Fintech products succeed because they offer convenient alternatives to existing financial services. That said, not every fintech product will satisfy customers. Sometimes entrepreneurs focus so much on creating an innovative service that they forget to prioritize basic elements of a strong digital experience.
It’s important not to overlook such elements. Those who have launched successful fintech companies agree that product design is crucial to attracting customers, yet there are many elements a fintech entrepreneur must refine to create a successful product.
The following are some of the most important aspects to focus on when developing a fintech service.
Strong UX and UI
The user experience (UX) and user interface (UI) of any app need to be carefully designed if it is going to succeed. This is true for all digital products, not merely fintech apps.
Apps that boast a strong UX are easy and pleasing to use. If a user wants to perform a certain task, quality UX design ensures they’re able to do so efficiently. That said, designing a UX isn’t as easy as it sounds. Most people don’t exactly check an instruction manual when using a new app. They assume they’ll be able to intuitively determine how to access certain features. However, the steps involved in accessing those features should be as minimal as possible. The UX designer must strike a delicate balance between including enough steps to guide a user through the process straightforwardly while also making sure they don’t include so many steps that using the app feels cumbersome.
Effective UI design is as important as UX. An app’s interface should be visually pleasing, which means the designer must ensure that the color scheme is brand-appropriate but not garish, that any buttons or icons are easy to identify, and that the app doesn’t clutter a device’s screen with too much visual content. If the app also features any audio content, it, too, needs to be designed to please a user.
There’s a reason some app developers only release their products for one operating system at first: each operating system is unique. The process of designing an app for iOS differs from the design process for Android.
Thus, it’s important to work with developers who understand the unique features and capabilities each operating system and device have to offer. While it can be tempting to try and save time by releasing an app for all platforms at once, you’re better off in the long run focusing on making sure the product is optimized for each individual platform.
Ease of use
Ultimately, a consumer should be able to understand the usefulness of a particular fintech app after hearing only a very short description of it. An app that offers clear value to a user is more likely to succeed than an app that requires a lot of explanation. Emphasize simplicity when designing your product. For example, Venmo is a successful fintech app because its purpose is easy to describe: users can send and receive money via smartphone. The same easy-to-understand concept should apply to your fintech app.
No matter how strong your app is, it won’t succeed if people don’t know about it. That’s why it can be smart to include features that leverage current users as unofficial marketers.
Again, Venmo is a good example. Perhaps a user sends money to a friend through Venmo to pay for concert tickets. They can leave a note explaining what the money is for, which other users can see, much like an update on a social media platform. This adds a social quality to the app.
These types of features can help apps find an audience. Although it may seem difficult at first, try to identify potential features your product could offer that resemble the social or shareable features of other successful apps. Consider ways you could incorporate these types of features into your product before releasing it. Although you still need a traditional marketing plan, taking this step beforehand can boost your odds of reaching users.
People want to know their information is secure when using an app. This is particularly important when the app offers a financial service. Thus, prioritizing security should be one of your main goals during the design phase. You should also be vigilant about incorporating new safety features in updated versions of the app as they emerge.
Of course, your fintech product must show its value by providing a convenience that users can’t get anywhere else. However, it’s easy to focus so much on this element that you overlook the basics. Remember to keep these points in mind if you plan on launching a fintech startup.