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How Does UI/UX Design Impact Fintech Mobile Apps?

26 Jun 23  

Reading Time: 8 minutes

Ankitha Prasannan

Content Writer

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According to a well-known Italian designer, Massimo Vignelli, “Good design is a language”—a language that connects with your consumers and understands their requirements. And potentially a language that all “future financial services” will wish to use.

At this point, impact of UI UX Design on Fintech mobile apps is exceptional. Unbelievably, a poorly functioning website or application may lose you not just money but also potential clients affecting customer loyalty. Each UX designer strives to achieve just that with this in mind, as does the whole fintech mobile app business.

In light of this, Research and Markets expect the fintech industry to develop at a rate of 23.58% CAGR between 2021 and 2025. The Impact of UI UX Design on Fintech mobile apps primary goal is to make life easier for users of conventional banks and other financial organizations.

You will be shocked at how quickly and instantly it can enhance customer satisfaction. This helps improve loyalty programs, resulting in positive banking services. Undoubtedly, if it involves digital transformation, FinTech is at the forefront. But because users demand more ease, this is where Fintech’s UX/UI design can genuinely help these apps.

Designing UI/UX for Financial App Development

Fintech product design approaches differ slightly from those used in other sectors. The safety and rapidity of FinTech platforms are highlighted in this context with a particular focus. Fintech apps should have great accessibility and simplicity in their UI/UX design.

Let’s Identify What UX and UI are in FinTech App development. 

Features, content, and how users connect with a banking app or website are the responsibility of the user experience (UX) component. It involves investigating the user experience on your website or app. Creating a fintech app that is simple to use and available is the UX’s overall aim.

The user interface (UI) component concerns how your FinTech application looks. It is the thing that your user engages with. An excellent user interface must be reliable, meaning the design should employ the same colors, fonts, styles, and layout throughout. Animations and images are also included. When used effectively, UI aids in establishing credibility with consumers.

What is the goal of UI/UX design in fintech app development?

  • Wireframe diagrams

  • Performance

  • Navigation

  • Color palette

  • Content, such as images and videos

  • Usage flow diagrams

  • Browsers and devices

A good UI/UX design makes it easier for users to onboard and encourages them to remain with you for as long as needed.

Why is Fintech UX/UI Design Crucial?

Have you heard that 58% of all online banking material is reportedly too tricky for the typical customer to understand? User interface (UI) and user experience (UX) design can make or ruin your company. If you do these things appropriately, the rewards are significant:

  • Improved client satisfaction

  • Higher brand credibility and commitment

  • A profound effect on your bottom line

However, the expenses of doing it are not worth consideration. Learn from Citibank. Despite the $7.8 million intended to be sent to several creditors in August 2020, the bank unintentionally approved an approximately $900 million settlement.

What caused this mistake? An unnecessarily complex UI. On the contrary, Volksbank improved its mortgage customers’ Net Promoter Score (NPS) from -7 to +6. How? By making continual UX improvements in response to client input while continuously experimenting and growing.

According to Chase, 98% of Millennials and 99% of Gen Z use mobile banking. Nevertheless, maintaining an effective UX and UI guarantees that users get the most out of these features, as 38% of users claim to quit mobile banking transactions when they require too much time.

Large blocks of text don’t look good. Even with the finest material on the globe, it will fail if it is presented in an unattractive way. Customers in the twenty-first century are specially trained to trust companies that excel at user experience and user interface design (consider Netflix, Spotify, or Facebook). As a result, businesses that provide clients with positive interactions gain their confidence and commitment.

However, it goes beyond only your customers. For instance, if you own a financial institution, you must adopt simple technologies for your staff. Although your consumers enjoy these technologies, they won’t have the desired impact if you make it difficult for your staff to use them. The Impact of UI UX Design on Fintech mobile apps have a vital role.

Benefits of Good UI/UX Design in Fintech App Development

What are a few unique benefits of a robust UX/UI design in fintech app development? Let’s discuss the Impact of UI UX Design on Fintech mobile apps by analyzing the benefits.

Makes your Fintech App Feel Reliable

This is crucial in the financial and banking sectors since young people negatively perceive big, established banks. Only 28% of people under thirty think banks are reliable organizations. Whom do people believe, then? Millennials have grown more reliant on established tech giants like Google and Apple, which prioritize UX and UI design in all aspects of their operations. 

Interestingly, if digital banking products from Google or Apple were to become available to the public, 56% of customers below the age of 30 said they would opt to employ them. Initial impressions matter. Fintech apps that are visually appealing and have an engaging user experience (UX) will keep customers’ attention for longer and gain their trust over time.

Distinguishes you from Rivals

Your company may win over rivals by possessing a solid UX and UI. A greater emphasis on UX and UI is partly responsible for the emergence of Fintech in recent years. Individual banking and financial matters are complicated.

Companies that assist customers in sifting through the clutter will succeed in the market. The key to standing out is to design delightful, unique experiences. This is now an essential feature. It is necessary.

Modifies the Bottom line

A specific thing is offering excellent CX (based on UX and UI design). However, it means little once you understand how it affects your bottom line. Spending money on UX and UI could be the most effective move to improve the fintech app development process. According to research, just $1 spent on UX yields 100 dollars as a return (at an ROI of 9,900%).

