What Does a Designer do in Fintech UI UX design?
In 1994, Bill Gates famously said, “banking is necessary; banks are not.” Nowhere is this more evident than in the fintech sector, where the rise of user-friendly, intuitive, and accessible financial services technologies has forced legacy banks to up their game.
Today, around 89% of all consumers use mobile banking, according to a Business Insider Intelligence Study, with 91% of users preferring mobile banking to go to a branch. Research from Capgemini found that the three main reasons people switch from legacy banks to fintech services are lower costs, ease of use, and faster service.
Throughout the fintech revolution, UX/UI designers have played a key role in improving accessibility and using design to address customers’ pain points when using banking services while building and maintaining trust. Understanding the importance of innovation in attracting and retaining customers, both fintech startups and big banks are snapping up UX/UI design talent to help give their products and services a competitive edge. This rise in demand has led to more job openings in fintech, higher salaries, and exciting opportunities to shape the way people understand and manage their money.
How Is Fintech UI UX design Used?
At its core, Fintech UI UX design isn’t too different from UX/UI design in other industries—the ultimate goal is to create a positive user experience that will lead to more robust user engagement, retention, and, depending on the product or service, conversion. But the specific applications of Fintech UI UX design can differ significantly, and in fintech, where customers’ finances are involved, the stakes can be high.
Ways in which Fintech UI UX design is deployed
Just enough friction.
Most Fintech UI UX design tries to reduce user friction as much as possible. But in fintech, where a user’s wealth is on the line, a bit of conflict is a good thing. “Increasing user fiction for specific tasks is a pillar of fintech UX design,” according to technical researcher Sean McGowan, who said that without proper safeguards against errant taps, users could perform accidental financial transactions.
“The inherent appeal of fintech is the ease of use,” McGowan said, “but it cannot be so effortless that it is easy for users to make mistakes with their money.” This is where UX designers must understand user behavior, balance user-friendliness, and have just enough friction to protect the user from unwanted accidents.
Building trust in Fintech UI UX design
Users, especially those who are not digital natives, will be much more reluctant to entrust an app with control over their finances. Even those familiar with finance apps will need to know that they can trust a service before granting access to their personal information. This is where a UX designer’s understanding of user psychological and user-centered design can be transformative. Whether the fintech product or service is for banking, investing, budgeting, or advising, users will need near-constant reassurance and validation that their data is secure and that the transactions they’ve performed have gone through—all of which can be achieved through solid design.
Onboarding in Fintech UI UX design
No matter how thoughtfully designed or easy-to-use a fintech product or service, there is inevitably an onboarding process that requires collecting financial data, identity verification, and anti-money laundering checks that mean potential customers might have to wait a few days before they can begin using an account. The onboarding process can be time-consuming and overwhelming, which is why UX designers play an essential role in making the onboarding experience manageable. According to product designer Jessica Lascar, some design strategies include breaking up the “registration steps into small chunks.” “Doing so will make the whole process a lot more digestible and provide the proper mental space to focus on the answers.”
It is simplifying and delightful.
Fintech is more than digitizing a bank; it’s about providing a better experience. This means that a large part of the fintech UX/UI designer’s job lies in addressing existing banking pain points such as making financial jargon less intimidating, visualizing financial information, making frequently performed actions more accessible and more intuitive, and, depending on the app, incorporating sound effects, graphics, and conversational language to delight customers.
Fintech UI/UX Designer Job Roles/Responsibilities in Fintech UI UX design
Most UX/UI designers bring technical design skills to the table, such as the ability to conduct and make sense of user research; wireframing and prototyping; interactive design; visual communication; information architecture; and proficiency with tools such as Sketch, Invision Studio, Proto.io, Webflow, Balsamiq, and Axure. And while these skills might help a designer build a visually appealing homepage or app, fintech UX designers also need to understand users’ priorities and have some domain knowledge.
For example, UX designers in fintech need to know the regulatory landscape to ensure that their designs comply and don’t create any potential problems for the user or company. “Usually, fintech companies have a legal department that keeps everybody up to date about current and upcoming regulations,” according to product designer Julia Bondarenko. “However, it might not always be the case, or they might think that there is nothing to do with design. Do your research.”
As far as users’ priorities are concerned, UX designers in fintech need to understand user psychology well enough to know what information should be displayed prominently and how it can best be visualized.
“Allowing users to view their finances in a graphically meaningful way is one of the most useful things fintech products offer,” according to the founder of a Fintech UI UX design agency, Adam Fard. “It allows us to have a better understanding of our earnings, expenses, and the relationship between them.”
Some of the critical responsibilities of UX/UI designers at fintech organizations include:
- Conducting and using user research to understand what issues/pain-points users face when they engage with banking of financial services platforms
- Conducting design experiments and A/B testing, listening to user feedback, and staying on top of industry trends to develop user-centered design solutions
- Understanding the goals and desired calls-to-action of an organization’s fintech platform and finding ways to meet those goals while still advocating for the user
- Designing a consistent user experience across mobile devices and desktop platforms
- Collaborating with UX researchers, data scientists, information architects, marketers, and engineers to test, iterate, and launch products and services that satisfy stakeholders
Fintech UI/UX Designer Salary
Among hiring managers, UX/UI design is one of the top five most in-demand skills, according to a LinkedIn report, with the demand expected to rise throughout 2021. As banks, financial services, and startups continue to digitize and compete for customers by being more accessible, user-friendly, and trustworthy, UX/UI designers will only see more opportunities available in fintech and finance.
UX/UI designer salaries are typically determined by education, years of experience, location, and organization type. As of 2021, the average base salary of an entry-level UX/UI designer in fintech is around $96,604. The average base salary of a senior-level UX/UI designer in fintech is around $124,040.
To Summarize of the work of Designers in Fintech UI UX design.
UI/UX design is crucial in Fintech, just as it is in every other sector. The more visually appealing the designs of what we use is, the more we are drawn to the services provided.
The way you check your finances, buy-in stocks, apply for loans, and so much more is being revolutionized by new fintech UX design trends and current standards. Recent events in the future promise to significantly simplify day-to-day operations and assist you in completing financial tasks at the touch of a button!
The future has arrived!
The design should be basic and straightforward when building FinTech solutions, whether for digital banking, loans, online trading, or e-wallets.
We, the Creatibuzz heroes, seek to achieve this mix of design, explainability, and usability with our products, especially with digital financial services in the diverse field of Fintech.