Usability of FinTech Websites
The financial services sector is undergoing significant changes at the moment. Some call them revolutionary. The development of the industry is driven by financial technologies called FinTech. The entire sector has changed fundamentally and financial services have become more accessible. The order can be made at any time of the day or night. Businesses compete fiercely among themselves, fighting for their customers. A quality website can be a great marketing tool for these companies.
Why do FinTech companies need a website?
Fintech is an industry that includes a variety of companies that operate in the financial services (payments, insurance, etc.) with the involvement of financial technology. Fintech companies can specialize in B2B or B2C sales. Such organizations are more flexible than large banks. They respond quickly to customer requests and are more focused on their needs.
Having a website for a FinTech company has become a must-have. First, digitalization reduces the cost of customer support, which is always a significant share of the costs of any bank and financial organization. Second, banking products are complex - consumers are looking for answers to their questions on the Internet, so the presence of FinTech in the information field is vital.
The FinTech sector plays the role of a kind of "innovation laboratory", it is financial startups that we owe, for example, the ubiquitous online payment function. Today it is found on almost any website that sells goods or services. Therefore, the requirements for FinTech sites are very high.
UX trends of FinTech websites
The FinTech industry has acted as a catalyst for new technologies, changed consumer behavior, and forced other industries to catch up. Today, Fintech websites have a set of must-have features that provide good site usability and positive user experience.
In fact, these services are a familiar, ordinary calculator that allows you to make calculations. Calculators that can replace a full-fledged specialist were initially the prerogative of banks, but later they began to be used everywhere in FinTech.
And this is no coincidence. Such widgets perform several functions at once.
First of all, they can be used to increase traffic from search results and social networks. The number of queries with the keywords "calculator" and "calculate" is huge. Therefore, if the site corresponds to the topic, then it makes sense to put yourself as a calculator and try to reach the top.
In addition, such services improve the behavioral factors of web pages, make visitors spend longer on them, and, as a result, help leads to finally "warm-up" and turn into loyal customers of the company.
The FinTech sector was the first to introduce chatbots into the customer support process. In the right hands, chatbots can become a lifesaver that will save hundreds of man-hours.
They significantly reduce the burden on marketers and customer support. Now, this is another full-fledged channel for users to contact, which provides them with the necessary information even at the stage of entering the sales funnel.
While chatbots remain one big experiment, not everyone has yet learned how to use them. But they predict that they will soon replace real consultants in many areas and expand the regular web toolkit.
The next logical feature is information architecture and design systems.
Banks and financial institutions were among the first to apply their principles.
Information architecture (IA) is a set of rules and principles for the design of virtual structures that underlie digital products. It depends on how clear and convenient the site or application will be.
Today fintech companies build their websites almost according to the same template, which has even become a reason for jokes. However, because of this standardization, not only the sites of banks are similar to each other, but in general everything.
Online payments and transfers
The payments area can be divided into many areas, each of which is a place of automation and new technologies, including mobile wallets (Venmo, Alipay, Paytm), mobile payments (Square, iZettle, Sumup), checkout and online payment (Stripe, Klarna, Adyent), cryptocurrencies (bitcoin, ether, zCash) and payment infrastructure (DAH, Setl, Ripple).
Another trend, without which not one modern site can do. Banks and financial companies went further and started creating brand media - not blogs, but full-fledged thematic publications. Economists tell in simple language how to manage finances, save, make deposits, and interact with banks.
A blog has a great impact on the reputation of FinTech companies and converts Internet users into company customers.
Big Data and personalization
Personalization is an important trend in recent years. The financial sector again acted as a market driver - banks and insurance companies were the first to clearly segment both the products themselves and all marketing activities around them.
For example, to promote bank cards among the youth audience, separate promotional sites are created, designed specifically for this group of consumers. Many banks have started issuing bank cards with unique designs.
Financial institutions collect a lot of information about us - from email address to credit history.
Big data analysis helps to learn more about customer preferences, makes it possible to make credit scoring, develop a special offer, and recommend a product or service that is needed here and now.
The time is not far off when FinTech companies will offer personalized rates for each client or specific groups.
Artificial intelligence and machine learning
FinTech companies are starting an all-out hunt for machine learning specialists. This is far from the first swallow - the FinTech startup Lendingkart offers a credit mechanism, analyzing 4,000 parameters to assess the creditworthiness of small businesses.
Tips for better UX design of FinTech website
The website of an Internet bank or any financial organization is a platform for constant communication between the banking business and its clients. The profitability of the financial structure depends on the reliability and efficiency of its work. Now we will try to figure out where to start in order for the FinTech site to become effective in terms of selling financial products and services.
The user experience is directly related to the quality of navigation. It should be lightweight and comfortable. This is one of the key aspects of usability. You need to provide users with information, not a quest "how to get the data they need." As a result, the client simply goes to the competitor.
