How Fintech UX Design Can Fix Broken User Experiences (With Examples)

Today the likes of Amazon and Apple shape user expectations and financial services cannot afford to lag in UX design.

Improving fintech UX can boost a company’s conversion rate by up to 83%.

Here’s how to turn missed opportunities into success stories.

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The Frustrated User: A Story of Missed Opportunities in Fintech UX Design

John, a small business owner, is scrambling to pay his taxes before the midnight deadline. He logs into his bank’s app, hoping to quickly transfer the necessary funds.

As the clock ticks closer to midnight, John’s anxiety mounts. The app’s interface is cluttered and unintuitive, forcing him to click through multiple screens to find the transfer option.

Halfway through, the app freezes, forcing him to start over. After several attempts, John finally completes the transaction – just minutes before the deadline.

Exhausted, he wonders:

🧔‍♂️: Why something so simple had to be so complicated?

John’s story is all too familiar to many users who have encountered the challenges of navigating traditional banking apps. 83% of consumers believe that a seamless user experience across all devices is essential.

According to Forbes, 88% of users are less likely to come back if the digital experience is too difficult or frustrating. In the financial services industry, this can represent millions in lost revenue as customers seek out more user-friendly alternatives.

70% percent of people who permanently stop using an app do so because it's too slow. source: Techreport

UX in Financial Services: Benefits and ROI

As fintech UX design sets new standards for what customers expect in terms of convenience, speed, and personalisation, improving UX is no longer about keeping up – it’s about staying relevant.

Financial services can fix broken user experiences, streamline financial processes, and significantly boost customer satisfaction, loyalty, and overall return on investment (ROI) by switching to intuitive UX design.

Streamlining Financial Processes for Enhanced Customer Satisfaction with UX

One of the primary goals of UX design for financial services is to streamline complex financial processes. Traditional banking apps often suffer from convoluted navigation, outdated interfaces, and unnecessary steps that frustrate users.

In contrast, effective fintech UX design focuses on simplifying the process, making it more accessible and user-friendly.

A practical example:

Consider the process of applying for a loan through a traditional bank. Typically, this involves filling out lengthy forms, submitting various documents, and waiting for approval – all of which can be time-consuming and stressful for the user.

Fintech companies have revolutionised this process by creating user interfaces that allow customers to apply for loans in just a few clicks, using automated data analysis to speed up approvals. The result is a more streamlined experience that reduces friction and increases customer satisfaction.

The standard ROI of US design is 9,900% (source: Forrester)

Building Trust and User Loyalty With the Right UX

Trust is the cornerstone of any financial relationship, and UX design plays a pivotal role in establishing and maintaining this trust. Fintech UX design prioritises clarity, transparency, and ease of use to build and reinforce confidence.

A prime example of this is the use of clear, concise language and straightforward navigation in financial services app UX. Fintech companies like Rello and AWSM bank excel in creating interfaces that are not only visually appealing but also intuitive and easy to navigate. These apps guide users through complex tasks with minimal confusion, reinforcing trust and reducing the likelihood of errors.

Fintech UX trends show that companies that invest in security-focused UX design – such as multi-factor authentication, real-time alerts, and easy access to customer support – are more likely to build long-term user loyalty.

Trust built through exceptional UX design is not just about avoiding mistakes; it’s about creating a positive, consistent experience that keeps users coming back. This loyalty translates into higher customer lifetime value, directly impacting the ROI of UX in financial services.

75% of users determine a company’s trustworthiness by its website design. source: Medium

Personalisation and Tailored User Experiences in Fintech and Banking

Today, users are accustomed to personalised experiences in everything from social media to online shopping. Financial services are no exception. Fintech UX design focuses on creating tailored experiences that cater to individual user needs, preferences, and behaviours.

From a financial perspective, the ROI of UX in fintech is significantly enhanced by personalisation.

Picture this:

According to a study by McKinsey, personalised experiences can generate a 20% increase in customer satisfaction and a 10-15% boost in revenue. 

This demonstrates that investing in fintech UX research and development is not just a cost – it’s a strategic choice that pays off in the form of increased user engagement, satisfaction, and ultimately, revenue growth.

One notable fintech UX case study is that of Olive, a personal finance management tool that leverages data analytics to provide users with personalised financial advice. By analysing spending habits, income, and financial goals, Olive offers tailored recommendations on budgeting, saving, and investing. This level of personalisation not only enhances user satisfaction but also deepens user engagement, making the app an indispensable tool for managing personal finances.

Personalisation in fintech UX goes beyond just offering relevant content – it’s about anticipating user needs and delivering solutions proactively. For example, fintech apps like Robinhood use machine learning algorithms to suggest investment opportunities based on user behaviour and market trends. This proactive approach not only adds value to the user experience but also fosters a sense of empowerment and control, which is critical in building user trust and loyalty.

Best UX Fintech Examples

As the demand for intuitive, secure, and personalised financial services continues to grow, the role of UX design in fintech will only become more critical. For companies looking to stay ahead of the curve, investing in top-tier UX design agencies for banking and fintech is not only advisable, it’s essential for long-term success.

Democratising Financial Planning Through Innovative Fintech UX Design

Problem: Olive identified a major gap in financial services: high-quality financial planning was mostly accessible to the wealthy. To address this, Olive aimed to create an app that provides premium financial guidance at an affordable price for everyone.

