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The importance of Fintech UI to a successful product

Digital banking is rapidly taking over the traditional banking industry, with a huge percentage of new bankers preferring to join digital banks over traditional brick-and-mortar ones.

26 May, 2022
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Digital banking continues to steadily take over the traditional banking industry, with many new bankers preferring to join digital banks over traditional brick-and-mortar ones. This trend has led to highly advanced banking technologies like Fintech emerging to pretty much instantaneously improve the overall banking experience.

One of the main aspects of Fintech that makes it so effective is the exceptional user experience (UX) and user interface (UI) design. The new type of design in Fintech is intended to drastically improve the customer experience. If you wish to incorporate Fintech into your business, you must first understand more about its UX and UI design. This article, for example, takes a closer look at the importance of Fintech UI.

What is Fintech UI?

User interface (UI) is the front line and the main subject of user-software interaction. Every application, website, digital solution, or system has one - it includes the screen, keyboard, and any other means that help communicate with customers. Hence, the user interface design means creating the responsive appearance of those "instruments," which, along with UX design, form the foundation of usability and customer experience.

In Fintech, UI and UX are used interdependently to signify specialized guidelines, patterns, and concepts to design user-friendly digital platforms for financial services and products like banking, credit facilities, payments, and insurance, among others.

To create a successful UI design for your app or website, you have to follow the best practices for Fintech onboarding. These practices will help you to achieve your intended Fintech UI design that is thoughtful, appealing, and easy to use. But how come Fintech UI design is such an important element of user experience? Here are the main reasons why.

Development of an appealing product identity

Before Fintech UX/UI design emerged, banking applications and websites featured dull colors and technical terms that discouraged potential clients from even considering signing up. But with Fintech, these apps have now acquired new and appealing interfaces with a strong emphasis on intuitiveness and simplicity.

Although the safety of your client's identity and finances should be your priority when creating a Fintech app or a website, always remember that the product's identity and appearance are fundamental in today's market. Before a new client goes through your Fintech app to understand the benefits of your products or services, they first assess how well it looks.

If the design turns them off, they won't even bother to move further and find out what you are offering. With the kind of stiff competition being witnessed in the Fintech industry, you can't afford to create a blank and pointless design for your app or website. It's better to use Fintech website design best practices to create something attractive and pleasant in the eyes of your target customers.

Fintech UI by Merge Development
Fintech UI by Merge Development

Development of a simple and navigable interface

Not everyone understands the complex and technical jargon used in finance. Therefore, you as a merchant or service provider are responsible for making it easier for your customers to enter an already overcomplicated world of financial technology. Your user interface should be easy to navigate and offer a step-by-step guide for new clients.

Remember that your Fintech onboarding process should be straightforward and quick in order to help you improve your conversion and retention rates. If possible, guide your customers through the onboarding process with a visual guide. While other applications may use their onboarding as a non-mandatory process, Fintech has it differently.

Fintech solutions gather and process tons of data. For unseasoned users, the sheer amount of new features along with the personal information they have to share can be overwhelming. Only the interface’s simplicity, intuitiveness, and comprehensive onboarding are going to remedy that.

Fintech UI by Merge Development
Fintech UI by Merge Development

Seamless device adaptation

With a Fintech UI design, you’ll create apps and websites compatible with multiple devices. That way, your customers will be able to use your platform on their desktops, laptops, smartphones, and other gadgets without a hassle. This improves your Fintech’s overall customer experience, thus boosting your conversion and retention rates.

One aspect of Fintech apps and digital banking that you have to always consider is how to display your data. These types of digital solutions are known for their abundance of statistics, tables, graphs - anything that lets you display numbers in an organized way. They can look good on big screens, but with smaller ones, it’s pretty challenging.

For seamless device adaptation, scalability is key. Not everything should be displayed all at once - the data should accommodate the screen and be adjusted accordingly. When adapting your services to different screens, always keep in mind the responsiveness of your layout.

Integration of haptic technology

The current Fintech UI design allows you to incorporate haptic technology into your systems and integrate them for seamless processes. The term haptic means offering your customers the tactile experience by applying force, movement, and vibration. For instance, some of the latest ATMs feature interfaces that allow users to feel the buttons mid-air, so they don’t leave their fingerprints on the keyboard.

This may seem like another silly little thing people can play with during our era of consumerism, yet the stats say otherwise. According to Statistical Insights, the worldwide haptic technology market is predicted to grow to a staggering $4.8 billion by 2028, which is twice as much as it was only a year ago, in 2021.

So far, haptic technology knows no limits. It utilizes everything related to touching, pressing, clicking, scrolling, tapping, etc. Its versatility, customization options, and compatibility with different materials open doors for its many uses in bettering the user experience everywhere, not just within financial technology.

What drives people to Fintech?

First of all, convenience. Why visit a physical bank if you can do everything you need just by using your portable device. Fintech applications attract clients with their accessible, logical, and smooth interfaces to the point that no one wants to experience onsite banking ever again.

Also, service availability. You can manage your transactions, check your balance and refund status, pay your bills, and many more typical banking activities all in one place without queues and paperwork. Other reasons people choose Fintech over traditional banking are more personalization options, a variety of security elements, and more thought-out decisions due to all the data being more accessible.

In summary, the latest rendition of Fintech UI design that’s all about usability and convenience is vital in allowing you to create apps and websites that are appealing and user-friendly. Not only does it take the pleasurable interface experience to the next level, but it also improves Fintech onboarding by simplifying the process and alleviating the typical financial jargon. That’s why we highly recommend giving it a go.

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CEO and Founder of Merge

My mission is to help startups build software, experiment with new features, and bring their product vision to life.

My mission is to help startups build software, experiment with new features, and bring their product vision to life.

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