The fintech sector presents a challenge, especially for UX designers. Financial regulations, which may vary between states and countries, must be studied by designers while creating fintech products. Before UX designers can even start a project, they must learn a lot of these financial restrictions because they are sometimes detailed and lengthy.

The fundamentals of fintech UX design are covered in this article. UX for fintech enables you to create prototypes with interactive elements that originate from your design system, regardless of whether you’re a FinTech startup building a cryptocurrency product or wanting to revamp mobile UX design for banking apps. UX is important. The value of excellent fintech UX design grows exponentially when developing financial software.

Credibility is another important component. Consumers disclose sensitive information and entrust third parties with managing their finances, thus even slight flaws in fintech products can undermine trust, cause users to doubt the company’s expertise, and, worse, cause them to uninstall an app. As a result, being aware means being prepared. 

Explaining Fintech

FinTech, or financial technology, refers to a market segment that creates goods and services related to financial technology. 

From a technological view, producing UX fintech products and services generally aren’t all that different from creating other kinds of digital products and services. The goal of fintech UX design, regardless of the type of product or industry, is to create a good and distinctive user experience that will eventually boost engagement, product satisfaction, and customer loyalty, and retain attention. However, in real life, UX designers deal with a variety of particular issues that can significantly affect the effectiveness and uptake of the finished fintech product.

Challenges In UX Design

Let’s look at the top UX design challenges fintech will face in 2022.

1. Data Security and lack of trust

Financial service providers have the incentive to take all reasonable precautions to safeguard the data of their clients, including using technology to keep a step ahead of hackers. While Touch and Face ID are significant advancements in innovative design, precautions must be made to make sure they don’t lead to an increase in cybercrime.

UX design companies working on UX must adhere to numerous security procedures. Additionally, UX designers must persuade users to use secure passwords, refrain from sharing OTPs, and exercise caution when clicking on the text and email links.

Another significant problem facing finance UX designers is the trust aspect. Money and personal finances are sensitive topics for the majority of consumers. As was previously said, fintech UX designers can address this by including a few more layers of assurance and validation that can increase users’ trust in the product.

2. Biometrics

According to customer journeys, a lot of them are unable to fully benefit from biometrics due to a complex and lengthy data registration process. Some apps demand multiple repetitions of a sentence in various voice tones in order to configure speech recognition, and they may still reject it. Fintech goods require customers to gaze at the camera and push key keys at the same time in order to set up face recognition. Additionally, technological issues like poor lighting or camera settings frequently make the procedure more difficult.

There is nothing but a desire to skip this portion, especially for those who find this step to be frustrating. The designers should make sure the process for entering biometrics is straightforward and speedy when conducting UX testing.

3. Financial jargon and complexities

Fintech app design may easily beat traditional banks in the area of explaining complex ideas in plain language. 

One of the major problems for UX/UI designers in the fintech industry is conveying complex financial goods and concepts in a straightforward way. The user experience can be made or broken by how well a financial function or tool is explained. UX research assumes considerable significance in this situation. 

UX designers can choose the best communication style and language for the product by researching and comprehending the requirements of the end user. Further enhancement of user experience can be achieved by presenting complex financial information in a visual, interactive manner using attractive graphics.

4. Customer expectations

When using the product, people have a variety of demands and desires associated with it. Designing in-app experiences with these needs in mind is crucial if you want to retain consumers in a cutthroat industry. There are several ways to allow users to customize and retain customers. The secret is to start relevant experiences for relevant users when they need them.

5. Lack of integrity

Amazing UX establishes enables consumers to frequently return to the brand, makes programs enjoyable to use, and delivers a lasting first impression. Companies should structure the design in the simplest financial method possible. As a result, the designers need to make sure the consistency condition is met. It indicates that consistent design patterns and styling should be used throughout all app flows.

6. Compliance

The marketplace for biometric authentication has expanded quickly in recent years as more companies and government organizations have begun integrating it into their systems to increase the security of the organization as well as the customers.

One of the largest FinTech design challenges is regulatory compliance. Your designs may change for each market to comply with different rules if you’re designing a product for many countries or a worldwide audience. As a result, UX researchers and designers must revise designs to remain compliant, which may disrupt the product roadmap or UX strategy.

Conclusion

Finances have a reputation for being dry and uninteresting. Making traditional financial products more intriguing and engaging is one of the main challenges and opportunities for fintech UX designers. Designers can employ a variety of strategies to get over this problem and add exciting elements to financial products, including the use of sound effects, motion visuals, and personalised conversational language. The world of finance presents numerous challenges to developers and designers. Fintech, however, is on the rise and upending traditional banks in every area of their operations, from corporate lending to payment services.