The Role of User Interface in Fintech

There is no denying that the Fintech revolution has been in full swing. So much so that it has prompted big fishes like JP Morgan to invest $12 Billion in Tech every year. In the Indian landscape alone, 2100+ FinTech organizations exist today. And a staggering 67% of these have been set up in the past 5 years. User Interface in Fintech is playing a central role. Fintech application development has become easier than ever before, so the focus is now on UI UX to boost engagement.

The new Fintech landscape is far more than just disruptive. It is changing the very nature of financial services and how people engage with them – by making them simple, user-friendly, and much more interactive.

The advent of new technologies like AI, Chatbots, Machine Learning, and such only adds to this change. They add a level of convenience in conducting transactions and help make them more secure.

Today, customers are not just customers! They are experts, influencers, and partners all rolled into one. That’s precisely why their demand for an engaging digital interface is higher than ever before. And, when it comes to this, the role of the user interface in Fintech cannot be ignored. 

To understand the changing landscape better, let’s take a look at two quick examples:

• Banking customers increasingly prefer digital experiences over their brick and mortar counterparts.
• The reason? Digital experiences are convenient, easy to use and provide them with more control. They can perform their day-to-day transactions without visiting the banks or standing in queues.
• They also offer faster service delivery.

The Role of User Interface in Fintech

"In a world where development is easy, engagement becomes challenging. And this is where UI UX takes centrestage" - Naveen Puttagunta, CEO, Divami.
Here is the role that user interface is playing today in the Fintech industry:

1. Bringing in Simplicity and Intuitiveness:

With the explosion in the number of users entering the space, it is essential to provide a seamless experience for both new and existing customers. They need to understand what a Fintech app does without having to go through complicated manuals or instructions. This is where intuitive UI comes into play. A simple and intuitive interface helps customers know an app in the shortest time possible, thus increasing adoption rates.

Example: Almost all Banks and Insurers now offer mobile apps that help customers view the status of their account balance/refund, carry out transactions (including making ones like recharges and bill payments), etc.

2. Cashing in on Personalization:

More than ever before, customers today want custom experiences when they transact online more than ever before. They don’t like it when they have to deal with generic interfaces that don’t appeal to them or effectively address their concerns. That’s why persona-based design in fintech is crucial to ensure product adoption. 

This is where personalization comes into the picture. With the help of AI and Machine Learning, Fintech apps can now customize interfaces based on customer data and behaviours to provide a more tailor-made experience.

Example: Personal Finance Apps have been doing this for a while. They analyze customers’ transactions and spending patterns to provide valuable insights into their finances. These help understand where they can save money and how to do so.

3. Helping Consumers Make Better and Quicker Decisions:

Today’s customers have many options when looking for products and services online, so they need an interface that can help them understand their choices better and make decisions faster. A well-designed UI can help them understand different products and services better while also making it easier for them to choose one that fits their needs.

Example: There are many different credit cards to choose from, and each comes with its unique features and benefits. The UI’s role here is to help customers shortlist the best card by highlighting factors like annual fee, interest rates, reward points-per-purchase, among others.

4. Boosting Security:

In light of increasing cybercrimes, enhanced security is a must to stay relevant in the online space. The UI has a significant role here as well. Ensuring that the process is secure for customers to transact on their Fintech app is critical. This can be done through engaging UI elements such as multi-factor authentication, safe web connections, etc. They help make it easier for customers to transact without having to worry about being tricked into divulging their sensitive information.

Example: Multi-factor UI authentication elements are being used today to safeguard customer information. For instance, Fingerprint verification can be used to authenticate users before they transact using their bank apps.

5. Cross-platform Experiences:

The need to provide a seamless experience across different devices and platforms has become more critical than ever. The UI also needs to be compatible with different setups such as desktops, smartphones or tablets. At times, customers prefer using Fintech apps on their desktop computers but might want to continue the experience on their mobile later. This calls for UI flexibility, ensuring that the interface remains consistent across different devices. Hence, data portability has also emerged as a critical focus area for User Interfaces.

Example: Almost all Fintech apps today can be accessed across different devices and platforms. For instance, one can seamlessly use a credit card on a mobile app, desktops, and even laptops. This helps them transact anywhere without worrying about device compatibility issues.

Ingredients Of An Unforgettable User Interface

“Banking is necessary, banks are not.” – Bill Gates

Fintech apps can no longer ignore these latest trends and must ensure that their UIs deliver a great end-user experience. A smooth interface that is intuitive to use brings users back to the app time and again, leading to increased engagement levels with your brand.

To create a unique UI for your Fintech app, here are some foundational ingredients that you need to consider:

Get Organized:

Make sure that the interface is well-organized with logical content divisions into different pages. Take care of all UI elements such as links, buttons, & text fields and place them in appropriate positions on your app’s screen. This will help users quickly identify elements they are looking for.

Keep it Simple:

The UI should be clutter-free and free from any distractions or unnecessary information that might distract users from their primary goals of using the app or platform. Avoid giving users more than three choices at a time, as this can overwhelm them and confuse them to take action. Instead, provide relevant information only and save the rest for later.

Take the Help of Proper Animations:

These are an excellent way to make your UI stand out from the rest and give it a cool interactive feel. Though, use them sparingly as they can be distracting if used too often or inappropriately.

Colors Matter:

Using bright, vibrant colors is always recommended to evoke happy emotions and make your brand image more positive. Also, the UI should be consistent across different platforms to ensure that users know what to expect when they interact with your app or functionalities on other devices.

Get the Typography Right:

This is extremely important if your app involves a lot of text-based interactions. Make sure that the fonts are easy to read and bright enough for users to see them clearly from a distance and close-quarters depending on their device, screen size or resolution. Meanwhile, keep some space between lines and paragraphs to make the text look neater and more organized.

Keep Everything Responsive:

Ensure that your UI is fully responsive and adaptive to all devices, whether it’s a smartphone or a tablet. This includes elements like buttons, checkboxes, text inputs and other interactive areas of the page. Also, ensure that the interface doesn’t become too cluttered when viewed on smaller screens.

Pay Attention To the Loading Time:

A slow loading time can irritate users. If they are forced to wait too long for their page or app to load, they might abandon it in frustration, increasing the churn rate. Therefore, ensure that the UI loads quickly on all screens across devices without consuming too many resources.

Keep Testing Your App’s Performance:

While you work on your app, keep testing it on different devices and platforms to ensure that the UI is entirely error-free. If there are any bugs or issues that you discover in the process, fix them right away, as they can irreparably affect your brand image.

Conclusion

The success of Fintech apps has led to increased competition in the market, forcing brands to upgrade their services and functionalities with newer features constantly. This creates a highly competitive environment where even the slightest slip-up on your part can lead to app abandonment by users. A smooth user interface in the fintech app ensures that the application is easy to use, fast and responsive. It helps brands establish a loyal user base. In turn, this will increase the chances of success for your Fintech app in this ultra-competitive market.