7 Must-Have Design Features for Your Fintech Startup : Fintech UX Design
- Global fintech adoption rate: 64%
- India's fintech adoption rate: 87%
- Emergence of fintech startups catering to diverse financial needs
- Focus on unique features and improved user experience on fintech UI
- Competing and staying at the top in the fierce market
Our Top 7 Fintech UX Design Features For Startups
1. Use Biometric Authentication
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.
2. Implement Intuitive Navigation and Clean UI
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.
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.
3. Optimize for Mobile in Fintech UX Designing
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.
4. Collaborate with third-party services
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.
5. Personalize the Experience
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.
6. Visualize the Data
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.
7. Use of AI-powered virtual assistants and chatbots
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.
Bonus Tip: Write Simple and Informative Copy
Startups should incorporate these 7 user-friendly, design features to boost their business while designing for fintech.
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!
1. How can personalized user experiences benefit a fintech startup?
Personalized user experiences help build trust, engagement, and loyalty among fintech users. By tailoring the interface, content, and recommendations based on user preferences, behaviours, and financial goals, fintech startups can enhance user satisfaction and increase customer retention.
2. What security measures should a fintech startup prioritize in UX design?
Fintech startups should prioritize implementing robust security measures, such as two-factor authentication, encryption, and secure data storage, to protect user information and instill confidence in the platform's reliability and trustworthiness.
3. Why is mobile responsiveness crucial for a fintech application?
Mobile responsiveness is crucial for fintech startups, allowing seamless access to services across devices and enabling users to manage finances, make transactions, and access information anytime, anywhere.
4. How can consumers choose the right fintech startup for their diverse financial needs?
When choosing a fintech startup, consider their reputation, security, services, pricing, user reviews, integration capabilities, and compatibility with your financial needs.
5. Why is it important to focus on unique features in fintech UI design?
Focusing on unique features helps differentiate your fintech product from competitors, providing users with innovative and valuable functionalities that can enhance their financial experience and meet their specific needs.