The increasing significance of design in the FinTech industry
In today's world of digital products, the fintech industry continues to grow. The global fintech market is expected to reach $460 billion by 2025. This creates competition, reinforcing the importance of outstanding financial app design that sets your app apart.
Great financial software design is no longer a luxury, but the key to success in the industry. The finance products industry is highly competitive.
FinTech application design and development is one of the critical factors in creating a positive user experience and ensuring the success of your application. A great FinTech app design or website design can help users manage their finances more effectively, build trust in your brand, and make your app stand out.
According to Statista research, the number of smartphone users will reach 4.742,04 million by 2024. Therefore, when creating designs for digital products in the Fintech sector, designers need to consider the needs of mobile devices.
FinTech app development needs to be responsive and work well on different screen sizes and devices, as this is essential to ensure that users have a seamless customer experience, regardless of the device they are using.
53% of users now leave a website if it takes longer than three seconds to load, confirming the importance of designing an app that loads quickly and is responsive.
The Fintech sector has developed dramatically in recent decades. The emergence of new interface technologies means that the fintech user experience and user interface have become critical components of user engagement. Many fintech companies believe that providing a pleasant User Interface or User Experience (UI/UX) design for their potential clients, whether on desktop or mobile apps, is critical to their future success.
Consumers won't become customers if they find your Fintech app or website frustrating or unappealing.
So, with the development of the Fintech startups, competition is increasing and companies face more demands. This is where design agencies help, making the Fintech products look unique.
Is fintech design important? Absolutely!
Importance of selecting the right design agency for success in the competitive landscape
By choosing the right design agencies, you will have significant product and company success. Here are a few factors that will prove the importance of choosing the right design company:
Competence and experience
A successful design company uses many years of experience and knowledge. They know industry trends, consumer preferences, and fintech design principles. This ensures that your product stands out in the market.
Brand identity and consistency
The right design agency will help create a strong brand identity and maintain consistency across all marketing materials and product design. And a consistent brand image will create user trust and customer loyalty.
A user-centered approach
Experienced design agencies prioritize user experience (UX) in product design. They understand the needs and behavior of customers and create intuitive and convenient Fintech products that help increase the level of customer satisfaction.
Competitive advantage
A fintech design agency that focuses on innovation can help differentiate your fintech product from the competition and capture more market share.
Economic efficiency
While hiring a design agency may seem like an extra expense at first, it can be cost-effective in the long run. A well-designed product attracts more customers, increasing sales and revenue.
Saving time
It takes a lot of time for the design and development of a product, especially if your Fintech company team lacks design experience. A professional design agency will speed up this process.
Access to creative talent
Design agencies have a team of diverse and talented designers with unique skills and perspectives. Therefore, you will get many fresh and innovative ideas for your Fintech product.
Scalability and flexibility
The right fintech design company can adapt to the new technologies and needs of the Fintech industry and scale its financial services. It doesn't matter if you need one-time help or ongoing support.
Risk reduction
Design agencies adhere to industry best practices and conduct thorough business analyses before starting a project. Their professional approach minimizes product risks and costly mistakes.
Focus on core competencies
Outsourcing project tasks to a specialized agency allows your company to focus on its core competencies. This frees up the in-house team to focus on other important aspects of the business.
Long-term partnership
Choosing even a small team of designers can lead to a long-term partnership. As they become more familiar with your brand and products, their experience becomes even more valuable for the future success of your company.
A global perspective
Design agencies often work with clients from different industries and regions, giving them a global perspective. This wide exposure allows them to incorporate international design trends into your product.
FinTech design and its unique challenges
Сustomer boredom
One of the most common problems many financial programs face is boredom. You need to add more excitement, interactivity, and enthusiasm to your fintech mobile or web apps - positive reinforcement and simple, fluid design for motivation and confidence to make them less boring. As you know, fintech is a serious industry, but that doesn't mean fintech app design has to be boring. In particular, gamification can make the app less boring, because fintech revolves around money, which everyone takes seriously. Gamification elements are one of the easiest ways to improve user interaction with an application or website. Ck will help make managing finances less stressful and promote smart financial behavior. However, it's important not to overwhelm the user, so be careful with this approach with a tried and true plan.
Overload customers with information
Information in our everyday life is everywhere. On the one hand, it gives us many options. However, on the other hand, navigating such a sea of information can be exhausting and stressful. As a result, clear and transparent providing financial services are in high demand. If your financial app requires too many steps, users will abandon it in favor of a simpler solution. No one likes to spend time learning and understanding complex facts. The dashboard is the most common screen, so it is imperative that the user can quickly view the most important information on it. Suppose users need quick access to important information. For example, about their money in the account, transaction history, scheduled payments, amount owed, and savings. The dashboard also requires permission to access time-sensitive information (the user must act on it, such as overdue invoices).
Overload with a large number of features and functions
For example, displaying a large amount of information in most cases creates anxiety among users, or by cramming too many features into your financial apps, you will overload the cognitive abilities of your target audience.
Avoid overly complex layouts, complicated navigation, and confusing CTAs. Clients need to see what they can get from downloading the app and how it can help them do it.
Focus on the layout of the page and minimize the information displayed so that users are not overwhelmed. Maintain easy access to key functions, and display complex financial data using charts and graphs.
Design Thinking in Fintech
Design thinking is a new process that takes what people need to succeed and works backward. At its core, design thinking is users-centered design - creating finance products that are useful and usable by understanding how people live their lives.
This method will help you find the best possible fintech solutions and then implement them. It's a strategy used to "design" anything from an idea or product to services.
Design is used successfully in many industries and is useful for fintech companies and fintech startups due to the fast pace of innovation and the need for solutions. A true understanding of the user's perspective is imperative to developing successful Fintech products.
