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6 Common Fintech UX Mistakes To Avoid Immediately

6-Common-fintech-UX-mistakes-to-avoid-immediately

6 Common Fintech UX Mistakes To Avoid Immediately

You’re part of a nascent industry that serves to disrupt traditional banking and financial strategies 

But you can’t deny the fact that FinTech is all about exceptional customer experience. 

In a world of cryptocurrency and blockchain, where the internet has already created countless decentralized products and services, your product won’t be able to reign supreme if it doesn’t deliver a superior customer experience 

And if you have an iota of doubt and still questioning “why?” This blog can help you answer that for one last time. Keep reading. 

First of all, there are over 1 million fintech apps in the app store alone. Your customers have more options than ever before. In turn, for your product to succeed, you must be exceptional to stand out from the crowd. 

Though the primary goal of FinTech is to eliminate human error and speed up transactions, it is even important that you create an intuitive, functional, and in general – a unique FinTech experience. An interface combining design thinking, UX and UI. 

You’ll need to provide an exceptional user experience for both your customers and potential client partnerships to succeed. And for this to happen, one thing remains to be true: you need an incredible UX to keep your customer coming back, time and time again.  

But how do you achieve that?  “What are the most common UX issues in fintech design?” you ask.  

Well, in this blog post, we will look at how you can create an exceptional FinTech experience by avoiding these 6 most common UX design mistakes and skyrocket your chances of making a remarkable product.  

Let’s get started. 

 

Common fintech UX mistake #1: Not having a customer in mind 

When you build a product, you must think about who will use it and where they will use it. Before you begin building a prototype, you should focus on gaining a customer for your product. Getting a customer is easier said than done. You’ll need to build an exceptional product and convince them without much time or effort that it’s the best product for their needs.  

For many fintech companies, this is an overwhelming concern as they rush to build products for speculative purposes only to abandon them after getting momentum — usually after impacting the wrong obstacles. 

Always start with your customer in mind. 

Common fintech UX mistake #2. Over Loading the platform with too many options 

When users are confronted with too many options, they may start skipping or jumping from one feature to another in an effort to get some sort of meaningful action. While this can cause a jump in the product’s perceived value, it also complicates the customer experience and may ultimately cause the product to fail.  

Avoid this very common fintech UX mistake by making sure you have a strategic plan in place for customers to understand, navigate and decide on a product quickly.  

Remember, the wrong choices you make could have serious consequences. Even fatal to your business. 

Common fintech UX mistake #3. Not having a simple onboarding experience  

The onboarding experience is the first time a user interacts with your product — what they see, hear, and understand.  

It is crucial to grab their attention because they are likely to be more engaged when first using your product.  Many fintech startups are built without an onboarding experience because they think it can wait. But grabbing their attention right away can lead to more conversions and more funding. 

If you wonder how to get started and digitally onboard your customers in less than 5 minutes, we have a whole blog for you. Please give it a read. 

Common fintech UX mistake #4. Not knowing how to test the user experience  

One of the biggest mistakes Fintech companies make is to build something and then figure out how to test it. This leads users to feel like things are broken when they’re not.  

Testing should involve everyone from product managers down to research and testing assistants.  

It doesn’t matter if you think your users will never use this feature or that it will take years to understand — test everything! And, most importantly — test frequently. Most fintech products are launched once every few months and only a few well-funded companies test for a more extended period to get a more reliable product.  

Fintech testers need to be educated on certain UX testing approaches and skills to avoid making common fintech UX mistakes beforehand. Need help? 

Experiencing diverse quality issues with your software? Check out our software quality engineering work. 

How is Financial Technology evolving

Common fintech UX mistake #5. Failing to give the product personality 

The fintech revolution is changing how businesses interact with their customers. The product is no longer just about the money.  

The best startups understand how to bring a personalized experience to their customers, ultimately increasing brand engagement and retention. Interaction is key; this is why startups put so much effort into user experience (UX) design to build a product personality. 

The critical mistakes made by many startups in this area include: Not building a strong enough emotional connection. Are you sure if your product passes the brand personality element? Donsweat. We can help. 

Common fintech UX mistake #6. Designing for solitude when it should be designed for social interaction 

If you are a consumer finance expert, you clearly know the value of social interaction in the payments industry.  

But still, when it comes to the product’s design, however, many fintech companies often make costly mistakes of not implementing gamification theories to their products. 

Recent research shows a strong relationship between gamification and intent to use online banking services in Fintech. A properly designed gamification can help make bank activities more exciting, exciting, and enjoyable. We can’t emphasize this more.  

Gamify your Fintech experience by allowing customers to share their financial updates on social media platforms. Let your customers turn into brand advocates! 

Final Thoughts 

Fintech has serious work to do to improve the way your customers interact with financial services. Or become one for them.  

It starts with ensuring that you are providing them with the best possible experience when using technology.  Fix these UX mistakes today and get more customer acceptance, increased engagement, and higher satisfaction.  

We at Zuci Systems help bring digital banking experiences to life by humanizing design and development. Check out our UX work now. Request a UX audit and get your private case study report full of actionable insights at no cost. 

Janaha

Janaha Vivek

I write about fintech, data, and everything around it | Assistant Marketing Manager @ Zuci Systems.