How to Design UI For A Data-Driven Fintech App?
Thursday, November 7, 2019, 6:00 AM | Leave Comment
The banking and financial industry is going through a rapid transformation, thanks to the FinTech or financial technology.
FinTech appears to be the biggest game-changer for the entire banking and financial sector. Fintech is pushing for more growth, customer satisfaction, increased engagement, better security, and a whole range of benefits.
Among the various facets of the Fintech industry ranging from online banking, blockchain-based distributed database, and cryptocurrency to mobility and IoT devices, nothing has been as impactful as the mobile apps.
Fintech is primarily represented through banking and financial apps that set the trends for the entire financial industry.
This is why the Fintech app design plays so important a role for the industry. Here we are going to explain the key principles of UI design that the Fintech app developers and designers will find extremely helpful.
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Provide Guidance to the Financial Journey
Traditional banking and financial companies always play a decent role when it comes to informing customers about their financial status and data. But while for informing customers they are very useful, the traditional finance sector always fell short of utilizing the data for the broader context of use. Fintech companies, on the other hand, by allowing optimum data transparency, guides customers through the financial journey.
Fintech products play an efficient role in showing customers their path of progress towards financial health and growth. They also provide appropriate financial recommendations and suggestions that suit their needs. The Fintech apps thus offer more control to the customers and give a great sense of empowerment and entitlement that traditional financial systems lack.
But it all depends upon the way the Fintech apps can engage customers through crisp user experience and intuitive interface. By providing better transparency and ensuring optimum ease of use Fintech apps also helps in building trust and reliability that make financial institutions prisoner in the long run.
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Ensuring Great User Experience through Visual Language
For Fintech apps, optimum user experience largely depends on the ease of use and access to data and controls. This cannot be provided without a highly intuitive visual interface. The visual language plays a significant role in the design of any app.
Still, when it comes to financial apps, the visual language paves the way for more critical usage of data relating to actual financial and investment decisions. For example, in a stockbroking app, the visual interface will give more prominence to certain data points that can help users to decide about their stock purchases, sales, or holding.
For most, the Fintech apps, as of now, the organic design with a blend of Material Design and Flat Design worked best. As most Fintech apps seem to be loaded with data, presentation plays a significant role in engaging users
For your Fintech app to deliver a unique user experience by utilizing critical data presentation methods, you need to embrace the best design principles that worked for most Fintech apps and renounce practices that fall short of UX standard.
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Avoid Information Overload
Another important principle for Fintech app design is to avoid information overload at any cost. Since Fintech apps always tend to be data-driven because of the nature of the industry, there is a strong chance of the app UI to suffer from information overload. This is a common mistake committed by a vast majority of Fintech apps in the market. This only makes users struggle to understand every piece of information and app function leading to confusion and slow user interactions. This common mistake often causes many apps to lose considerable business.
In contrast, focus on building a simple and easy interface with only information that is most relevant for the users at a given time. Make sure every piece of visible information serves a specific purpose and makes sense of the particular context, and the function users are interested in. This also requires a strong use of data visualization principles.
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Simplify Complexity with Customization
Remember, Fintech apps inevitably offer a lot of complexity, and friction is quite natural for such apps. This is precisely why handling data and all on-screen actions are so important for financial apps. You need to remember that every user of a financial app doesn’t have the same requirement when using an app. Every user of a banking app is likely to use the app for a specific purpose and objective. Naturally, they should be allowed to customize their menu options and the type of content they need to access first.
Fintech apps by allowing optimum customization of the menu options and the content can allow choosing the features and the options that suit them. For example, if the user doesn’t need a fund transfer option at all, he should be allowed to keep that option hidden from the menu. If he needs checking the forex rate frequently, he should be allowed to access this option with more ease or on a priority basis.
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Data Visualization
Visualization of the financial data and the offerings can have a great impact on business conversion through the app. The financial services work more like retail products or commodities if you can present them in a visually attractive and engaging manner. Just like comparing the product prices, users can compare the interest rates and can compare the risk factors between investment policies and funds. So, visualization of data to give financial data and plans the look and feel of products can play a crucial role.
Conclusion
Instead of waiting for the customers to take a positive interest to inquire deeper into financial products, your Fintech apps should present the offerings in an appealing and visually engaging manner to ensure optimum business conversion. If you want your Fintech app to convert business consistently, you need to give utmost importance to UI design.
Throw us a like at Facebook.com/doable.financeAuthor Bio
Nathan McKinley is a Business Development Manager at Cerdonis Technologies LLC – mobile app developers in Chicago, the USA developing mobile/web application that has customized, actionable & attractive designs layouts for great UX. He belongs to the marketing field as per experience in business development, but he has developed core skills set as a writer to provide valuable insights on various techs and its impacts on mobile/web technologies like UI/UX designs, Artificial Intelligence, Machine Learning, Data Migration, App Development.
