Over the past two decades, the financial services industry has undergone a slow and painful transformation. The next generation of fintech brands has ignited traditional banking’s passion for thinking beyond digitization, but also the visual identity of websites and apps, user interface experience, and overall branding.
This digital push is fueled by a recent epidemic of smartphone-addicted millennials not being as polite as they used to be when interacting with their banks digitally. According to a recent survey, 57% of consumers now prefer online banking, and 55% prefer mobile banking apps. While banks are trying to increase their digital assets, fintech companies are moving years ahead, focusing not only on their brands and products but also on the usability of UX and UI in general because they understand well how important it is to provide a positive experience to customers, which strengthen their loyalty.
This is possible with the help of fintech product design. Knowing this, fintech brands invest heavily in their end users. Let’s look at the difference between the pretty and not-so-pretty sides of the branding and UX world.
Terrible traditional banking user experience
The menu is crowded, and it is challenging to find the necessary information. The icons could be more consistent and intuitive. The user interface could be better designed. The colors need to be selected correctly. The financial industry is changing. New financial industry products are revolutionizing the world of mobile apps, branding, and UX that meet end-user needs for more straightforward and more accessible digital tools and experiences.
Fintech brands are raising the bar for responsive mobile app design, branding, user interaction, and interface to best meet their customers’ needs and make the industry grow. How does this happen? With the help of the following things.
Convenient experience
The world of finance can be complex, confusing, and overwhelming, but fintech brands inherently solve these challenges by simplifying various financial processes and gathering information for their customers. Although the application is simple and impressive, the interface should be more intuitive, making the customer’s journey into the world of finance more accessible and more fascinating.
The homepage section should have everything in one place and have a straightforward design that is easy to navigate. Fintech brands have a clear strategy of providing only necessary information and keeping all complex data behind the scenes.
Make the user experience simple and transparent.
Customers want a quick and clear understanding of their finances. Fintech brands have turned these challenges into adequate opportunities by visually simplifying “complex” data. Financial information is presented more straightforwardly and interestingly without confusing customers.
Today’s consumers appreciate all the innovations that made fintech famous: easy online access to financial services, fast credit approval, and free individual payments. Fintech is yet to become the primary trend in the financial industry, but respective companies have achieved great success; the very phenomenon of the fintech industry has become an essential link in the provision of financial services.
Fintech is also rapidly transforming the insurance and investment industries. The potential benefits of fintech are clear. Speed and convenience. Fintech services are often provided online, making services more accessible and faster for users. Huge choice. Consumers benefit from a more comprehensive selection of products and services because they can shop anywhere—better and more profitable terms of use.
Fintech companies usually do not need to invest in physical infrastructures, such as branch networks, which allows them to offer consumers a better service experience than traditional companies. More personalized products. This technology will allow fintech companies to collect and store more information about their customers to offer consumers more customized products and services.
Don’t be a square brand.
Traditional banks have strict branding principles based on dull colors and real names. Fintech brands, on the other hand, are pushing the creative boundaries significantly when it comes to coming up with catchy names and thinking about their brands. The colors are bright, the titles are fun, and the overall tone is familiar and inclusive. A great way to find a creative name is through a product name generator.
Trust is the foundation for fintech brands.
Fintech brands are newbies, 100% online, with no physical locations where customers can interact and build trust. This is very important when it comes to money. They rely on social proof to build brand loyalty and communicate their values, decisions, and social responsibility. This social influence is significant and should be visible everywhere: on your website, on social media, on company blogs, and in all your fintech brand messages. Feedback, questions, answers, and reviews are another way to build trust with fintech brands.
Fintech brand communication tone
Developers and designers create software products precisely so that the brand looks cool among users; this has changed how we communicate with customers. While traditional brands stick to a formal, cold, and impersonal tone, fintech makes the style friendly and fun. The language is more “human” and cordial; it creates a positive emotional connection with the client.
Today, having financial products online is no longer enough to survive. Keeping the brand and user experience at the forefront separates the traditional financial monster from the user-obsessed beauty of fintech products. When you’re launching a new fintech brand or planning to rebrand, moving your brand forward with a clear set of actions is essential.
Directions of the fintech industry
Over the years, the development of the fintech industry has identified more than ten categories in which fintech companies are active. Future expenses in the form of detailed reports. It is a financial technology tool that solves the problems of 2 billion people by giving them access to essential financial services. Mobile internet, smartphones, and progressive approaches to financial transactions make financial payments accessible even without banks.
Lending is one of the most popular areas due to the possibility of lending to people without the intervention of a bank. The startups operate on distributed ledgers, helping lenders and borrowers from the consumer and business sectors work together profitably.
Bank transfers – initiatives in this direction will allow users to send money without the intervention of a bank. They use mobile platforms and simple authentication at work—prominent representatives: Revolut, TransferWise, and Klarna (online payments).
Investment platforms – These include Robo-advisors, digital brokers, micro-investing platforms, and personal money management programs. They are working on market automation and accessibility for retail investors. Investors especially value it for predictive analysis and robotics. Security. Companies operating in the fintech space offer more straightforward and more reliable data processing for banks themselves, from customer authentication to fraud protection. B2B fintech is a direction designed to solve the problem of mutual payment and data exchange in business.
One area of growing interest is intelligent contracts based on blockchain technology—big data analytics. About 100 fintech startups are working on big data for the financial sector. Advertising and public relations have long used personal data in their operations, but the financial industry needs a systematic approach. Your business can automatically adapt to changing legal and market conditions—InsureTech – automated insurance products: mobile applications, payment automation, and IoT interaction.
Artificial intelligence – this aspect is not yet fully developed, but all financial companies are looking to reduce staffing costs at their own expense.
Crowdfunding – This aspect creates a crowdfunding platform that allows product creators and investors to come together for greater collaboration. Neobanks are a solution in the field of banking services. They are often created as mobile applications that replace traditional banking services. The fintech industry is targeting customers who do not need a physical branch.
Disadvantages of neobanks: low customer trust, lack of clear regulations. Cryptocurrency is a digital currency mined by miners using robust computer systems that operate fully and automatically without a centralized payment system. Many startups, exchanges, and investment platforms are based on cryptocurrencies and have millions of capital, but financiers do not see a clear future for this industry. Each member of this chain is their server that confirms the correctness of the actions of other users. This technology is distinguished by its reliability.
