5 UX Trends Shaping the Fintech Disruption
Aishwarya N K
04 Jan, 2023
Aishwarya N K
04 Jan, 2023
Fintech companies have recently taken the lead in helping users manage their finances online. The number of fintech startups grew from 12,131 in 2018 to 26,346 in 2021 (For EMEA, APAC and Americas). This has been possible due to constant innovations and the adoption of new technologies. In fact, here’s what Alexander Peh, a former executive at PayPal and Braintree had to say:
The major winners will be financial services companies that embrace technology.
Here are some of the technologies and trends that you should embrace to step into the future of fintech UX:
In an industry, as highly regulated as fintech, companies need to find ways to differentiate themselves from their competitors. One way to do this is by gamifying the user experience. Gamification goes beyond just game-like experiences. Storytelling, reward points, and leaderboards are all examples of gamification in the fintech industry. By gamifying your customers’ experience, you can encourage repeat visits and improve the overall interaction and likeability of your product and make the experience more compelling.
For example, Cred is an Indian fintech app that does an amazing job of gamifying its users’ experience. They provide “rewards” to their users (in the form of coins and gems) if they pay their credit card bills on time, refer friends, or play in-app games. These coins can then be used to redeem vouchers and discounts from select partners, incentivizing users to stay on and use the app.
Each customer is unique – their financial position and goals vary greatly. With millions of such users on each fintech app, how is it possible to provide a unique customer experience to all? The answer lies in personalization. By adapting products and services to each user’s journey and providing an experience that aligns with their needs, you can increase customer satisfaction and engagement and improve brand loyalty. Some examples of this could include personalized financial products, targeted advertising, and personalized financial advice/strategy.
For example, MoneyLion is a fintech app that provides hyper-personalized financial products, content, and advice. They have high user engagement because they provide personalized advice catered to the needs and requirements of each user.
Data visualization, as the name suggests, is a way to graphically represent data through graphs, charts, infographics, or even animations. This is especially applicable in the fintech industry when you don’t want to overwhelm users with large amounts of data. Through customizable graphical representation, users can visualize data easily. For example, let’s say users want to track their expenses or investments for a certain month – data visualization can help them quickly learn about how they fare in each of these categories.
Customers often want access to their financial information as quickly as possible – which is totally justified. Unfortunately, the security of their information is also important. So fintech companies invest heavily in developing security measures that keep their users’ information private and their money safe. Multi-factor authentication is a great way to leverage the usage of device biometrics, with an added layer of authentication for sensitive transactions such as sending large sums of money.
Doing this can also increase the level of trust in the company by the users. In fact, in a survey conducted by Security Magazine, 64% of respondents said that they either already use facial authentication to access their mobile banking app or would do so if it was available.
Banking for Couples
Financial equality and transparency between couples is an important goal and affects millions worldwide. But there is no real way to track it. Traditionally, excel spreadsheets have been the best way to do this. Fintech apps that can help couples manage their money together and track transactions and spending by collating their information in one screen can help them achieve their financial goals.
For example, Honeydue is a budgeting app that allows couples to share their finances across different banking apps, track spending and gain a comprehensive view of each other’s finances. It also allows users to coordinate bill payments and set up categories to save money together.
Deploying these trends as a part of fintech products is a must – but how do you know how well it’ll work with your audience?
The answer to this lies in user research. Through repeated iterations of ideating, building, testing and modifying, you can build a product that customers would be delighted to use.
Affect UX is a DIY user research platform that can help you build such a product in-house. Through our platform, you can conduct surveys, choose from a panel of 60 million + respondents and get insightful data that you can then use to build or upgrade your fintech app. Contact us to understand how!