Banking and finance have stayed in an ivory tower throughout history. It wasn’t afraid to use new technology, but it was never a really client-friendly setting. The complicated financial mechanisms and specialized vocabulary rarely made for an enjoyable experience.
Fintech’s emergence brought about several changes. The digitalization of banking compelled this sector to adhere to current design and technology standards. It’s also true that it reaped significant benefits from it.
Modern design and UX principles are still being adopted by the fintech industry. As a UI UX Design Company New York, we’ll examine the most current developments in Fintech design that improve the banking experience.
Playing Field
The easiest way to conceive almost all current UX and tech advancements in the banking sector is to contrast banks versus fintech. Banks are so restricted by laws that their aversion to risk is virtually pathological. As a result, banks take a very long time to embrace new trends, if any at all.
Fintechs, on the other hand, have greater freedom to create and experiment, making them trendsetters in the banking industry. As a result, fintech products are the primary driver of almost all developments we discuss in this essay.
1. Gamification
Let’s be honest—as a UI UX Design Company NYC—finance isn’t exactly the definition of “fun.” It’s unsettling and challenging to think about. Fintech gamification can reduce the stress associated with personal money and promote sound financial practices.
Warren Buffet reportedly said, “The stock market is a device for transferring money from the impatient to the patient.” It makes sense to assume that one of the goals of Fintech products is to assist customers in becoming better decision-makers.
Users become more passionate and engaged when they receive rewards for making significant decisions. Money management is no longer a tedious and annoying task. It is presented as a string of successes and triumphs.
2. Product Identity
Banking applications used to be, well, dull, aside from their lackluster color schemes and propensity towards obscure terminology. From being a strictly functional tool to being a whole marketing experience, fintech products have come a long way.
Product identity will assist someone in understanding the value of swift and easy financial management. This is especially important when customers identify with the spokesman for the product and their image.
3. Centralization
Fintech applications may do more tasks than standard banking products thanks to third-party interfaces with other businesses. FinTech applications, particularly those for mobile devices, offer more than just a way to move money from one location to another. Fintech now includes a broad variety of financial activities for both the typical person and the finance professional.
This gives consumers a “bigger picture” perspective of their money and the ability to track their spending across several media. Isn’t this ultimately what we desire most from a financial product?
4. Fully Mobile Banking
One aspect of the Fintech disruption is the separation from physical institutions. We seldom have time to visit our neighborhood branch to authorize transactions and sign documentation in a world that is always moving faster.
This is made feasible by more recent financial solutions that provide more security. As a result, a better user experience that has nothing to do with the product’s UI is made possible. Instead, it focuses on streamlining client access to their finances and reducing the associated administrative overhead.
5. Social Banking
The way we perceive the world has changed as a result of social media. Furthermore, we might presume that “a feed” is a familiar and relaxed structure.
Some products make it possible for couples to jointly manage their finances. You may monitor your spending and examine your and your partner’s transactions with these applications.
You may even share costs with your pals and get advice from them using a famous Fintech tool. The user interface is quite reminiscent of a Facebook or Instagram feed. This comfort with the process aids in integrating banking into their social environment.
6. Data Visualization
One of the most helpful features that Fintech products provide is the ability for consumers to examine their money in a meaningful manner using graphics. It enables us to better comprehend our income, outgoing costs, and the connections between them.
This field now expects data visualization virtually without thinking about it.
Market-available products that are even more revolutionary go one step further. Users may obtain prediction visualizations that assess the effects of their decisions over time by utilizing Machine Learning techniques.
7. Human Language
We are frequently prevented from utilizing Fintech apps by the opaque financial jargon. It can be difficult to avoid feeling overwhelmed by an app that is too populated with specialized jargon, which makes us give up on trying to keep track of our spending.
People may make better financial judgments with the aid of clear content without having to understand the jargon. But it doesn’t imply we have to do rid of all financial phrases.
Wrapping UP!
Even though fashion tends to change, it’s crucial that we concentrate on using design to enhance the customer experience. Despite not being flawless, the majority of the tools we’ve mentioned in this article aim to make managing your finances more approachable and human.