Then how does this operate? To begin with, UX and UI may significantly impact your conversion rate. According to Forbes, an efficient user experience may increase your website’s conversion rate by up to 200 per cent, and an improved UX design may result in conversion rates as high as 400%.

Boosts your CX (Customer Experience)

Your consumers will enjoy utilizing your products and services if you focus on developing an enjoyable customer experience. This is built upon a clear, simple-to-use product framework and an appealing layout and appearance. It is obvious.

On the other hand, poor UI and UX design in the banking process can drive away clients quickly. You may be surprised to learn that 90% of consumers have quit using fintech apps due to poor usability. Whether you manufacture smartphones or business collection management software, customer experience is paramount.

Focuses on Engaging Activities

In the past, customers’ feelings of embarrassment, uncertainty about their alternatives, or annoyance because their sense of autonomy was breached have made the dunning process extremely difficult. However, this doesn’t need to be the case. The finest fintech app development process reimagines the payback process through UX and UI.

Customers may quickly determine how much they have to pay, create a repayment plan, and make payments as they are able. Instead of subjecting them too complicated words, they asked to participate in a continuous conversation. There aren’t any unexpected displays, pop-up ads, or dense techniques to navigate through. Rather, there is a straightforward procedure that gently prompts clients to pay the amount they have in a way that works for them.

Significant Fintech Apps UX Design Processes

Each design company may have a somewhat different approach to fintech UX design. The stages listed below represent a roadmap nonetheless, and should serve as a place for designers to begin.

Fintech UI/UX Design Research

The first and most crucial stage in creating any Fintech app is research. Why? Most components and concepts have been tested in attempts to digitize the traditional banking business. A thorough investigation can help you confirm that your idea is original and will reveal whether it is good. Including industry experts and stakeholders in your research is crucial to ensure your app produces income.

Most of the time, the earnings component neglects, which is bad for shareholders. On the contrary, contacting experts guarantees you won’t have any issues with your fintech app. The trouble here might mean paying fines, receiving repercussions, or appearing in court for violating the law.

Determination of the Basic Functionality

You may focus on the precise characteristics your app needs by determining the essential aspects of your fintech app. Additionally, it shortens the time needed for app development and simplifies the entire procedure, allowing your app to be released sooner. Once your software is available on the marketplace, you could consider progressively including more ancillary functions. At this point, resist the impulse to launch your app with all its parts undisturbed.

Analyzing Your Team’s Strengths

After studying and establishing an in-depth knowledge of its significance, it’s time to put your financial app’s UI/UX design into action. You will now need to evaluate the skills of your internal UX designers. According to their abilities, you may ask them to create the fintech app, or you might contract with a fintech UX/UI design firm.

Nevertheless, hiring a fintech app design company is your best option if you want the app to launch quickly. On the contrary, if your company wants to focus on fintech app design and time is not an issue, you may invest full-time staff to create the app. Your UI/UX designers and front-end programmers may collaborate in this manner to produce the ideal financial software.

Create the Model

It is time to make a working model now that everyone responsible for designing the item has the required data. Three key areas—visual and user interface (UI), user experience (UX) and interaction, and content design—are central to the prototype’s architecture.

UI & Visual Design

The UI of your fintech app distinguishes between consumers selecting traditional bank accounts and utilizing fintech applications, which is your primary marketing point. Fintech apps eliminate all the hassles associated with conventional financial systems, such as visits to the bank and documentation. The usability of your software should have an intuitive layout and provide vital simplicity without overloading it with data.

Fintech UX and Interface Design

This section focuses on your fintech app’s overall design and the steps customers will take to complete their financial transactions. Whenever individuals send funds, this is a prime illustration. Your financial UX design shouldn’t be confusing or have too much content. Visitors lack acceptability and belief in the fintech app when either of these two are present, which results in a poor user experience.

Fintech App Content Design

The role of UX writing in content design for Fintech UX design extends further visual appeal. Your data structure should start with your intended consumers in mind to prevent problems after the product design procedure. Additionally, all in-depth and complicated data conveys understandably and straightforwardly.

Trial out your Fintech app

You may utilize the input from the testing stage to improve your prototype. In contrast, after the app is created, it will be less expensive and time-consuming to address any potential problems now.

Wrapping Up

Experience the future of finance with our cutting-edge fintech app development services with effective UI/UX design. Transform your business and unlock new opportunities with our innovative solutions that deliver seamless financial experiences and drive growth in the digital landscape. It is impossible to exaggerate the value of user experience for fintech apps. It enables you to develop a product focused on your customers and wins customer loyalty.

The conventional banking industry’s fundamental issue is that customer satisfaction continues to lack attention. Instead, we have elegant yet difficult-to-navigate platforms. Remember that you must pay attention to your fintech app’s UX/UI if you want it to appeal to users. We’ve reached the proper spot if you want assistance with that.

Are you ready to revolutionize your business with an intuitive fintech app? Look no further! At Mindster, we craft cutting-edge fintech applications that elevate businesses to new heights through our intuitive mobile app development. Mindster can realize your thoughts and collaborate with FinTech app development of all sizes. With you, we will create an excellent user experience approach and enclose it in a clear interface for your users.