5 Fintech App Design Mistakes to Avoid
FinTech is all about providing a great customer experience for financial transactions and services. Since Fintech deals with online transactions, UI designers need to be very careful when designing the apps to make sure that the users can avoid making errors while navigating them.
If this is your first time building a FinTech app, keep in mind that you’ll be catering to a specialized audience and that your app will need to be visually simple yet functional and accessible for all.
In their rush to create the “ideal” app for customers, most people make critical mistakes that push users to use the app.
Here are 5 Fintech App Design Mistakes to Avoid:
1. Fintech App Design Mistakes to Avoid: Overwhelming functionality (more is less)
When users are presented with too many options/functions, they may begin skipping or hopping from one feature to the next in an attempt to take action. While this may increase the product’s perceived value, it also complicates the user experience and may lead the product to fail.
Avoid this typical fintech UI design blunder by ensuring that you have a strategic plan in place to help clients easily comprehend, navigate, and choose a product. It is also essential to consider the medium in which these occurrences occur. The fact that all of this data is jammed onto such a small screen is of no use to anyone. All of these elements are detrimental to the usability of your software.
Remember that poor decisions can have serious consequences. It could even be lethal to your company. Too many functions clutter up the UI and make the app less credible. Add appealing finance functions that matter to the users.
2. Fintech App Design Mistakes to Avoid : Lack of personality
How businesses connect with their clients is evolving due to the fintech revolution. It’s no longer simply about the money with this product.
The top startups know how to give their customers a personalized experience, which increases brand engagement and retention. Interaction is crucial, so entrepreneurs devote much time and attention to UI Design to give their products a personality.
The market is saturated with fintech apps. Many startups make significant errors in this area, such as failing to establish a strong enough emotional connection. Are you confident that your product meets the brand personality criteria? Don’t get too worked up. We can assist you.
If your design is not unique, people will look for alternatives. So, focus on the branding and speak through the visuals.
3. Fintech App Design Mistakes to Avoid: Filled with finance jargon generating boredom
Not every user is an accountant. Using finance jargon makes users not return to the app because jargons make people feel like idiots. And when people feel like they are idiots, they either get angry or depressed. Both cases can have a horrible effect on your app’s impression.
Pro Tip: Simplify the content with words that even a fish-seller can understand.
Boredom is another major issue that many financial apps have to deal with. Unfortunately, as humans, we aren’t particularly good at budgeting. However, there are a few ways to get over this lack of enthusiasm.
To make it less boring, you need to inject more excitement and joy into your Fintech app design. Positive reinforcement and a clean design with a seamless flow do wonders for motivation and confidence. The goal is to replace monotony with anticipation of the future.
Twine, a savings and investment software, takes advantage of its customers’ goals to keep them motivated.
They’re no longer just goals; they’re now objectives. Users know exactly when they’ll attain their objectives based on their savings strategy or investment portfolio. The simple and intuitive design prioritizes the individual’s goals over financial jargon and complicated operations.
A pleasing color scheme is also beneficial. The banking app from N26 is an excellent example of simple, elegant, and practical design.
The N26 app is not only well-designed from a usability aspect, but it also has eye-pleasing hues. They’re light and inviting, which adds to the app’s appeal.
4. Fintech App Design Mistakes to Avoid: Isolated Design instead of Socially Interactive
It should be intended for social interaction; it is made for solitude. That, my fellow UI designer, will not work out in the long run.
If you work in consumer finance, you will understand how important social contact is in the payments sector. When it comes to product design, many fintech companies make costly blunders by failing to include “gamification” (adding game mechanics into nongame environments, like a website, online community, etc., to increase user participation) theories in their products.
According to recent research, gamification and the intention to use online financial services in Fintech have a close association. Gamification, when done correctly, may make bank tasks more engaging, exciting, and enjoyable. This cannot be overstated.
Allow clients to post their financial updates on social media channels to make your Fintech experience more engaging. Allow your consumers to become brand ambassadors!
Furthermore, users are tired of statistics. Data is boring these days. Simple charting styles that are comprehensive and familiar to consumers are the key. Because Frameworks and APIs constrain fintech apps, there isn’t much that can be done with charting styles.
To make it more user-friendly, keep them simple and easy to read. So, the representation of essential data in the form of pie, line, and bar charts is preferable and easier to get.
5. Fintech App Design Mistakes to Avoid: Lack of Accessibility
When designing Fintech UI, it is essential to consider who will use it and where they will use it. Before creating a prototype, you should concentrate on finding a buyer for your idea. It’s easier said than done to get a customer. You’ll need to create an excellent product and quickly persuade them that it’s the most outstanding product for their needs.
This is a significant problem for many fintech startups. They hurry to construct products for speculative objectives only to leave them once they gain traction – generally after hitting the wrong roadblocks.
Always begin with the end-user in mind.
As for the Ui Design, congested elements, lack of readability, bad mobile optimization, etc., make the UI inconvenient. If your fintech app does not include diverse users, you will lose cookie points in the market. Use Rounded Edges for Shapes and keep the UI as simple as possible.
Fintech App Design Mistakes to Avoid : Conclusion
Designing a fintech app UI is no easy task. First, you must walk a fine line between overwhelming and boring users. This is a challenging endeavor in and of itself.
Second, we must make an effort to communicate in their language. The experience will be more enjoyable and smoother if the app’s vocabulary is adjusted. Finally, we must assist them in making appropriate choices while also ensuring their safety.