and give valuable feedback on new or existing features. 

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‍(Example from Jupiter)

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These are some of the new fintech UX trends in the Fintech domain. It is impacting the Indian and global financial markets. Hence, Fintech UX designers have a greater scope to upskill and upgrade their skill set and incorporate these developments in their design to make it more relevant to the demands of the user.

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Conclusion

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The fintech industry is rapidly evolving with trends that are continuously changing and adapting to the needs of the users. Some trends such as personalization and product identity continue to emerge as trends while there’s a rise of newer trends in artificial intelligence.

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With consumers becoming more tech-savvy, fintech need to stay ahead in the race by embracing the latest trends to create intuitive, engaging and memorable experiences for their users and meet their business goals.

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Elevate your fintech app with cutting-edge fintech UX design trends

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Consult with our fintech ux design experts now!‍

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