The rapid advancement of digital technologies has transformed the financial industry. Fintech, short for financial technology, refers to this new, transformed version of the financial industry.
This industry aims to provide banking and financial services primarily through digital channels, mainly websites and apps. The fintech ecosystem is set to be worth over $1.5 trillion by 2030.
Within this ecosystem, there are three main stakeholders:
- Founders, i.e., individuals or teams who create fintech solutions aimed at solving specific financial problems
- Investors who provide funding and test the market viability of promising fintech ideas
- Website providers that deliver the technological infrastructure necessary for founders to showcase their projects and facilitate communication with end users
This article explores the all-important role the third stakeholder plays in the Fintech space:
- Without well-designed fintech websites, this technology can never be made available to the masses
- We will share all the major user experience (UX) design ‘best practices’ that fintech firms must adopt to deliver compelling website experiences and resonate with the average user
What Are Fintech Websites?
- A fintech website is an online platform that provides financial technology services
- These websites offer various financial products and services, such as digital banking, investment platforms, payment processing, and budgeting tools
- The goal of fintech websites is to enhance user experience by making financial services more accessible and efficient through technology
In recent years, we have seen an explosion of fintech websites:
Revolut
- Revolut offers a range of banking services – from currency exchange and stock trading
- It has become popular for its user-friendly interface and comprehensive financial solutions
- This website has approximately 2 million visits per month
Mint
- Mint is an online budgeting tool
- It helps users track spending and manage finances remotely
- Its simple design appeals to many users looking to improve their financial habits
- Its website attracts around 1.5 million visits per month
Robinhood
- Robinhood provides a commission-free platform for trading of stocks and cryptocurrencies
- It has a very young audience that is hip to fintech
- Its website has a library of financial literacy resources and it attracts approximately 7 million visits per month
Chime
- Chime is a mobile banking service
- It offers no-fee checking and savings accounts
- It has 8+ million registered users
N26
- N26 is a digital bank
- It provides a seamless banking experience via its website
- This website attracts approximately 1 million users tech-savvy users (primarily from Europe) per month
These fintech websites are leading the industry by providing innovative solutions that cater to modern consumers’ financial needs. Plus, they all have great UX design.
What is Fintech UX Design?
Fintech UX design focuses on making financial technology websites easy to use. If you’ve ever felt lost on a fintech site, this design approach aims to change that:
- Fintech UX design bridges the gap between complex financial systems and modern technology
- It ensures users can easily navigate financial applications
- Without good UX, even the most advanced financial technologies will struggle to gain traction
- The goal of fintech UX design is to create seamless browsing experiences, empower users with easy-to-use website features, and make them feel in control of their finances
- Other key elements of fintech UX design include digital security, intuitive web interfaces, and smooth navigation
- Fintech UX design also aims to improve mobile banking by applying modern design standards to websites
With good UX design, fintech websites can build trust and credibility while navigating complex regulatory requirements.
The Essence of Fintech UX Design
The essence of fintech UX design lies in its ability to understand users and respond to their needs effectively:
- Fintech web designs must adapt to the user’s context
- They must offer personalized experiences
- They must reduce the complexity that is almost inherent to financial transactions
By tailoring website interactions to user behavior, preferences, and needs, fintech UX design must ensure that users remain invested in their new, digital financial journeys.
Best UX Design Practices for Fintech Websites
Here are the main UX design practices you must apply to create high-quality fintech websites:
Balance Security and Usability
- Balancing security and usability in fintech UX is the #1 challenge
- Users want easy-to-use, on-site tools
- But, with sensitive data involved, adding strong layers of security to all website features is essential
- Complex processes can frustrate users, while weak security can lead to fraud
- Designers must create authentication methods that are both secure and seamless
- The same goes for transaction verification mechanisms
Security and usability must work together. Never sacrifice one for the other:
- To further enhance security, avoid using traditional passwords
- Implement more user-friendly, multifactor authentication or device verification instead
- Use risk algorithms to flag suspicious transactions and confirm them selectively
- Regularly test new security features with real users
User-Centered Design
Fintech website visitors are diverse. Some will use your site for retail banking. Others for crypto trading. Therefore, a one-size-fits-all approach to UX design will not work:
- Segment your user base
- Consider disabilities, languages, and cultural backgrounds in your segmentation process
- Create tailored journeys that resonate with each group
For example:
- Investors may need detailed portfolio dashboards and streamlined invoice management features on your site
- Retail users may benefit from design features that visualize their spending habits
Tailor your site’s interface to meet the specific needs of different user segments. This level of personalization may require more initial effort. But, the loyalty it builds among users in the long run makes the efforts worthwhile.
