How good UX design is helping Fintech start-ups win

Ranzie Anthony – Chief Creative Officer, Athlon

Fintech is disrupting the establishment

Artificial intelligence and predictive based technologies are set to disrupt the way that the financial services sector operates. So expect to see a host of new entrants and start-ups offering smart products and new services.

As banking enters a new paradigm of chatbots and robovisers, we’ll see a new generation of customer apps that learn, adapt and respond autonomously rather than simply executing predefined instructions.

However as a product manager of a new start-up or established financial organisation — how can you take advantage of innovation in this space?

How will your product evolve given that 30% of web browsing is expected to be done without a screen by 2020?

Experience is everything

We’re entering a time of ‘conversational commerce’ where users will expect a smarter dialogue with their bank or financial service. Comscore predict that 50% of all searches will be voice searches by 2020. As such experience design will be become the defining factor that drives competitive advantage.

A recent research study by The Financial Brand found that the majority of traditional financial services organisations are still providing relatively poor performances whilst new challengers are winning by providing great customer service.

User experience is the difference — especially in traditional pain points such as account opening, on-boarding and cross-selling processes.

Product Managers should learn from new start-ups who are bringing learnings from other sectors to this space.

Cheat sheet on designing like a Fintech start-up

Build trust through experience

  • Accept that consumer trust is vital for brands, especially in financial services.
  • However customer trust isn’t established through marketing messages, or brand promises. Service, performance and user experience are vital.
  • Seek to deliver intuitive, fast and frictionless experiences — especially in those very early interactions.

Increasingly banks don’t look like banks

  • The new generation of Fintech start-ups are much braver and bolder in their visual identities.
  • They are changing the terms of reference for financial services from the colours that they use through to the brand language that they employ.
  • Consider breaking the mould — and create a brand and service that is truly distinctive and memorable.
New Fintech organisations don’t act like traditional banks

Personality and humour

  • Building dialogue and humour into your application is a great way to build a relationship.
  • Invest in well crafted iconography and reward users who have completed lengthy process workflows with lighted-hearted animations.
  • The best banks are making users smile and feel good about using their service even when conducting the least interesting tasks.

Live life in beta

  • The best products are never complete and the millennial audience expect the services that they love to be in a constant state of Beta.
  • Embrace this and build a dialogue with your users inviting them into the design process.
  • Make clear when a feature is new and actively encourage feedback.

These are just a few example of principles that are helping Fintech start-up take market share from established organisations.

Let us know what you think, do you have any additional trends we didn’t think of?

We are Athlon

Athlon is an Experience Design and Innovation partner, working with startups and large enterprises to help accelerate success.

Get in touch with us to learn more