Solution: Partnering with Rhapsody, Olive launched a one-week design sprint to develop a prototype app. The focus was on user-centric features like medium- and long-term planning, daily cash flow management, and easy integration with Open Banking APIs.

Result: The outcome was a sleek, tested prototype with an intuitive onboarding process, a comprehensive dashboard for managing finances, and unique chat features linking users with expert financial coaches. This app was ready for investor presentations and set a new benchmark in accessible financial planning.

👉 See this fintech UX example here

Enhancing Traditional Banking Through Streamlined UX Design

Problem: Traditional banks are losing ground to new, agile challenger banks that offer advanced features and faster updates. AWSM Bank needed to boost its app’s user engagement to stay competitive.

Solution: Rhapsody tackled this by simplifying the app’s design. We made it easier to navigate with clear menus and simple gestures. We also cut down on unnecessary information and lengthy terms and conditions, focusing only on what users need right after they create an account.

Result: The result? An innovative app that helps families manage their money better. AWSM Bank’s new app allows parents and teens to learn about finances, make payments, and see the benefits of investing – all with a smooth, user-friendly experience.

👉 See this fintech UX example here

Revitalising Internal Communications With Engaging Fintech UX and Animations

Problem: Brewin Dolphin, a top wealth management firm with offices across the UK, Ireland, and the Channel Islands needed to make its Business Continuity Plans more engaging for employees.

Solution: Rhapsody’s solution was to use animations to bring these plans to life. We created three short, animated videos that demonstrated key procedures. This involved scripting, storyboarding, visual design, and coordinating voiceovers, all while sticking to Brewin Dolphin’s brand guidelines.

Result: The result was a set of lively and effective videos. These animations became the most-watched safety materials at Brewin Dolphin, showing how storytelling can make internal communications much more engaging.

👉 See this fintech UX example here

Simplifying the Home-Buying Process With Interactive Design and UX

Problem: Moving house can be incredibly stressful and Rello aims to make this process smoother. The company wanted to clearly explain the roles of buyers, sellers, estate agents, and solicitors, and show how they interact throughout the home-buying journey. It turned to Rhapsody for help.

Solution: Rhapsody's solution was to design a unique, mobile-friendly UI that maps out the entire home-buying process – from listing a home to closing the deal and getting the keys. We drew inspiration from Gantt charts to create a visual chain that is easy to follow on both desktop and mobile.

Result: The result is an innovative, interactive tool that simplifies and tracks the home-buying process. Rello’s new app provides a clear, engaging way for users to navigate the complexities of moving house, making the experience far less daunting.

👉 See this fintech UX example here

Measuring the ROI of UX Design in Financial Services

Investing in UX design isn’t just about creating a pleasing interface; it’s about building a product that delivers real value and drives success in the competitive financial services sector. Here’s how to make sure you're not wasting your investment.

Beyond Aesthetics: Quantifying the Value of UX

Fintech UX design goes far beyond mere visual appeal. It encompasses functionality, user satisfaction, and operational efficiency, all of which are crucial for a product’s success in the competitive financial services landscape. To quantify the value of UX, we must look at tangible metrics that reflect its impact on business performance.

1. Conversion Rate Optimisation (CRO):

One of the most direct measures of UX effectiveness is its impact on conversion rates. For financial services apps, this could mean higher rates of account sign-ups, loan applications, or transaction completions. UX design can streamline the user journey, reduce friction points, and improve overall conversion rates. For instance, a fintech app that simplifies its onboarding process could see a significant increase in user registrations.

2. Customer Retention and Churn Rates:

UX plays a pivotal role in customer retention. A well-designed fintech interface that prioritises ease of use and accessibility can foster greater user loyalty. For example, reducing the complexity of a financial app’s navigation can decrease the likelihood of users abandoning the app or switching to a competitor.

3. User Satisfaction and Net Promoter Score (NPS):

User satisfaction can be directly linked to the quality of UX design. Fintech firms can track user satisfaction through surveys and NPS scores. A high NPS indicates that users are not only satisfied but are also likely to recommend the service to others. This metric reflects the success of UX improvements in creating a positive user experience.

4. Error Rates and Support Costs:

A well-designed UX minimises user errors and reduces the need for customer support. Tracking error rates and support tickets can provide insights into the effectiveness of UX design. For instance, a financial services app that reduces the frequency of user errors can lower support costs and improve overall efficiency.

5. Time on Task and User Efficiency:

UX design affects how quickly and efficiently users can complete tasks. For financial services apps, this could involve tracking the time it takes users to perform specific actions, such as transferring funds or checking account balances. A reduction in task completion time can indicate a more intuitive and efficient design.

86% of customers are willing to pay more just for a better customer experience. source: Forbes

Rhapsody – a UX Design Agency for Banking and Fintech

Rhapsody’s approach to UX design is not just about creating functional interfaces; it’s about crafting a narrative that resonates with users on a deeper level. We infuse each design with a narrative that guides users through their financial journey. This narrative-driven approach not only simplifies complex processes but also fosters an emotional connection with users.

A a UX design company, our impact extends beyond individual touchpoints; we create a cohesive experience ecosystem that ensures consistency across all forms of user interaction.

This holistic approach guarantees that users encounter a consistent brand experience, whether they’re checking their account balance on a smartphone or analysing investments on a tablet.

Leverage our expertise in fintech UX. Contact us to schedule a free, no-obligation consultation and UX audit.

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