What Does It Mean to Be a UX Expert in Fintech?

As UX experts with extensive industry knowledge and experience, we’ve completed over 50 fintech projects, including apps and platforms. This journey has given us a unique perspective and deep understanding of product design processes—an unprecedented competitive advantage in the market. The expertise and professionalism of our teams ensure efficient and effective development, while avoiding costly mistakes on the way to product design success.

At Triolla, we take our work seriously. One of our core philosophies in developing phenomenal products for our clients is “industry-based specialization.” In this article, we’ll briefly introduce the concept that allows us to “make magic happen,” time and again.

When it comes to technological progress, the fintech industry has undergone a dramatic transformation over the past decade. The term “financial technology” refers to a wide range of digital tools that enable analytical and financial transactions. “Fintech,” as it’s commonly known, typically refers to online banking, foreign exchange, and cryptocurrency trading. In many fintech apps—especially in banking and investment, which aim to make finance more accessible to the public—a great user experience is absolutely essential.

UX design for fintech products requires unique characteristics to deliver a secure and enjoyable user experience that leads to rapid adoption and overall success.

Trust and Security
The challenge is to develop a creative and innovative product while building trust and security. Multiple security layers and encrypted data storage are just part of the industry’s requirements, but simply saying “trust us, it’s safe” isn’t enough to assure users or create a secure user experience.

A Simpler Customer Journey
Users often experience high levels of stress when using financial or fintech apps. That’s why it’s crucial to design a smooth and pleasant customer journey that leads to satisfaction and repeat use. This can be achieved by creating simple onboarding flows that even non-tech-savvy users can easily understand and adopt. When the user experience is simple, it helps reduce anxiety, boost confidence, and build trust—all essential factors when developing and launching a new fintech app or platform.

Avoiding Data Overload
Too much data can cause stress, frustration, and a poor user experience. Product designers in fintech must find a balance between providing simple data consumption for all users and allowing advanced users to dive deeper if they choose. Successful balance is achieved through user research, which helps identify the most relevant information and where it should be placed. This way, you can determine which data should be readily available and which should require additional steps to access, staying “under the hood.”

Retention, Retention, Retention
User retention is a key metric for your platform’s success. If retention is low and churn is high, it means the platform isn’t delivering the value users expected. To improve repeat usage, a skilled product designer will include elements that encourage users to keep coming back. This helps ensure ongoing value for the user and consistent engagement.

To effectively attract and retain regular users, it’s important to define user personas. For each persona, define and tailor the value they get from the product through a unique user experience. Customizing the product and its operation to user needs reduces cognitive load and enables relevant experiences for each persona automatically. When users feel the app is tailored for them, they’re more likely to find superior value and become regular users. The most successful fintech apps can adapt to each individual’s needs, ensuring clarity while avoiding information overload.

Fintech companies can improve customer engagement and retention by creating personalized user experiences using data-driven insights and big data.
Additionally, it’s important to balance personalization and optimization of user interactions, including tone, aesthetics, and questions like “how” and “when.” Personalizing offers and support can strengthen the user’s connection to the product, boost retention, and reinforce brand loyalty.

Feedback
To improve product efficiency, customer service and support must be available and effective. Excellent support systems help users feel in control at all times and are crucial for creating a positive experience.

Everything in One Place
Going to a physical bank branch to manage accounts is a thing of the past. Thanks to third-party integrations, personal finance apps can do much more than just transfer money. Various financial services are now available at users’ fingertips, whether you’re a beginner or a financial expert.

Enhancing the Perception of Security
Enhanced security in fintech apps can greatly improve the user experience. When users feel their personal and financial information is secure, they’re more likely to trust the app and use it comfortably. This can lead to increased engagement and prioritization of the app and its services. By implementing features like secure login procedures, sensitive data encryption, and regular security updates, fintech companies can demonstrate their commitment to protecting user data and create a safer experience. This is part of our updates from Triolla San Francisco and UX California; subscribe to our newsletter for bi-weekly updates.