FinTech insights: enhancing the impact with design and development
Over the last few years, Fintech has been quite an adventure. Certain companies experienced financial success, while others faced losses. However, how can the financial technology sector enhance its performance with the help of design and development? Is there a key strategy?
No one-size-fits-all answer here. However, you can always find breakthroughs. We’re Goodface, the agency that’s crafted a lot of development and design projects for Fintech. Based on our experience we wanna share some discoveries.
Today, financial institutions pour significant time and resources into improving digital customer experiences. This investment is essential for maintaining a competitive edge in the modern digital landscape. But sometimes the result is a little bit different from the desired. So what you should do, to prevent less-than-ideal outcomes in digital customer experience design within the realm of financial services?
1. Consider your brand identity, customer expectations, and the latest technology. The key is conducting user research and crafting an optimal financial UX.
2. Brake “the curse of knowledge”. It’s crucial to bridge the gap between expert knowledge and user understanding. Ensuring user-friendliness of the services is essential for delivering an outstanding digital customer experience.
3. Ensure safety and clear communications. For Fintech it’s important to transparently provide check-ins and reports, so customers would be calm about their sensitive data.
4. Recognize human factors. Data-driven design is a powerful move, especially in the banking, finance, and insurance scenes. Because data can offer insights, not the whole shebang. Sadly, it can’t capture the full picture of user behavior and shifting emotional landscapes. There is a famous Henry Ford quote that fits here: “If I had asked people what they wanted, they would have said faster horses”.
5. Find the harmony between innovations and user-friendliness. In the race for an edge, lots of companies go after fancy tech to hook users. Yet, their current digital solutions may have usability issues. Adding complex innovations can be a headache when users already face friction with existing products.
Yeah, we know, when you’re trying to impress users with innovation, it’s hard not to go all out. But you know, no need to start from square one every time. Often it is enough to use familiar patterns that users can easily recognize.
6. Get bigger smoothly. Fintech has to grow without causing chaos. It’s got to handle a ton of users without any glitches or, worse, losing people’s money. Always remember that the safety of users is imperative.
Building your approach is the second crucial thing to remain fresh and competitive in Fintech. It should include some basis which is your strong points.
Being a Ukrainian design and development agency and having quite a long experience working with Fintech companies, we at Goodface wanna share our view. We’ve worked out our conception of how to navigate this scene and what key things to keep an eye on.
Here’s some advice, straight from our approach:
Expertise and following trends
Diving into research helps to understand audience desires. Knowing the market, and business goals is another important point for boosting the business and giving the needed solutions.
Experience and deep knowledge
It’s the thing that comes with time, of course. Each project brings discoveries. The more works you have, the more insights from the industry your team will receive.
It means seeing the backstage and inner workings, communicating with masters of business, and knowing nearly all the pitfalls.
Adaptability to clients’ goals
Notice that each project has unique characteristics and needs, so it’s necessary to provide tailored solutions and services.
Let’s sum it up
Today’s Fintech industry looks very filled with possibilities, but it’s got its challenges, too. Still, there’s tons of room for design and development to show their innovative brains. By focusing on openness and flexibility, user experience, aiming for steady growth, and soaking up the experience and knowledge, you can still be a trailblazer in this fast-changing scene.