In the app store alone, there are over 1 million fintech apps. Your customers have more options than they’ve ever had before. So, how do you succeed in such a competitive environment?
Because the fundamental purpose of Fintech is to reduce human error and speed up transactions, creating an intuitive, functional, and overall unique Fintech experience is even more important. An interface that combines design thinking, user experience, and user interface.
For both your consumers and potential client partnerships to succeed, you’ll need to create a remarkable user experience.
But the crucial question is: how do you do it?
“What is the most prevalent user experience UX/UI mistakes in fintech design?”
In this blog post, we’ll look at how to develop an excellent financial experience by avoiding these 5 common UX design mistakes and increasing your chances of building a great product.
Without further ado, Let’s get started now.
5 Common UX Design Mistakes
Not having a customer in mind
Focus on two things while developing a product: who will use it and where they will use it. Prior to beginning to develop a prototype, you must first focus on finding a customer for your product. It’s easier said than done to get a customer. You must create an excellent product and persuade them that it is the finest product for their needs in a short period of time.
This is a major worry for many fintech companies, as they hurry to construct products for speculative objectives only to leave them once they gather momentum after hitting the wrong roadblocks.
That’s why always keep customers in mind.
Overloading the platform with too many options
When consumers have too many alternatives, they may begin switching or moving from one feature to the next in an attempt to take some form of action. While this may increase the perceived value of the product, it also complicates the customer experience and may lead the product to fail.
You can prevent this typical fintech UX mistake by putting in place a strategic plan that allows customers to swiftly understand, navigate, and choose a product.
Keep in mind that every mistake you make could have catastrophic consequences. It could even be harmful to your company.
Not having a seamless onboarding experience
The first time a user interacts with your product—what they see, hear, and experience—is referred to as the onboarding experience.
It’s critical to get their attention because they’ll want to be more engaged when they first see your offering. Because they believe it can wait, many fintech start-ups are established without an onboarding experience. on the other hand, getting their attention immediately can lead to greater conversions and funding.
Not knowing how to test the user experience
One of the most common mistakes made by fintech start-ups is developing something before figuring out how to test it. This leads us to believe that things are broken when, in fact, they are not.
As a result, everyone from product managers to research and testing assistants should take part in testing.
It doesn’t matter if you think your user will never use this feature or that learning it will take years—test everything and test frequently. Only a few well-funded start-ups test for a longer duration to acquire a more trustworthy product, while the majority of fintech products are launched once every few months.
To prevent making typical fintech UX mistakes, fintech testers must be educated on key UX testing methodologies and skills.
Not keeping social interaction, the center of attention
If you work in consumer finance, you know how important social interaction is in the payment industry.
However, when it comes to product design, many fintech companies make costly mistakes by failing to include gamification theories in their products.
According to recent research, there is a strong link between gamification and the desire to utilize online banking services in Fintech. Gamification can help make bank activities more engaging, fascinating, and pleasurable. We can’t keep our attention on this, much longer.
Allow clients to post their financial updates on social media channels to make your Fintech experience more engaging. Allows your customers to become brand advocates for you.
Conclusion
Fintech applications have a long way to go in terms of improving how customers interact with financial services. Alternatively, you could become one for them.
It all starts with making sure they have the best possible experience when utilizing technology. Correct these UX mistakes today to boost consumer acceptance, engagement, and satisfaction.
Our professional app developers at Stellar Digital can help you construct the right Fintech application that will appeal to your target market and give vital information to consumers.
If you’re considering establishing a fintech app for your company, check out our mobile app development services. Visit stellardigital.in for more information and to contact us.
