UX/UI at the core of the financial business

“Fintech bank assets grew by 105% from 2013 to 2022, compared to traditional bank assets only by 75%. Users are getting more and more engaged with Fintech products and services”

Everything related to technology is a matter of continual change and it is no surprise that Fintech is integrating here. Fortunately — Editor’s Choice data, shows that Fintech bank assets grew by 105% from 2013 to 2022, compared to bank assets only by 75%. Users have an increasing interest in these services. Considering an aggressive market, how do they differ from their peers? In this blog, we will explore some differentiators and great examples of that.

Create a product/service to stand out from the competition.

Most authors enlist some techniques to make a brand differentiate from competitors. Stella Morrison makes some assumptions about making a product to differentiate from others.

She mentions that the launch of a product stands out for quality and price, customizable features, and even considers having a social responsibility in its creation. However, she highlighted that knowing the niche and delivering the Customer Experience will be crucial.

Customer Experience (CX) means that the business can create an active relationship between the customer and their products or services to ensure they receive ongoing support on their application. while keeping this channel open the business also gets the opportunity to get better. That allows businesses to retain their customers. Salesforce mentions the importance of retention. More satisfied customers are more likely to keep doing business with businesses. It assists the bottom line. It’s cheaper to maintain existing customers than to attract new ones.

At the same time, Morrison is talking about looking at the niche. This suggests identifying what customers need from you and what matters most to them. The results of effective execution can be transformed into positive consequences such as recommending the product/service and improving the ROI (Return of investment). Having a complete context of the niche, companies can collect data that are significant to provide relevant experiences for users.

UX/UI for the win!🦾

The interaction design foundation defines in a nutshell, User Experience (UX) as the process to create products that provide meaningful and relevant experiences to users. User interface (UI) on the other hand, is the process designers use to build interfaces in software or computerized devices, focusing on looks or style.

Since Fintech allows interaction with its customers in a digital environment, it is important for companies to bring them exactly where they need in the best possible way. So we might agree that Morrison’s key suggestions can be helped with UX/UI for better outcomes.

UX/UI makes the world of Fintech a success.

Without a great digital banking experience, it is difficult for Fintechs to improve customer satisfaction and win the hearts of digital natives such as Millennials and Gen Z.

Cash app, for instance, provides a very user-friendly experience around its product. Their branding and communication revolve around a mysterious/tech-savvy atmosphere that could easily translate into a unique experience around investing. Some of their services include customizable debit cards showing on the interface the possible ways to customize it with color, emojis, and/or signature. With a clean interface that shows statistics as graphs and top speed in their money transfer services, this app is available in both desktop and mobile versions.

While it may be similar to its competitors such as Wize our Revolut, Cashapp has joined the cryptocurrency market by allowing users to invest and purchase Bitcoin. This shows in their services themselves the importance of reaching the evolving trends and demands of their niche.

In some numbers by Business of apps, Cashapp has reached: $12.3 billion in revenue in 2021, 81% of that came from Bitcoin and it had a net profit of $2.03 billion.

Homepage Cashapp /Image credit: Cashapp.com

Custom screes for Cashapp/Image credit: applestore.com

---

Since finance can be kind of overwhelming on data management. It is important that the pre-conceived design of the interface and experience is as straightforward as possible for the user.

This is the case of Fintech Adyen, a Dutch company, based on an interface that allows end-to-end payments, data and financial management in a single solution.

Adyen’s feature is an interface that gathers data relevant to businesses that help protect them from fraud and provide authentication while increasing approval rates. Adyen also provides the platform with the ability to understand and forecast cash flows and manage risks in a streamlined chart.

Currently Adyen is valued at $2.3 billion.

Adyen platform / Image credit: adyen.com

Although Fintech is the primary case of studies in this article, we cannot take for granted UX/UI remains exclusively for them. Traditional banking also serves from the methodologies in their own services.

An example of improvement published under the Design thinking methodology coming from UX was HSBC Evolve Securities Services.

The HSBC Evolve Trading Canvas / Image Credit: HSBC

HSBC Evolve is a banking platform that makes trade easier. Operated by HSBCnet, this easy and intuitive digital platform offers a range of trading services and places the user in full control of their trading experience.

They observed that throughout the journey on their previous interface, an end-user will spend time starting, searching, connecting, navigating menus, filtering and exporting NAV data. The search process has identified areas of opportunity for them to create a new design of their interface. The platform enables you to focus on things that matter most to the user, such as accurate and timely data in simple intuitive interfaces.

Redesign proposal created by HSBC product design team Image credit: HSBC

Conclusion

There is no denying that the technology and finance market has grown impressively. To differentiate themselves from competitors, Fintechs have put UX/UI practices at the heart of their business to create continuous improvement in products or services. As a result, there is a better understanding of the niche.

Current and emerging Fintechs, including traditional banking services, are no longer just a product, but a complete experience that keeps their audiences engaged. The better the user experience, the better for the organization.

À bientôt, amigos!