The average fintech adoption rate globally is 64% whereas, in India, it is a whopping 87%. Many fintech startups have emerged to cater to various financial needs of the users. This growth has prompted many fintech startups to come up with unique features on their fintech UI and improve their user experience to compete and stay at the top in the fierce market.

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Our Top 7 Fintech UX Design Features For Startups

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1. Use Biometric Authentication 

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Security is one of the topmost concerns while designing for fintech. To reduce the anxiety of users and increase their trust in your startup to handle their money, your app needs to have biometric authentication. This refers to face, fingerprint, or voice recognition which is more secure than passwords. Biometric authentication is unique to each user and cannot be replicated. Furthermore, users don't have to remember long and difficult passwords. 

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Source: https://dribbble.com/shots/19857101-Mobile-App-iOS-Android-Security-Set-or-Reset-Flow 

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2. Implement Intuitive Navigation and Clean UI 

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Implementing user-first and intuitive navigation is the key to greater user satisfaction and retention in any app. This becomes crucial in fintech UX design where apps need to convey large chunks of complex information. To create smoother navigation, make sure to design footers at the bottom of the screen instead of hamburger menus while designing for fintech. This helps in informing users where the homepage or chat section is located at one glance on fintech UI. You can even include a search option if your app offers a wide range of services. 

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Your app also needs to have a clean fintech UI to convey information clearly. One of the popular methods in UX design is progressive disclosure which shows only necessary and important content to users. Additional information can be viewed by clicking or hovering over dropdown menus, tooltips, modals, accordions, etc. This technique is needed in fintech which involves complex processes and information that needs to be broken down into bite-size pieces to not overwhelm the users. 

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3. Optimize for Mobile in Fintech UX Designing

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According to a report published by Oberlo, mobile phone usage went up by nearly 25% in 2021. As the number of hours has also gone up for mobile phone usage, fintech need to cater to a wider audience. The younger, tech-savvy crowd who use mobile phones for their daily needs now has purchasing power to use fintech. Optimizing for mobile includes both mobile-friendly, responsive websites and apps in ux designing for fintech.

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4. Collaborate with third-party services 

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Collaborating with external services can help create a seamless experience where your app can be a reliable partner for all your user's needs. While designing for fintech, you can provide a wide range of services by integrating with payment gateways, credit monitoring services, investment platforms, accounting software, customer relationship management tools, etc. One of the most popular examples includes using a payment gateway like Gpay which allows users to make payments on your app itself. This will increase user satisfaction and create a seamless experience. 

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Source: https://www.mobikwik.com/ 

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5. Personalize the Experience 

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Personalization helps create trustworthy relationships by tailoring them to an individual's specific needs and goals. These include personalized recommendations, credit decisions, financial advice, investment options, etc. In UI, you can also have features like customizable dashboards, alerts, and charts. Personalization in Fintech UX design can be achieved by gathering data about customers' behavior, preferences, and financial history. Ensure that your startup is transparent about data collection practices to avoid privacy-related issues. 

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6. Visualize the Data 

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To make better financial decisions, users need to track their spending habits and investments. The best way to present this information is by visualizing the data in the form of charts, tables, and graphs on fintech UI. Users can understand their financial situation at one glance and manage their finances effectively. 

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Source: https://dribbble.com/shots/11283518-FinTech-Data-Visualization 

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7. Use of AI-powered virtual assistants and chatbots 

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One of the major areas where AI can help save time and reduce costs is 24/7 customer support where users can resolve their queries with the help of intelligent chatbots. AI can also automate many routine tasks such as bill payments and manage loans by providing useful tips on reducing interest rates and timely information on repayment. 

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Bonus Tip: Write Simple and Informative Copy 

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The fintech industry is riddled with jargon and difficult terms that can frustrate an average user. Writing simple, concise, and informative copies that guide users through every step of their journey can make their experience seamless. This becomes especially important in fintech UX design where transparency about information such as data collection practices, privacy policy, and pricing models has to be prioritized. 

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Conclusion: 

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Startups should incorporate these 7 user-friendly, design features to boost their business while designing for fintech. 

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Alien UX design agency offers end-to-end design services that have contributed to the growth of number of businesses. If you're looking to kick-start the design process in your startup or need help in your journey, contact us. We can show you our design projects and collaborations and discuss the next steps! 

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Sources: https://techjury.net/blog/mobile-vs-desktop-usage/#gref 

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Read More

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2023 Fintech Design Trends