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Emotive FinTech UI and how adopting a co-design strategy helps

Frewin Francis

Product Marketing
8 min Read

According to American psychologist Abraham Maslow – once we have food and shelter — but before we can seek self-actualization — we must feel safety, belonging, and self-esteem.

It is interesting to note that the digital revolution has brought people closer to the state of self-actualization. The rapid evolution of technology has resulted in an equally rapid evolution of how fiercely each one of us would like to grow and realize our potential as an individual. Thus, wants and needs are also evolving at a rapid pace. Hence, businesses that learn to create a synergy between customers and their aspirations will be the leaders of their game. Which is why, realizing financial goals must be one of the main pillars for designing a meaningful UI/UX.

Today, this is what FinTech ought to be delivering and understanding a few fundamental principles will help in building interfaces that people will love and cherish while steadily progressing towards their goals.

As of July 2020, there are almost 4.57 billion active Internet users and by 2025, the number of daily digital interactions per person worldwide is expected to be around 5000. That is over 2 trillion daily interactions worldwide. So what does this imply? Most of these interactions will take place through a digital interface and the role of UI/UX in delivering truly delightful user journeys is absolutely vital.

Gone are the days when a business could claim the top spot by building an amazing product and spending years riding on its wave of success. Today, as businesses project themselves as a partner that cares about their customers’ best interest, FinTech companies have an onerous responsibility on their shoulders.

So how do you go about creating a stunning UI?

It’s a lot like playing the piano. You first play by the rules and then you play by your heart.

Truth is that, most design teams do in fact, work like that. But their creative environment is a closed loop that gathers insights from a very predictable user base.

Hence, to become a leader, we need to able to relate to Robert Quinn’s quote – build the bridge as you walk on it.

In our case, the overall goal is very clear – efficient financial management for a better living.

So the first step towards building a great solution is to understand the key highlights that define our customers’ lives and observe the financial transactions that empowered it. Then study the journey and see how it can be optimized for an even more rewarding experience.

So how can you ensure that a UI does this?

Firstly, we must all accept the fact that our users are very different from us. As a financial expert we tend to be passionate about what we offer our customers and expect that the majority of users will evaluate and use our products the same way it was developed. Unfortunately, most people are driven by emotions. Their behavior patterns are often not optimal; they follow habits.

This is where AI and ML will play an important role in the future for UI/UX. Insights delivered by artificial intelligence will help FinTech companies factor cognitive biases and other aspects of user behavior to create highly personalized banking interfaces.
However, as a creator, we must remember that data and test results are not answers, but rather hints. Without users’ feedback, it still does not represent the complete picture. It is also important to divide the test environment and real life. After all, developers seldom test features the same way a user would do so in real time because it depends on a host of factors that are unique to every individual. Finely weaving together both is the key.

Hence, data-driven design will prove to be a very effective approach for optimizing UI elements as it helps in making more informed decisions in the UI engineering process. Because, a strategy and vision for a new killer digital product would take into consideration features, circumstances, user traits, technological capabilities, and their impact on one another.

In the future, with further developments of artificial intelligence we can expect solutions that will dynamically generate screens with high levels of personalization.
The biggest difference between an ordinary offering and an outstanding one is a streak of madness that melds human instinct, intuition, and data driven insights.

So why adopt a co-design approach?

A text book definition of co-designing defines it as a collective design methodology for improving working efficiency and user satisfaction. The collective narrative serves as a powerful tool in delivering user journeys that are functional, intuitive, and meaningful.

As mentioned earlier, more and more people are idealizing the end goal of Maslow’s concept of self-actuation and hence are very distinct in terms of their preferences. Hence collecting their feedback would help in building a feedback loop that helps in delivering deeply engaging and rewarding experiences.

This means, involving more than just the stakeholders responsible for developing a product to get feedback on UI. Gather insights from different teams of your organization irrespective of their roles or seniorities. For all you know, your security staff or a colleague’s 5 year old might hold the clue for your next top feature! Who knows?

And the most attractive aspect to adopting a co-design approach is that this is not an expensive or a tiresome exercise. Simply send out new designs at an organizational level and see what feedback you receive. Then try and make sense of the different suggestions provided and incorporate it into the design process.

It would also be good to give a disclaimer to be as crazy as possible. Because all of us know…a little craziness is always an exciting thing to have. Else the world would be all boring and grey.

The outcome of adopting this approach will result in your brand not just managing people’s money but also being one that is loved and respected for helping them realize the best versions of themselves.

At i-exceed, using our flagship offering Appzillon (a unique combination of a low-code digital experience platform and a suite of pre-built banking) we have been delivering stunning user journeys to our end users. We do this with the help of our ever expanding repository of easily customizable widgets, UI templates, graphs, charts, and other elements that we constantly enhance with the data driven insights we gain from the usage of our solutions.

To know more about how Appzillon can help you in delivering engaging digital banking experiences with stunning UI/UX, get in touch with us at marketing@i-exceed.com. We would love to be a part of your digital transformation journey.