With customer needs and habits evolving so quickly, it’s often hard to pinpoint them. At the same time, fintech itself is in a constant state of flux and competition is fierce. These two factors make UX (User eXperience) a key issue in this sector.
Broadly speaking, the financial industry has had to adapt in recent years, with companies needing to reinvent themselves to keep up with digital transformation. Today we’re dealing with multi-channel, multi-tasking and multi-service (or product) customers looking not only to have their specific needs met but also for a digital experience. For fintech companies this represents a significant challenge: how to merge digital utility and user experience.
Omni-digital is the new black
To serve this omni-digital customer, it is vital to understand certain “rules” of conversion, loyalty and how to retain customers who are as agile as they are fickle! Why would your target customer opt for your solution over another? How can you make yourself stand out? And most importantly, how can you be persuasive in a sector where transparency and security aren’t always in step?
Create experiences with high added value through design
For example, the "Payment Inbox" feature allows you to post payments: centralise all information, set up a validation process for new payments, and automate monthly or weekly payment file exportation. So many tasks are simplified by the smooth interface and by breaking tasks down into several steps.
Save time. Today, the less time a user spends completing a task, the more inclined they’ll be to adopt the service on offer. Fintech’s biggest challenge is to transform a complicated environment into straightforward services. That could mean, for example, by automating recurring tasks, providing a quick overview of complex data or by producing paperless expense reports, etc.
Let’s take a very common example - everyone knows how tedious logging in can be. To get around this step, Spendesk has developed a feature that means you’ll never again need to log in to attach an invoice: you can just email it and it’ll be attached to your payment automatically!
Get rid of sticking points. There may be small sticking points like logging in using an email address rather than a customer number but sometimes there are bigger issues. Imagine you only have one payment card for the entire company and you go to make an online purchase only to find that the card is already maxed out.
Spendesk provides a virtual, single use Mastercard to allow employees make one-off purchases. Just like a regular Mastercard, it allows you to pay for any expense as you would an online purchase - business expenses, hotel reservations, or supplier invoices.
Customer experience must be designed (and optimised) down to the finest detail. Everything must be checked and justified in line with customer expectations. The interface is no longer just a pretty package!
Use UX to provide transparency and authenticity
The fintech sector is very complex and it’s unlikely the average user will be familiar with financial jargon. It’s vital that fintech solutions be up to the challenge of transmitting financial data through useful and visual information. Financial information is displayed in a simplified visual report that strengthens the platform’s UX by making data more accessible.
The purpose of UX is to reduce apprehension and get rid of interface sticking points to encourage the user to feel safe. But you must be careful to avoid having too many confirmation messages, pop-up validation, or creating obstacles through excessive reassurance measures. These are all factors that can hamper navigation and put customers on their guard. You need to find the right balance between interface simplicity and security.
Fintech companies are built around consumers and their needs. By looking carefully at the interfaces of the market’s most popular solutions, you can discern the best practices in UX that make certain companies successful:
- an interface in line with new user habits
- an interface that puts simplicity and accessibility first
- an interface that minimises sticking points for ongoing use
Spendesk solves a problem that companies face on a regular basis: the need to carry out and process payments. To do so, the startup came up with a solution that gives companies back control over their spending while also affording employees greater autonomy.