Fintech App Design Guide: How to Create an Efficient UI/UX Application in 2021

Reading time 15 min | Aug 2, 2021
Bystrytska Kateryna
Copywriter
Almost all the companies in the financial sector have changed their approach to banking processes since 2008, after the crisis. The last few years have become challenging for the fintech industry. The Techcrunch data illustrates that in 2019 90% of users paid online, 36% of them made the payment through a fintech app. Global pandemics increase the demand for advanced software for financial operations. Today It's not easy to find a financial institution that does not invest in fintech app development.
This article will introduce the basic fintech application types and standard modules in those apps. Also, we will guide you through the most efficient way to create UI/UX fintech app design in 2021. Finally, we will delineate the basic principles of good fintech app design and share our UI/UX design implementation expertise for different cases.

FinTech App Types You Need to Know Before Choosing UI/UX Design Concept

First of all, we need to define what fintech apps are and how they differ. "Financial technologies" is a broad term that includes all the technical innovations in the financial sector. It can be an app for bank operation, an online payment system, an app for managing trades, or software for operating digital money. Each type of app has its goals, functions, and purposes incorporated into app design. It's essential to understand the nature and the type of the app before working with the design concept.
There are central and the most commonly used fintech apps types:

1. Insurance apps. Insurance companies can use this app to administer policies and increase clients' finance and data safety. They also need to have such features as payment processing, filing a claim, quotes, and policy details.

2. Investment apps. This is the app type that can be used to work with the stock markets. It also increases clients' efficiency in investment and can have some educational features for those who want to learn how to trade and invest.

3. Lending apps. This app makes the communication between a client and lender more efficient, as it automates the basic loan requests. The app features can be focused on the loan application form, billing, payment, credit score.

4. Banking apps. This is the most commonly used app to help bank clients manage their transactions and have 24/7 access to their bank accounts. Almost all banks nowadays have a banking app, and the quality of the software and design can make them more competitive in the market.

5. Consumer finance apps. Those apps help consumers to manage and plan their finances, save money or forecast the account balance. It usually does not have any payment features.

6. Regtech apps. These apps help financial companies to work legally and fit the law set by regulatory bodies. These apps are used to monitor risks, regulatory changes, and transactions.

7. Crowdfunding apps. These apps allow internet users to receive or send money to support content creators or non-profit organizations. It also can be used to get financial support for business ideas, help to find investors, and get funding for your idea realization from a pool of different sources.

FinTech App Design Trends and Key Features

Before speaking about app design, we also need to delineate the main fintech app development trends that influence a future product design. In some ways, these trends are similar for all progressive software solutions, but at the same time, there are some specific features in fintech app design.
Two screens design of mobile banking application
Our latest design for the one fintech application we're working on
The latest fintech app trends are:

  • Blockchain
  • Cybersecurity
  • AI
  • Microservices
  • Big data

Blockchain

Blockchain is a series of time-stamped blocks of unchangeable data. This is a decentralized data approach that ensures data security. Also, this technology helps to build transparent and trustful relationships with users. This technology already drives the fintech landscape.

Cybersecurity

For almost 70% of fintech users, security and data protection are the app's essential features. That is why tech companies pay much attention to protect the data and ensure users' in-app safety. This approach also must be incorporated into app design.

AI and Machine Learning

AI and machine learning are powerful tools that allow companies to analyze huge blocks of data and make better financial decisions. This technology also helps to reduce costs and protect the app from fraudulent activities.

Microservices

Many fintech apps are built as a set of modular blocks with decentralized management. This technology made an online payment, money lending, and other services easier to use for app clients and more straightforward to manage by developers.

Big Data

This technology helps the companies to transform all row user's data to the dashboard and analyze it. It allows companies to make sound strategic business decisions.

Core Principles of Fintech App UI/UX

To understand a fintech app design approach in 2021, we need to start with the basic principles of app UI/UX.

1. Start with the customer journey. The goal for app design is to create an app that will motivate customers to use it. To achieve the goal, It's essential to understand the target audience, stakeholders, and behavior. The app needs to be able to solve user's problems and provide additional options. Call-to-action can help users to take desired actions. Also, they can have additional request information.

2. Avoid information overloading. The most common mistake in the finance industry is to overload users with unnecessary data. In the design process, you need to understand people who will use the app and analyze what data they need daily. If the users spend too much time trying to understand the numbers, they probably will not use the app in the future. The goal is to give valuable information in the app screen and simple interface. This approach prioritizes data visualization, as much information can be illustrated by animation.
Financial dashboard design with data and graphics


Fintech apps use to operate with numbers, and the challenge is to make these numbers visual, simple, and understandable.
3. Make data simple. Fintech apps assume that the user will have a lot of different types of data. The design goal is to make a simple, understandable interface from these complex numbers. The data must be translated into meaningful and actionable information. The user needs to understand it from the first view of the screen. The UX of the app should be built to improve healthy financial habits. To cultivate these habits, the app can reward users for reaching financial goals or completing other plans. This approach will enhance the data simplicity for fintech customers.

4. Navigate the user. UX app will guide the user through all the app features by colors, fonts, or shapes. It will ensure that app clients can take the best from all technical instruments presented in the application.

5. Consider user security. As we already mentioned, security is one of the most critical trends in the industry. Apps are used to ask for much information from users, and it also needs to protect this data. It can be realized in two-step authentication or notification.

