Best practices of UX Design in Fin-Tech

UX

UX Design is the development of useful and simple interfaces that enhance user loyalty to the brand. It is especially popular today in the field of financial technology.

Mobile-first

In 2010, web designer Luc Wroblewski put forward the concept of developing mobile-first user interfaces. He suggested creating UI and UX Design for mobile, and only then for the desktop version. And although many took this approach skeptically, it remains one of the main trends in UX design, including fin-tech.

A few years ago, mobile applications were only a complementary solution to Web-based internet banking, and their functionality was strictly limited. Now, many companies have shifted their focus to applications and mobile versions of sites. People are increasingly accessing the Internet from their phones (in 2018 - 58% of traffic coming from the US was attributed to mobile phones).

In July 2015, Nikolay Storonsky‎ and Vlad Yatsenko launched the most hyped CEE fin-tech startup of last year - Revolut. They followed the approach of Mobile-first design and confidently (and successfully) entered the market.

Starling Bank was founded in the UK in 2014 and provides services only through mobile applications. Customers receive instant transaction notifications, can freeze cards and quickly send money to family and friends. The application can be used through the voice service Amazon Alexa. In addition, Starling Bank provides transaction reports by category and tips on where to save.

Personalization is really important

Companies are trying to get closer to customers: they switch to “you”, communicate in a simple and understandable language, are interested in their preferences, and emojis are more common in chats. All this morally brings the company and the user together. Banks are moving away from standard questionnaires to more informal methods: “Hi! How are you? ”. Further questions are asked in the colloquial form: “Can you please select the type of your government ID Card?”.

In 2018, the consulting company The Boston Consulting Group published a study on personalization in the global retail banking market, where it highlighted the development of digital technologies and personalization as the main trends. By analyzing customers, their preferences and needs, banks can develop individual offers and build more effective policies.

Voice assistants

UX Designers of fintech projects are actively introducing voice communication tools with the client.

One of the most widely adopted usages of voice technology in finance today is enabling banking transactions. Checking balances, retrieving payment information, paying bills, etc. Early leaders in this area include Capital One, Ally Bank and others. While a seemingly simple functionality, the variety of experience being created shows a consumer's willingness to engage in financial transactions through the new technology, something journalists were initially skeptical of. Whether it’s via a PIN number entered in a companion app or Voice ID verification, users are using these new voice assistants and trusting them with sensitive information.

Credit through the application

A new feature of UX-design in fintech is loan processing through a mobile application. For instance, the workflow may be the following: in a mobile application, the user sees a chat with an employee, quickly fills out a questionnaire there, sends his selfie and photo of the document.

Design thinking

This approach is guided by many modern fintech companies, relying on design in all aspects (from strategies to creating content) for a strong relationship with the client.

Banking applications should be simple and understandable for the user and at the same time fit dozens of functions on one screen: from quick access to personal data to the ability to receive a bank statement. That is why design thinking is important for many fintech companies. 

According to a study by Parsons New School, already in 2015, 75% of international companies introduced the principles of design thinking into their work.

In other words, the developer takes the place of the client, spends at least a day in his role in order to understand his problems and solve them during analysis, design, and testing.

A striking example of the successful implementation of design thinking is Barclays, the world leader in digital banks. In the conditions of fierce competition, they decided to focus on design. Therefore, a department was created in the bank, where the focus was on the behavior of customers in their usual environment without regard to focus groups.

That is, the bank focused on what is really important for customers. Together, researchers, developers, marketers, and designers created the mobile payment service Barclays Pingit, in which you can send money by mobile phone number.


Payment can be made through the built-in scanner of QR codes and save the check-in the application for the future. Moreover, this service is free even for users of other banks. A collaborative approach has paid off: Pingit has been downloaded 2 million times, has won over 20 awards for innovation in the banking sector and has proven its commercial success.

Modern digital users always expect more. For success, companies need to constantly update and implement personalized experience through various channels, as well as use innovative approaches to attract and retain customers. The most appropriate is the integration of UX-design.

Customers can now change services faster than ever. That is why banks should focus more on customers and develop reliable online services for them.

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