Compliant Fintech UX Design
Fintech platforms must comply with regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML). These laws require verifying user identities and monitoring for fraud. These requirements create specific UX design challenges:
- Onboarding new users requires a balance between thorough identity checks and a smooth process
- Complicated verification can frustrate customers, while lax procedures pose compliance risks
- Fintech platforms must also monitor transactions without making users feel uncomfortable
Clear communication is essential for addressing these challenges:
- Explain the value of KYC and AML regulations to users at every step
- Clarify why each step is necessary and how it protects their security During identity verification,
- Notify users about how transaction monitoring detects potential fraud in real-time
- Present AML measures as vital safeguards
- Use proactive alerts for suspicious activity to keep users informed
Maintaining transparency and open communication at all touchpoints helps mitigate the UX challenges posed by regulations.
Use Data Responsibly
Fintech websites rely heavily on user data – transactions, behaviors, and preferences. This data can enhance user experience through personalization. However, it is crucial to balance personalization with user comfort and privacy:
- Clearly communicate what data is collected and how it is used
- Offer detailed settings where users can customize data collection according to their comfort level
- If they want basic suggestions, allow them to disable deeper personalization options
- Allow them to modify their preferences at any time as their comfort levels change
This flexibility will reduce their anxiety and encourage users to engage more with the site.
Keep the Design Simple
In a sector filled with complex financial information, users crave simplicity and clarity:
- A clean, intuitive website interface is a must for reducing cognitive load
- Perform multiple rounds of usability testing on the site (or prototypes of the site) to ensure users do not struggle with navigation or functionality
- Double-check whether security measures, like encryption or multi-factor authentication, disrupt the user experience
- Clearly explain fees, terms, and risks associated with each service on the site (like Betterment does)
- Make sure the site has clear processes for reporting problems
- Provide timely updates regarding issue resolution in the form of email alerts
Simplicity + proactive approach to simplifying website features is the key to enhancing user engagement and satisfaction.
Mobile-First
Most users now access financial services through their smartphones:
- A mobile-first UX design approach will ensure that the user experiences on your site are fast, convenient, and always accessible
- Ensure your website is fully responsive and maintains a consistent user experience across all devices.
- Test usability across devices to provide a smooth experience on desktops, tablets, and smartphones
- Consistent branding across platforms – logos, color schemes, typography – will help users recognize and trust your fintech brand
- A clean, intuitive, and adaptive navigation structure is also vital
- Tools like user flow mapping will help refine your site’s mobile and desktop navigation systems
Abide by Users’ Mental Models
Understanding users’ mental models is crucial for building trust:
- Design web interfaces that match their expectations
- Consistency with familiar concepts reduces cognitive friction, making users feel comfortable and confident
- Use visual hierarchy to guide users’ focus to essential elements, such as security indicators and trust seals
- Effective visual cues instantly register in users’ minds, emphasize important information, and enhance credibility
- For example, place trust badges near calls to action to reinforce confidence at decision-making points
- Incorporate emotional design principles to evoke positive feelings
- Use appealing aesthetics, warm colors, and micro-interactions that provide feedback
Integrate Gamification and Social Elements into Your Site
Integrating gamification and social elements into your fintech website can enhance user experience and foster community growth:
- By allowing users to share and collaborate on financial goals, your fintech platform can create a more supportive environment
- This sense of community will motivate users to achieve their financial objectives while building trust
Gamification also adds fun to financial tasks
- For example, your fintech site can use achievement badges to reward users for completing milestones, like saving specific amounts per month
- Incorporating quizzes or puzzles may help users learn about financial concepts while earning rewards
Another fun thing to add to your site is AI-powered chatbots. These tools can reduce your customer service costs by up to 30%.
Create Seamless Onboarding and Account Opening Systems
Make sure your website’s onboarding or account opening system does not give users flashbacks of long lines and tedious paperwork filing procedures at the bank:
- Break the onboarding process into small, manageable steps
- Use chatbots to guide users through each step
- Only ask for essential information upfront
- Automate parts of the onboarding process
- Use progress indicators to show how far they are in the onboarding process
Conclusion
Lastly and most importantly – commit to constantly refining your fintech website’s UX design based on user feedback. If you are paying for UI/UX design services, this long-term commitment should be the first thing to look for!
