Why design is key to building trust in Fintech
The world of finance has traditionally been an exclusive club. But fintech’s rapid expansion and popularity changed that. It is now a more inclusive and accessible industry. And fintech development trends increasingly place a higher emphasis on building trust through good design.
18 May, 2022
The world of finance has traditionally been an exclusive club. But fintech’s rapid expansion and popularity changed that. It is now a more inclusive and accessible industry. And fintech development trends increasingly place a higher emphasis on building trust through good design.
Fintech companies are using design to create products and services that are user-friendly and visually appealing. It is helping them break down the barriers that have kept people from getting involved in finance. In addition, design is also assisting companies in building trust by making complex concepts more understandable and approachable.
So in this article, we'll discuss five reasons you should pay attention to fintech design and development (along with the fintech market size!) when launching your product.
Good Design Prevents User Suspicion and Frustration
Many fintech apps require a lot of personal information for access. For example, mobile banking laws require companies to ensure the money deposited into bank accounts is not related to illegal activities like money laundering. For this reason, these apps often ask for a wide range of personal details, such as user addresses.
Poor design choices can quickly frustrate users and make them suspicious of your app, preventing individuals from sharing data. However, good design can help prevent this. By making the sign-up process as smooth and streamlined as possible, you can reduce user annoyance and increase trust.
For example, Monzo, an app-based challenger bank, has a quick and easy sign-up process that only requires a few pieces of information, making it more likely that users will trust the app enough to give it their data.
If your product requires a significant amount of user information, it’s good to break down the sign-up process into short, digestible chunks.
Good Design Makes Complex Concepts Understandable
Fintech products often deal with complex concepts, such as investment portfolios and credit scores, making them difficult for people to comprehend.
Design can help make complex concepts more understandable by breaking them into simple, easy-to-digest visuals.
Design elements that you can use to simplify complex concepts include:
- Diagrams
- Icons
- Simple graphics
- Easy-to-read typography
All of these tell your customers that you care about them and prioritize the need for simplifying complex concepts, building your credibility as a company.
Good Design Allows for Transparency
Fintech products revolve around trust. For example, people need to trust that their data is safe and secure when using a mobile banking app.
Design can help create transparency and trust by showing users exactly what is happening with their personal information. For example, if you’re launching a mobile banking app, you should show users what happens to their money when they make a transaction. This transparency will build trust and make users more likely to use your app.
In contrast, some fintech products hide their fees. This lack of transparency can make users suspicious and less likely to trust the product.
Good Design Builds a Strong Brand
A well-designed fintech product can help build a solid and recognizable brand, which is essential because people are more likely to trust a product if they know about it.
You can build a strong brand through good design in several ways, including:
- Use of a uniform color scheme
- Use of consistent branding across all marketing materials
- A well-designed website and logo
Fintech development trends are not slowing down anytime soon. With countless companies out there, people should be able to recognize your brand when they see it—instantly. The more recognizable your brand is, the more trustworthy it is.
Good Design Shows That You Care About Your Customers
The fintech market size is enormous, and people unfamiliar with the financial industry often use fintech products, meaning that they may not understand certain concepts or terms.
So it's important to remember that your customers are not experts in the field, meaning that you need to design your product in a way that is easy for them to understand.
If you show that you care about your customers and their needs through your excellent design choices, they will be more likely to trust and support your brand. Reach out to a professional from Merge today to join the ranks of successful fintech entrepreneurs!
