Fintech UX Design: Top 10 Trends to Watch in 2023
- Fintech industry in India set to reach $1 trillion by 2030
- Rapid growth and transformation of the industry
- Digital experiences replacing traditional methods
- Importance of creating user-friendly and hassle-free interfaces
- Scaling UX design to stand out in a competitive market
- Unveiling the top trends that will disrupt fintech design in 2023
- Explore AI, gamification, and more in this constantly evolving industry
10 Fintech UX Design Trends
1. Gamify the Rewards System
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 it fun. Gamify the rewards system by adding points, badges, challenges and daily leaderboards to encourage users to meet their goals faster and better.
2. Create a Super App
To keep up with the fast-paced world of fintech, companies are making their apps a one-stop solution for all their users’ needs. From paying bills of all kinds to getting insights on saving and spending behavior, users can avoid switching between multiple apps. This helps in greater data analysis and seamless experience for users who can enjoy consistent design throughout the app.
3. Visualize the Data
By using charts, graphs and other visual elements, users can now track their financial behavior such as their spending habits. This simplifies information and can motivate users to reach their goals. Users no longer need to draw stressful mental maps. They can access useful insights with just one click.
4. Develop an Intelligent Chatbot
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 costs in customer service of businesses. Besides help and support, they can offer a wide range of services such as personalized recommendations.
5. Use Different Biometric Technologies
Safety and security is the topmost concern for users of fintech apps. To protect their money, password less or magic logins such as facial and voice recognitions can be used. These newer methods are convenient and quicker and users don’t need to remember lengthy passwords. To make them more reliable, create a two-step authentication process.
6. Give Your App an Identity
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. Not only does this apply to strong visual elements, but your app needs to have a consistent, human language. (Example from Fi)
7. Personalize the Experience
Personalizing the financial journey experience is an emerging trend that allows users more control over the product. Through data such as analysis of preferences, behavior and financial goals, fintechs can now tailor the UI according to individual user’s choices. Fintechs can also use customer data to recommend personalized savings or investment plan options according to the user’s goals and risk tolerance. Lastly, fintechs can give personalized advice and guidance through AI assistants or chatbots. (Example from Groww)
8. Make Your Fintech Go Social
Merging social media with fintechs is one of the coolest trends of Fintech UX Design in 2023. Many financial decisions are taken with family and friends. 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. (Example from Godutch)
9. Create a Seamless Onboarding
Opening an account gives us flashbacks of long lines and tedious paperwork, some of the key problems that 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.
10. Build a Community
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.
(Example from Jupiter)
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. With consumers becoming more tech-savvy, fintechs 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.
1. How fintech is shaping the future of finance?
Fintech is revolutionizing the finance industry by leveraging technology to enhance financial services, providing faster and more convenient access, improving efficiency, and fostering financial inclusion.
2. What is the future of fintech and AI?
The future of fintech and AI is promising, as AI-powered technologies will continue to revolutionize financial services, enabling personalized customer experiences, enhanced fraud detection, and more efficient decision-making processes.
3. What is gamification in finance?
Gamification in finance refers to the application of game elements and mechanics, such as rewards, challenges, and achievements, to financial activities and services, aiming to enhance user engagement and motivation.
4. What is scalability in UI?
Scalability in UI refers to the ability of a user interface design to adapt and perform effectively across different devices, screen sizes, and platforms, without compromising usability or user experience.
5. Is fintech a challenge to the existence of traditional banks?
Fintech poses a significant challenge to traditional banks by offering innovative digital solutions, personalized experiences, and convenient services, leading to increased competition and a shift in customer preferences.