Recent studies have shown that about fifty-eight percent of all fintech companies have complex banking content on their websites and apps, making it difficult for their customers to complete their transactions quickly and effortlessly.
So, if you want to improve the experience of your website users, you have to create the right user experience (UX) design for your fintech products.
UX is one of the latest fintech development trends helping companies get and keep customers by improving user experience. In this article, you’ll learn the benefits of fintech UX design.
Easy In-built Design
Fintech UX allows you to develop an accessible, intuitive interface design that will make navigation by clients easy and natural. If you create a website, app, or computer program, your interface needs to be for your target customers. The latest fintech development tendencies have made it possible for developers to design UX interfaces tailor-made for a customer’s needs.
Make sure you follow the best practices for fintech onboarding. These practices include testing your interface at every stage of the development process to envisage how your users are likely to behave when navigating the final interface. But you need to extensively research your customers’ needs and factor them in because each client will have unique needs.
Your mobile banking app or website needs to personalize every consumer's experience. You can’t standardize your fintech interface and communications and expect to deliver the best user experience. Thankfully, the latest fintech UX designs are easy to customize.
Studies have revealed that mobile banking is more popular than traditional banking methods because of its practicality, confidentiality, safety, and swiftness. Many customers prefer mobile banking because they can carry out transactions by themselves wherever and whenever they want, showing that digital banking is the future of the banking industry. Therefore, whenever you are creating your fintech platform, remember to include self-service features.
Improved Bottom Line
While providing a great user experience with your fintech platform is essential, it’ll count for very little if it doesn’t positively impact your bottom line. The latest fintech UX designs have proved to be quite effective in transforming every company’s profitability. Research shows that one dollar invested in fintech UX can bring one hundred dollars in return.
According to Forbes, an adequately designed fintech UX interface can raise the conversion rate of your website or app by about two hundred percent. A well-designed UX interface can yield an almost four hundred percent conversion rate in some instances.
Apart from increasing your conversion rate, a UX design will also allow you to increase your prices. At least eighty percent of customers are willing to pay more for a better user experience.
Your fintech company will reap numerous benefits by implementing the UX design in all its platforms. This design is essential, especially today when the world of personal finances and mobile banking continues to grow and become more complex. So start using UX design to your advantage today!