Navigation of the FinTech website should be as simple as possible so that you can easily find everything you need. Use clear and short category names for navigation. In the age of high-speed technology, customers value fast service. So provide it to your customers! Plus, a site with well-organized navigation looks neat, stylish, and more professional.
The designer's work helps the company to increase brand awareness. When developing the design, the logo, corporate colors, and special fonts are used as elements of the company's corporate identity. FinTech companies are working hard to make the brand memorable. Professional designers are able to create a company style of web products that ultimately enhances brand identity.
One of the most difficult tasks when developing a FinTech website is to pack multiple bank options into one application. Quality design and functionality are both equally important when creating a control panel. The dashboard is a great way to collect all the information you need on one screen. To gain access, registration on the resource is required, and then everyone can log into their account in order to have all the necessary data at hand: recent transactions, statistics, and more.
Designing a dashboard that is mobile-friendly is no easy task. Add filters for easy sorting of information.
Companies are now doing everything to provide information to users in the most convenient form. They are ready for any tricks if they want to convey it to the end consumer. For this purpose, the FinTech sites actively use graphics: charts, pictures, infographics, and other types of visualization.
The goal is not only to attract potential customers but also in a convenient format for conducting outreach work, especially when a startup introduces a new product to the market that the public is not yet familiar with.
When you create a website for a FinTech project that does not have a physical representation, you need to provide as much useful information as possible so that users understand what they are talking about without contacting support or the help section. The description should be based on the principle of maximum transparency in order to instill confidence in the user.
Simplicity has become one of the newest trends in web design. Financial websites remove all the deprivation from their pages so that customers are not distracted by unnecessary details. Users love sites that emphasize space. This option is also good because it is convenient when creating an adaptive environment. The simple design also improves page loading speed.
Companies are trying to be closer to customers: they switch to "you", communicate in a simple and understandable language, are interested in their preferences, emoji are more common in chats. All this morally brings the company and the user together. Banks are moving away from standard questionnaires to more informal methods: “Hi! How are you? ”. Further questions are asked in a conversational form: “Can you please select the type of your government ID Card?”.
There was a time when a bank could offer the same deposit and loan to everyone, and two interest rates were enough for the eyes. It's just that this time has passed a long time ago: the design, the structure of the proposals, and a set of promotional bonuses are needed separately for each group of consumers who come to your site. Personalization should start with the right CMS and plugins to manage content and build targeted campaigns.
Not only advertising on the site should be relevant, but also the content that you will "give" to search engines and social networks for various groups of your existing and potential customers.
UX developers of fintech projects are actively implementing voice communication tools with the client. In the summer of 2019, Tinkoff Bank presented its voice assistant Oleg. It can recognize and interpret user requests, ask questions, and talk about different topics. In the future, the assistant will be taught to recognize the client's mood and change the tone of communication from formal to friendly.
In Cambodia, where the Cashwagon platform is also available, a large percentage of the population is illiterate. Therefore, the developers have added voice messages throughout the landing page: if the client cannot read, he can listen to them and call the office - managers will fill out an application for him.
The voice of a financial service purchaser is as important as a visitor in a household chemicals store or candy store. Whatever they like or dislike, they want to tell the management of the bank or financial company. So just give them this opportunity on your website. Sometimes user responses can point to serious problems in customer management or "holes" in the security of the site - it is not too wise to ignore this possibility. In addition to the website, establish communication with FinTech clients on social networks, through mailing lists or other online communication channels.
Analytics and monitoring
To find out if a FinTech site is working or not, be sure to connect analytics and web monitoring services to it. The accumulated statistics of visits, views of specific sections, and bank products will help to determine which services and services of your financial company should be promoted among the web audience. It is also imperative to monitor the conversion of visits to applications for deposits, loans, and other financial services. Every step and action on the site must be documented and evaluated through an analytics system (even Google Analytics is suitable, although some banks use their own systems and developments).
The UX design features in FinTech are easy but not simple. Usability is described by three principles: Trust, Transparency, Lightness. For certain markets, the principle of inclusiveness is still very relevant.
1. Trust is a dialogue with a human face, humanization of the interface (UI).
2. Transparency means capacious explanations and illustrations (Copywriting).
3. Lightness is a quick and logical choice, minimum UX.
Digital service users always expect more. To be successful, FinTech companies need to continually update and implement personalized experiences across multiple channels and engage in innovative approaches to customer acquisition and retention. The integration of UX design is most appropriate.
Customers can now change services faster than ever. This is why financial companies need to be more customer-centric and develop reliable online services for them.
Need a website for your FinTech project? We will be happy to help you make an innovative product for a bank or financial organization. Just write to us and we will come to you with a ready-made FinTech solution.