Top 6 UI/UX Challenges in Building a Financial App

Advent and new technologies have totally revolutionized the banking sector. According to a recent survey, 46% of individuals love to use digital channels to meet their financial requirements.  Even though the Fintech sector has witnessed many up and down over the past decades. But it has certainly become the lifeline for numerous businesses and the financial world. Hence, it is vital to avoid UI/UX mistakes in developing financial apps. 

As a result, Fintech-basedmobile app development companies are approached to develop outstanding apps and retain the maximum users.  Financial apps have given another dimension to mobile financial services, and the competition is getting tighter day by day. 

Convenience, enjoyment, speed, and ease are rewriting the history of mobile app users. There are still plenty of banks that follow traditional banking and are struggling hard to digitize their services. While there are numerous Neobanks that have quickly emerged. Hence, it has changed the entire rules for the game. 

Bill Gates once quoted, “Banking is necessary; banks are not.” Now whether you mark it as an omen or not, the current scenario closely resembles this statement. Pressured by new trends, most financial sectors and institutions seek a modern banking process and modern monetary.  Novel Coronavirus has further electrifiedfinancial app development. 

UI/ UX Designs for Financial Apps

Before we delve into the details of UI/ UX challenges, let us focus on the main requirements of Fintech apps. Financial apps must be clean and straightforward but must address the requirement of clients easily and efficiently. While developing the apps, you need to understand not every individual is tech-savvy. A Fintech-based mobile app development companyhas the experience and will focus on the UI/UX elements. 

1. The terms and text must be simple and understandable.
2. You must carefully choose the elements such as fonts, color palette, buttons, text alignment, etc. 
3. Make sure to include essential authentication and elementary that safeguards the data of the user.
4. You must include friction, especially for users who are not tech-savvy. This will help them to make any transactions by mistake.

 UI/UX Challenges in Building a Financial App

Insufficient User Research

As per the AppsFlyer (reported in 2020), normal Financial apps lost $57,000 in a month. Many users got to uninstall the app. For this, CleverTap remarked, “Poor experience is the main reason for uninstalls”. 

The user research gives the basic foundation for the entire UX design of the Fintech app. A Financial app development companywill aim to develop a structured app design process. They know that user research is the fundamental pillar of development practices.  

You do not need a generic app. Hence, it is recommended to have deep knowledge of user research. You can go for research methodologies rather than going for expensive investigations. These methodologies include field research, A/B testing, card sorting, focus group, etc. 

Usually, the leadingfinancial app development companiesare employed with professionals. They are proficient in finding the behavior patterns and accumulate qualitative as well as quantitative data. 

Questionable UIs

Even though there are specific and general rules or templates for UI design, but you must not ignore the specific components for Financial app development. Below are the key components that you must focus on while developing Financial apps.

Simplicity

Even though this is a complicated niche, you must travel the extra mile to provide a clear solution. Make sure to go for one-click payments/ transfers to simplify the task. These tasks should not have too many steps. Other than this, you must keep minimum features that make the tasks complicated. This will help your user have easy navigation and also assist you from performance issues and crashes.

Heatmaps

This feature will assist you in acquiring insight into which elements must receive attention. It can help you to optimize the app’s interface. Hence, it can address the issues and expand the conversion rate. 

Further, it will help you comprehend if your CTA is working properly or not. Hence, it will aid you in delivering a pleasant user experience. 

Visual Cues

It will act as a reminder and also allow your user to clear all the confusion. Visual Cues will give reference points from where the apps flow. And thus, the user will have a great understanding of how they got there and where they are.
Consistency

Whatever background, font size, or color palette you opt for, ensure it is dependable and consistent. Otherwise, there are high chances that your users may find it complicated. Make sure to repeat the pattern continuously and maintain the style of the app flow.   

UX Accessibility

You must develop an accessible UX design that includes special features. It will assist your users in navigating through your Financial app smoothly. These features also allow simplicity, flexibility, intuitiveness, shapes, colors, sizes, etc. To attain all the elements, we recommend using design elements like:

1. Color contrast
2. Don’t use loud colors to display critical information
3. Text to speech
4. Zoom

Onboarding Optimization

One of the essentials while designing the onboarding process is developing trust. You can try implementing simple videos (in an animated way) about a process that works.  Try adding a step-by-step guide displaying your app’s features and articulate the value proposition instantly. 

You must also ensure to develop engaging apps to avoid any boredom. For example, you can guide your user about transactional portals, icons, action buttons, etc. 

Proper Secure Systems

Security is one of the integral things when it comes to the UX of the app. The users must feel secure and should know that their information won’t be mishandled. It is recommended that you consider the following practices:

1. Secure coding
2. Encryption
3. MFA
4. Regulatory compliance
5. Notifications
6. Blockchain
7. Test

Do Not Make Finances Boring

Make sure to develop a fun and interactive financial app. This can assist the user in engaging and associating with your app positively. Gamification has proved itself to be an effective way to motivate users and stimulate interactions. It will assist in lowering down the entry barriers while raising the user’s loyalty levels.  

You can add elements like a reward panel. Apart from that, you can also generate a point system for the users who reach the milestone. For instance, you can initiate a reward for those users who tried your new services. 

Further, you can also reward those users who have achieved particular investment goals or personal savings. Ensure to give subscription discounts.  

Guide to Design the UX of a Financial App

Start With Resolving the Problem of the User

Identifying the issue that design could tackle is the initial step. First and foremost, to resolve an issue, comprehend the context of item/product use. You must also empathize with your users.

Go for the design thinking approach; it can be executed here to characterize the issue which could be settled. This approach even allows you to check the issues through the client's eyes. 

Get Into the Shoe of Your Client

Arranging the application highlights isn't the right move for resolving the issue. Rather, make sure to aim for the user. What might appear like an unimportant issue to the financial authorities might turn into a significant problem for the clients. Be empathetic for your users. It is essential to conduct the user’s behavior, mainly where the users may go clueless.   

Figure Out the Pain Points

The facts confirm that every business plan for an "ideal financial app". Notwithstanding, because of the variety of the clients, even a single issue can dominate every ideal part of the Fintech App. 

This is actually why it is essential to figure out the Pain Points and limit the adverse consequences. The method involves testing the item/ product on clients to recognize the pain points. It is termed “Failure Mapping”. Performing Failure Mapping will get you a guide of client experience issues and how this can be fixed. 

These pain points would help you to fix the UX designs. It will improve the better experience for clients who belong to distinct demographics. Thus, it will help you to map users with different goals.

Mind Mapping

Creating thoughts around the issue addressed is termed mind mapping. For this, you need to record the focal issue in the middle. Define boundaries and make arrangements. Hence, it will join the derived arrangements. Likewise, form the sub-branches from key thoughts.

Try Making Emotional Connections

One must profoundly get this. Design is not how the user looks at your product but how the clients feel about your product. 

When designing an application that will deal with cash, always remember that human beings are creatures, not prudent. The emotional association with the item/ product will assist you to remain longer in the market. The achievement of the Fintech application relies upon it as well. Without the association, regardless of how astonishing the promoting systems are, the item will not take off. 

An establishedfinancial app development company will focus on these points. They can help you with incredible UI/ UX design for apps that bag you with the user’s love. But always remember, it is a continuous cycle.