Design thinking in Fintech consists of five steps:
Empathize with your audience
Design thinking begins with empathy – building understanding through observing or discussing with clients or end users their goals, and motivations for the products or services they are seeking. This step also includes identifying unmet needs and gaps in services or products.
Identify the problem
Here you explain exactly what's your solutions and how you want the result to be based on the understanding of the client in the empathy stage. What are the possibilities? What are the problems? Who do you want to contact? How might they behave differently than your current clients?
Ideal solutions
In the third stage, ideas are generated through brainstorming or other methods such as expert surveys or UX research into existing Fintech solutions. Generate as many solutions as you can without censoring your thoughts or being overly critical of each idea because it's impossible to know which idea will work best.
Prototype of potential solutions
After ideas, they create a prototype that can be tested on real people who have a problem or want to find solutions. Prototypes allow people to test an idea and see if it solves their problem before making a significant investment of time or finance.
For example, an organization might create prototypes for several digital banking applications and then conduct a marketing survey to gather feedback from clients. This process has helped many businesses succeed by giving them valuable insight into customer needs and preferences, and by saving time and money.
Test
Test prototypes with real people, getting feedback on what works and what doesn't, so you can iterate on your design until solving their problem and build trust.
How can your fintech startups benefit from design thinking?
Design thinking can help your businesses and designers by encouraging creativity, allowing you to find new solutions from unexpected places and develop Fintech products for the market. It can also help you identify new Fintech opportunities that would otherwise be overlooked.
It helps you develop empathy for your clients and create innovative services for their needs.
So it can be a powerful tool to help your startups succeed. Why?
- Design thinking is about solving problems by working together and involving everyone in the process.
- It's about finding solutions that work for people, not just products or businesses.
- It's an iterative process that starts with understanding and then generates new ideas that can be tested with feedback from real users.
Design thinking is a way of thinking and solving problems, not a set of tools or innovating your business or startups by developing new Fintech products or services.
Factors to Consider When Choosing a FinTech Design Agency
The job of a fintech designer is the development of visually appealing and user-friendly interfaces for digital economy products such as mobile digital banking applications and online investment platforms.
To make the right choice of a design agency, consider the following:
Relevant experience
A fintech design team must have experience working on fintech projects. These designers will already have a strong understanding of the industry and the specific design challenges involved in creating financial products and will be tech-savvy.
User-centered design
User-centered design is the foundation. Look for designers who have experience designing user-centered interfaces and a good understanding of UX research and testing.
Variety
A diverse design team can offer different perspectives and approaches to problem-solving. This can lead to more innovative solutions and a better user experience. Therefore, it is better to choose an agency rather than a freelancer.
Soft skills
A fintech design company must collaborate with various stakeholders. Look for designers who have strong communication and collaboration skills and can work well in a team environment.
Thoughts about the future
Fintech is a fast-moving industry, so it's important to stay up-to-date on the latest trends and technologies. Look for a fintech design company that stays up-to-date, is open to learning new tools and techniques, and is interested in staying ahead of the curve.
Steps to hiring a fintech design agency
Hiring a fintech design company for the design and development of your fintech project can be a smart investment, as a well-designed final product can lead to better engagement of clients, higher conversion rates, and a stronger business reputation.
- Define your fintech needs
Before you start looking for a fintech design company, it's important to define what you're looking for. Specifically, outlining your business goals, target audience, and specific design needs. This will help you identify the agencies best suited for your fintech product and effectively communicate your requirements.
- Investigating the potential of fintech agencies
Browse agency portfolios, case studies, and testimonials to understand their design style and expertise. Consider their experience in the industry and their understanding of the specific design challenges involved in building financial products.
- Consultation schedule
Schedule consultations with each candidate. This will allow you to discuss your fintech project in more detail, ask questions, and get an idea of the agency's communication and collaboration style.
- Evaluate their process
Вuring consultations, ask agencies about their development process. Look for an agency that is user-centric and focuses on user research and testing.
- Look for a diverse team
Make sure the design agency has a diverse design team that can offer different perspectives and approaches to problem-solving.
- Check out recommendations and reviews:
Ask the agency for recommendations and reviews from previous clients. This will give you an idea of the agency's quality of work and customer satisfaction.
- Decision
After evaluating all the information, choose the fintech design company that best suits your needs.
By following these steps, you can be sure you're hiring a fintech design company that has the experience, expertise, and design approach you need to create successful fintech products. Be sure to communicate your needs, ask the right questions, and evaluate the agency's process, referrals, pricing, and contract terms.
This will help you make an informed decision and ensure the best results for your business.
MASTERLY is your best choice
Web design of a fintech website can contribute to the faster success of your fintech project and business. For fintech product design, aesthetics, functionality, cost-effectiveness, usability, security, and reliability, which contribute to user satisfaction, are important.
With years of experience designing Wallets, Banking mobile and web Apps, Digital Assets Marketplaces, and much more, we meet all the criteria of an ideal fintech design company.
Our fintech app design can significantly increase a company's digital presence, increase user trust, and drive your business growth.
By cooperating with us, you will receive a client-oriented approach that meets all the requirements of the banking sector. We understand that fintech customers need a seamless, secure, and efficient digital experience.
We will transform complex financial digital strategies into intuitive, engaging digital interfaces. Therefore, our partnership will improve your brand's digital presence and user experience.
You can easily trust our experience. From software design to mobile app design, our team can handle the complexities of various FinTech products, ensuring flawless functionality.
We will design web apps and digital products that meet the needs of your fintech business. These customized solutions can significantly improve user interaction and engagement.
