Benefits of Good UX Design in Fintech

Experience is everything nowadays. Companies of all sizes and shapes, from cutting-edge tech startups to well-known household names, are starting to understand how crucial it is to offer exceptional customer service.

To accomplish this, they must, however, make sure that their UX and UI are top-notch. The ultimate objective is to develop a pleasurable, frictionless, omni-channel experience that does not only assist users in finding what they are looking for but also entices them to return in the future.

This article will examine the top UI/UX trends for fintech that you need to be aware of and evaluate how they might affect your brand, customers and your profitability.

Improves Customer Experience (CX)

Your customers will enjoy using your products and services if you create a frictionless experience centered around an intuitive, simple-to-use product architecture—combined with a user-friendly layout and design.

This is not shocking. Poor UX and UI design on the other hand can drive customers away. Did you know that 90% of users have abandoned an app due to poor usability? Whether you develop enterprise collections management software or smartphones, CX is king.

Improves Bottom Line

Offering excellent CX (based on UX and UI design) is one thing, but it does not mean anything unless you can clearly see how it affects your bottom line. Fortunately, spending money on UX and UI might just be the most effective move you can make to increase your profitability. According to research, just $1 spent on UX yields $100 in return at an ROI of 9,900%.

How did this happen? To begin with, UX and UI can significantly impact your conversion rate. According to Forbes, “a well-designed user interface could raise the conversion rate on your website by up to 200%, and a better UX design could yield conversion rates as high as 400%.

That’s not all. You’ll be able to raise your prices because, 80% of consumers would pay more for a better customer experience based on research. You’ll also convert more prospective customers.

Makes You Different from Competitors

Your brand can gain an advantage over rivals by having a strong UX and UI. An increased emphasis on UX and UI is largely responsible for the rise of Fintech in recent years. Personal finance and banking are complicated. Brands that assist customers in sifting through the clutter will succeed in the market.

The key to standing out is to design enjoyable, memorable experiences. This is now an essential feature. It’s a must-have.

Makes Your Brand Trustworthy

A good user experience design will help you build trust with your customers. People are more likely to use a brand that they perceive as trustworthy, so it’s important for fintech companies to make sure they’re not only creating an amazing product but also ensuring that the people who use it have a positive experience.

Younger generations are becoming more reliant on established tech giants like Google and Apple, which prioritize UX and UI design in all aspects of their operations. If digital banking products from Google or Apple were ever made available to the public, 56% of consumers under the age of thirty said they would choose to use them.

First impressions matter. Brands that are visually appealing and have an engaging UX will keep customers’ attention longer and gain their trust over time.

Turns Delicate Processes into Enjoyable Experiences

Consumers’ feelings of embarrassment, uncertainty about their options, or annoyance that their sense of urgency has been violated (a concept known as “reactance”) have historically made the dunning process extremely difficult.

However, this does not have to be the case. The best enterprise collections management software reimagines the repayment process through UX and UI. Customers can quickly determine how much they owe, create a repayment plan, and make payments as they are able. Rather than subjecting them to complicated (and ostensibly intimidating) terms, they are invited to participate in an ongoing conversation.

The latest UX/UI trends

According to survey a user’s first impression of your product is related to design. First impression is important because unimpressed users are often linked to unforgiveness. UI/UX design must be perfectly aligned with user’s needs followed by flawless implementation. This results in stunning UI and UX.

Consider the necessity of using mobile-first design principles, as 74% of users say they are more likely to visit a website that has been properly optimized for mobile. The younger generations are becoming more and more concerned with this.

According to Chase, 98% of Millennials and 99% of Gen Z use mobile banking. However, it’s evident that having a good UX and UI is essential to ensuring consumers use these tools to their fullest potential given that 38% of users claim to abandon mobile banking activities if they take too long

Another strong UX trend that doesn’t appear to be going away anytime soon is personalization. This is not surprising given that 72% of consumers only interact with personalized messaging.

Or how about adding animated storytelling that is scroll-triggered to your offering? Users can learn all about the various ways to pay back their debt as they scroll down thanks to animated illustrations that make the pages inviting to read, interesting, and memorable.

Large blocks of text don’t look good. Even with the best content in the world, it will fail if it is presented in an unpleasant way. Consumers in the twenty-first century have been trained to trust companies that excel at user experience and user interface design (think of Netflix, Spotify, or Facebook). As a result, businesses that provide customers with enjoyable experiences gain their trust and loyalty.

However, it goes beyond just your customers. For instance, if you run a financial institution, you must implement tools that are simple to use. Even if your customers like these tools, they won’t have the desired impact if you make it difficult for your staff to use them.

Final Thoughts

Enterprise software can no longer hide behind the claim that it is “feature-rich but usability poor”. Usability, fueled by UX and UI design, will be crucial in the coming years. When it comes to the complicated world of personal finances, this is especially important. Your financial institution will stand out from the competition, gain long-term customer trust, and fuel long-term success by partnering with an enterprise software provider that prioritizes UX and UI.

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