Designing a website for a financial institution is not an easy task. You would want it to be both pleasing to the eyes as well as be highly functional and intuitive.
In recent times, the FinTech industry has changed the idea of digitalization of the finance industry. FinTech, also known as financial technology, is a sector that develops finance-oriented products and services. The FinTech UX design strategies give importance to consumer demands and the gap within digital financial services.
That being said, the UX designer finds FinTech one of the most challenging industries. Learn more about the challenges FinTech UX designers face and how your Fintech site will achieve success.
Challenges Of FinTech UX Design
AML and KYC Compliance
Because of the high risk of financial fraud in this section, FinTech must manage regulatory and compliance restrictions. Hence, while making FinTech UX design strategies, the designers need to take AML (anti-money laundering) and KYC (know your customer) compliance into account.
To make the best FinTech UX design, it is vital to make onboarding very easy for new users. FinTech also requires obtaining KYC information to check whether the users are eligible to perform any financial transactions.
The best strategy for FinTech enterprises to make the user experience smoother while managing AML, KYC, and other banking compliance is by breaking the onboarding and verification processes into tiny pieces and getting the user to commit to the strategy by making it look straightforward and easy.
Cybercrime
The second challenge is cybercrime; even though FinTech is highly flexible and accessible to users, there is a high chance of facing potential cyberattacks as it offers the same flexibility to cybercriminals and hackers.
Make the strategy of building FinTech UX design with cybersecurity an essential aspect of your business. Offering two-factor verification or building a system that does not accept simple passwords is one of the ways to improve security for your users.
Blockchain Technology
Blockchain technology can help the FinTech sector as it improves how data exchange takes place. Blockchain can efficiently tackle current digital identity management issues such as data insecurity, fraudulent identities, and inaccessibility.
How To Make Your FinTech Site Successful With The Essential Design Elements?
Let us learn tips and tricks to build a successful FinTech site for your client’s business.
User-Friendly Experience
Almost 60% of banks are investing in web development agencies in New York for a more user-friendly website. The tech-driven companies such as Apple, Amazon, and Netflix are defined by their customized and meaningful customer journey. Hence, your business needs to have a user journey in the blueprint of your UX design. Having a user journey will allow you to view your brand and product from the point of view of your customer. It also provides you with valuable insights on how you can enhance your interactions with the users.
Branding
The next thing is to focus on the core values and ideas of the business model. Branding is a vital element in the digital marketing framework, and it applies to FinTech as well. Having a solid brand identity lets you communicate your services and solutions that would be unforgettable to your customers.
These are some of the content elements that you should make sure align with your brand and goals.
- Graphics: It helps make the user experience more pleasing and easy to remember.
- Copy: Put effective conversion-driven copywriting which will engage your customers more and more with each step.
- Colors: It is an essential part that influences up to 90% of a person’s initial impression. Choose a color that will not only match the brand’s guidelines but also be aesthetically pleasing.
Targeted Audience Preferences
Learn more about your audience’s pleasure and pain to make features that will improve the user experience. It will help you make more meaningful fintech solutions that can boost your overall journey.
Security Assurance
Security is an essential part of any app, especially when it involves sensitive information such as Fintech. Hence, fintech security should be an ongoing process that will further provide your customer’s assurance that you are trustworthy and credible. Cyber risks and attacks can damage a financial institution’s credibility. Having better security will not only improve the user experience but also potentially increase your market share.
Also, make sure that the security should work alongside the design and not against it. Make sure to create a seamless balance without compromising security.
Final Thoughts
It is not easy to design a FinTech web; UX designers have to make a product that engages the users without overwhelming them. Apart from that, the designers also have to make a complex subject more exciting and easy to understand. There are tons of FinTech businesses in the industry, hence standing out within the financial crowd needs more than just technological innovation and great ideas.
