The Importance of UX in Financial Applications & Latest Trends

Vladislav Gavriluk

Vladislav Gavriluk

CEO & Founder at Arounda

FinTech is a $160 billion+ matter. Every day we see an increasing number of finance platforms and the massive digitization of financial services.

Indeed, the technology significantly impacts the traditional financial industry. Almost all finance organizations, 97%, are taking steps towards digitizing their services. For 21% of companies, digital transformation is a top priority.

As a result, numerous FinTech apps have appeared on the market. Yet, one critical problem remains for these products: how to make them accessible to an ordinary user? Just consider the following.

"58% of banking website content is too complex for the average consumer."

In other words, despite the financial sector’s fast development and change, some aspects still call for in-depth research.

One such critical element of financial products is their UX. Today, Arounda will explain the implementation and importance of the user experience in FinTech apps.

As a company that delivers decent UI/UX solutions for FinTech products, we can share many insights from our experience. And our expertise is extensive: we’ve already created designs for over 20 financial apps!

UI/UX Design in Financial Apps

Design solutions in financial products are somewhat different from other industries. Here, a special emphasis is placed on the security and speed of FinTech platforms. UI/UX design for banking apps should also provide exceptional user-friendliness and intuitiveness.

Let’s figure out what UX and UI are responsible for in FinTechs.

UX part is accountable for the features, content, and interaction with a bank app or website. It is the process of researching the user journey on your platform. The ultimate goal of the UX is to create an intuitive and accessible financial product.

UI part is about the appearance of your FinTech application. It is what your user directly interacts with. A high-quality user interface should be consistent, that is, have uniform colors, fonts, style, and a unified layout. It also includes graphics and animations. If implemented well, UI helps build trust with your users.

What is the focus of UI/UX design in financial products? Here are the main directions:

  • Functionality

  • Navigation

  • Design wireframes

  • User flow charts

  • Color scheme

  • Content, including photos and videos

  • Devices and web browsers

A decent UI/UX design facilitates the user onboarding process and makes your customers stay with you as long as possible.

Arounda’s Experience with UI/UX Design for FinTech Products

Our digital product agency knows how to create high-quality UI/UX for any financial platform, whether a mobile app or a website. Our experience includes more than 20 successful FinTech products with user-centered design.

We cooperate with companies of various sizes. Our clients include both FinTech startups and established businesses.

We want to introduce you to our agency’s UI/UX process. Typically, we go through four main stages:

1. Discovery. Here, our designers study your business goals and discuss the concept of your financial product. As a result, we create a road map.

2. User experience design. At this step, our designers conduct a UX study, based on which they create the structure of your platform and its information architecture. We also produce content for each element of your product.

3. User interface design. Here we work on the visual part of your FinTech platform. We create mood boards and concepts, test different user interface versions, and turn your idea into reality.

4. Support. Next, we transfer the finished UI/UX design to our developers and monitor its proper implementation.

One of the worthy results of our work is the FinTech project Super.cx.

Super.cx is a white label banking platform with multi-currency wallets for high-risk businesses. Every wallet is supported with its Bank API. The project’s main idea was to make secure money transfers and receiving.

Our primary task was to create the website for the company’s marketing activities, UI/UX for the web application, and front-end development of the website.

This platform is just one of many examples of quality UI/UX design that Arounda can implement. But let’s get to the point: why design is so significant in FinTech products.

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Need thoughtful UX for your finance app?Let`s have a talk!

Why Is UX Essential in Financial Products?

Financial instruments themselves require considerable awareness from the average user. And not all digital solutions currently offered by financial organizations are convenient and customer-oriented.

The finance sector still needs modernization and significant work on their digital bank products’ user experience. Bank apps seem to care more about transactions and do not focus on users’ daily needs.

Although we see some progress in creating user interfaces, it is not enough to ensure a customer-centered approach. The main issue is how to make these FinTech products intuitive for users.

Quality UX goes beyond just attractive user interfaces. It is a study of customer needs and a view of a financial product from the ordinary user’s perspective. This analysis of customer behavior is the lever that will make it possible to improve FinTech apps significantly.

Thoughtful user experience helps you retain your users. How exactly? Careful UX study makes it possible to work on the features and user paths your customers will appreciate. Consider that 46% of digital banking clients under 55 stated they’ll switch to the bank offering better digital features.

A decent app’s UX also makes the finance sector more inclusive. You can create user-friendly software that will increase financial literacy and make financial instruments understandable. Furthermore, by making your software’s UX clear, you’ll enhance finance services accessibility to people not able to visit a brick-and-mortar banking facility.

For you, as a financial product provider, diligent work on UX means saving time and money. User experience is all about a thoughtful strategy. It’ll help you predict and fix your software’s weak points long before launch. As a result, you’ll not need to correct your app’s issues after it hits the market, which is usually more time-consuming and requires significant expenses.

What Are the Latest Trends in FinTech UI/UX Design?

As you can see, a customer-oriented approach in the financial sector is of utmost importance. To achieve the loyalty of your users, you have to take care of your product design.

Check out the latest UI/UX trends in FinTech apps that will drive the industry.

Focus on Gen Z and Millennials

According to a recent study, 99% of Gen Z and 98% of Millennials use mobile banking apps. These generations pay a lot of attention to the user experience and visual aspects of financial products. Therefore, it is worth considering gen Z and millennials when creating UI and providing UX.

Personalization

The ability to personalize the user interface, especially in mobile applications, is a trend that will stay with us for a long time. Users especially like it when they can customize the financial application to their needs. Customizable elements include light/dark themes, widgets, and more.

Unique Screen Loading

Implementing an unusual loading screen engages your users and keeps them focused on your app. Skeletal loading screens are especially relevant. It is when information blocks gradually appear on the screen with a small time interval. So consider this trend if you plan to create a financial app.

Bright Colors

Many people associate financial apps with something conservative. As a rule, these products use colors such as blue or green. However, recently bright interfaces, fonts, and illustrations are gaining more and more relevance.

Simple Language

As we have already mentioned, some financial instruments are difficult to understand for average users. If your bank application also uses complex terms, it can confuse your customers even more. Explain complex concepts in simple terms, and don’t scare away your users.

Data Visualization

Show, not tell. Your users will love dashboards with tables and graphs containing summarized information about their finances. This trend is worth applying to your application if you want to improve your users’ experience significantly.

Final Thoughts

The importance of UX for financial applications cannot be overstated. It allows you to create a customer-oriented product and gain the loyalty of your users.

The main problem of the traditional financial sector is that it still does not focus enough on user experience. Instead, we have beautiful interfaces that are challenging to use.

For your product to appeal to users, don’t forget to take care of its UX. And if you need someone to help with that, you’ve come to the right place.

Arounda cooperates with FinTech companies of any size and is ready to bring your ideas to life. We will develop a first-class UX strategy for you and wrap it in an understandable user interface.

If you are interested in our offer, please contact our team.

Vladislav Gavriluk
Vladislav Gavriluk
CEO & Founder at Arounda
I make sure our clients get the high-quality result from the beginning stage of the idea discovery & strategy to the final digital product.

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