FinTech Application Design Best Practices: What to Consider

In the next paragraph, we will focus on the best UI/UX design cases and define the common principles that can help to build an efficient fintech app design strategy.

Choose the right color

In fintech design, the coloristic of the background, logos, icons, and fonts have a significant role, and it can be complicated to experiment with it. First of all, because the fintech sector uses green and red as a universal meaning instrument for incomes and loss, buy or sale. That is why many fintech companies design their apps with blue that contrast the primary colors of financial operations.
Mobile application design
Our design for one banking project is a good reference for this topic
The same importance is in choosing a background. The first user's view of the app will determine how the app will be used in the future. White background and intense colors can positively stimulate users for action. Icons and logos also must fit the general color concept and ensure easy navigation. In some cases, users can choose how they will see the app, what color or model they will use for different fintech operations. The same as Twitter or Messenger, users can switch to night mode.
While choosing the suitable color scheme for the fintech app, It's essential to pay attention to the following features:

  • Use color gradients in the UI to make the app more realistic.
  • Use sharp colors for element hierarchy and block organization.
  • Vibrant colors will motivate users to use the app.

Test your font

This is the typical design rule, but in the case of fintech, it can be more complicated to find a legible and clear font. A reliable font is necessary for completing transactions. That is why plan your time to test different fonts and their influence on customers' financial behavior.

In a UX app, It's essential to check the symbols in fonts. Also, there can be different numbers and symbols in the way of writing in other languages. The most commonly used fonts for fintech are Roboto Condensed, Lato, and Titillium Web.
App design of crypto wallet with numbers and statistic
Our vision of design for crypto wallet application

Think about the user's personality, usability, and user experience

As we already mentioned, the first step in working with app design is based on understanding the user. You need to imagine a person that will use the app for achieving goals or managing personal finance. Try to answer the questions, how this user will feel opening the app, what emotions it will bring to him. We used to think about the fintech sector as something conservative and sticky.

At the same time, it doesn't mean that you should not include gamification or fun into the UI app. If your user is young and used to interacting with games, you can use this experience in creating the fintech app also. As you see, understanding the user's personality and behavior is vital.

From another perspective, design is a language to speak with customers. The Design-thinking approach is popular in creating fintech apps and can be applied in all the stages of app development and operation. It also expects that the app design must be simple and easy to understand but compile many functions on one screen simultaneously.

One of the efficient examples of using design thinking and user experience for fintech apps is Barclays. They created a special department that was focused on user experience and behavior in natural circumstances. After learning the user's needs, they made a new product that allowed users to send money from one user to another by phone number. Their focus was to find what their customers are looking for during financial operations and help them to solve those issues.

Match the local and international law requirements
The Fintech industry is one of the most regulated economic sectors. It would help if you remembered about it while working with design. It can be complicated to add some features, as they can become a legal issue for the business. At the same time, there can be different requirements for different countries, and you need to adapt design based on these regulations.

There also can be some specific rules in each country you build the app. For example, fintech institutions need to have face-to-face interaction with customers for identification according to anti-money laundering laws. If your app works with European clients, it needs to fit General Data Protection Regulation (GDPR).
Voice-activated interface

It has become popular to integrate voice helpers into fintech apps. It's a growing trend used by UX designers that can improve mobile app functionality. For example, voice-activated interfaces can provide consultation or even make some payments.
Developers argue that shortly, those voice-helpers will understand clients' tone of voice and change their communication style based on this data. Voice-activated interfaces must be displayed in the UX app and motivate users to activate the helper.

Biometric identification

Biometric identification for apps is the future of the fintech business. This feature allows users to provide their fingertips to access the app. It also ensures the highest level of data security. Passwords are not enough to protect financial data in mobile phones. As this feature is already used in some apps, you need to include it in your app design.

Build scalable design

The Fintech industry changed quite often. The reason can be changing the law requirements, users' needs, economic issues, or technology improvement. It allows you to make a scalable design and think about a style guide to update the app quickly.

Mobile-first

For many UX designers, it's obvious to start working with a project by developing a mobile version. At the same time, many fintech institutions are still focused on web versions of applications and pay less attention to mobile apps. The future of the fintech industry is in mobile banking. In 2014 in Great Britain, Sterling Bank started to use only mobile apps for users' fintech operations. The number of such institutions will grow. At the same time, many fintech startups focus only on mobile apps and do not have a web version of the application.

Conclusion

The Fintech market is growing fast and has many challenges that influence the UX design and development processes. At the same time, there are core principles for efficient UI/UX design, such as simplicity, understandable navigation, and the ability to motivate users for action. Moreover, new technology trends, such as blockchain, AI and Machine learning, big data, influence app design. It's essential to understand the latest trends and basic fintech application requirements to create a UX app.

For app design, it's essential to find a common language. Furthermore, the most crucial approach for UX apps is to personalize the communication between financial institutions and users. The Boston Consulting Group researched that fintech app personalization became the top trend in 2018. Nowadays, this trend has become even stronger.

Starbase's experience proves that for efficient communication, you need to put the customer first. App design improves this communication and increases the level of trust between the fintech industry and app users. Our company has broad expertise in creating UI/UX app design for the fintech industry.

If you have a question on UI/UX fintech app design, you can contact us for a free estimation of your mobile application design or discuss your app ideas.
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