Fintech is one of the most funded technology trends in recent times, and the investment will only increase with time. The main purpose of the fintech industry is to introduce more advanced digital financial solutions to help banks, companies, businesses, and consumers manage their financial processes, operations, and activities efficiently. Fintech has brought massive changes in many companies’ business models worldwide. The industry focuses more on profits instead of growth. To ensure a continuous increase in profit and revenue, fintech companies have to ensure customer retention through impactful UX design.
In this post, the experts at our fintech software development company will discuss UX trends that’ll shape the fintech industry in the near future:
- Artificial Intelligence
AI is revolutionizing many industries, including fintech. It’s one of the most critical elements of fintech and can open doors to various exciting opportunities. Fintech companies mostly use AI for collecting and managing customer and transaction data. It also helps them analyze users’ spending habits and plays a crucial role in securing and facilitating transactions. AI provides customers with a personalized experience and custom products and solutions through data-driven methods.
- Biometric Technologies
Biometric technology is one of the safest and most cost-effective verification technologies. It not only makes transactions more secure, but it also makes your financial service more trustworthy and reliable. Moreover, companies can combine AI with biometric technologies to recognize behavior patterns to enhance the security and automation of their system.
- All-in-One Marketplaces
People rarely visit bank branches these days to handle their personal or business-related financial matters. Now, financial services are easily accessible through your smartphone and PC. Moreover, finance apps do a lot more than just transactions these days. Banks also integrate third-party features into their app to provide customers with more functionality. For example, the banking app I use allows me to book airline tickets directly. Now, users can easily access various financial services through their devices.
- Blockchain
For starters, blockchain is a decentralized distributed ledger that forms the basis of a decentralized virtual network where transactions can happen without the interference of a central authority. Many fintech apps will work on blockchain as it records digital transactions so that banks, governments, organizations, or any central authority can’t control it. Blockchain has the ability to revolutionize traditional financial processes and make them more secure, transparent, and seamless.
- Personalization
Personalization is a very important aspect of UX design these days. Customers prefer using applications and software that provide plenty of customization options. This is an area fintech companies have to work on in the future to improve customer retention. You can allow users to choose between different themes, styles, and widgets. You can also use AI to analyze user behavior and tailor UX accordingly. Make them feel that your app was designed just for them and it has all the features they ever needed. Adapt to every user’s journey and behavior without overwhelming them with information or unnecessary features.
- Data Visualization
Fintech apps providing analytics are not only visually pleasing, but it also improves the functionality of your app or software. Fintech companies deal with a lot of data. Moreover, not everyone can understand data in its raw form. Therefore, data visualization not only helps users understand their financial activities through detailed insights, but it also helps business executives make crucial decisions by explaining the purpose of the data and making it understandable. Users will better understand their financial activity through visually appealing graphs and insights.
- Gamification
Adding game elements to your fintech app can make it more interesting. It is indeed a very unorthodox way to improve customer experience. However, it can help users remain engaged in the app for a long period. The gamification market is expanding rapidly. Hence, you can also create a reward-based gaming system that is fun to use. Financial management can be quite stressful. But gamifying your app or software can make your financial services less boring and monotonous.
- Augmented and Virtual Reality (AR & VR)
AR and VR are going to be essential parts of Web 3.0. Normally, people associate these technologies with the gaming and entertainment industry. However, AR and VR can potentially disrupt the fintech industry. Customers are becoming more tech-savvy, and with the rising interest in the Metaverse, the demand for virtual financial services involving VR and AR elements will also increase. AR and VR connect the real world to the digital world. This will allow users to get closer to the product and grab information visually. Also, AR and VR can take data visualization to a new level. Users will be able to observe three-dimensional and interactive insights.
- Voice Recognition
Users often look for features that make their banking experience more convenient. This is why voice commands or the availability of a digital assistant similar to Google Assistant, Alexa, or Siri, can make your financial services stand out from the competition. Voice user interface can allow users to make transactions and contactless payments in retail stores. It also makes banking easier for visually impaired individuals. Also, with the help of a voice assistant, you’ll be able to fill in long forms by using voice commands instead of typing.
- User-Friendly Interface
Most importantly, to ensure the best possible user experience, your app or software’s UI should be easy to navigate and use. If you load your navigation sections with unnecessary links, it’ll ruin the overall UX. Make sure the navigation buttons are easily accessible and large enough. Also, to ensure the best browsing experience, you can add footer links at the bottom of the page.
To adapt to the latest and future fintech trends and stay ahead of the game, companies should invest in advanced fintech digital products. However, hiring an in-house team to develop fintech apps and software to support your financial services can be quite costly. Therefore, we recommend opting for the services of the most reliable and rapidly-growing fintech software development company. You can get your apps and software developed by a highly experienced team of fintech experts and developers. They’ll digitally transform your financial services and make sure you keep winning.
