UXers: 3 Types of Education Your Finance App Needs

A couple quick and dirty tips to teaching users how to use your app.

I’ve been using a lot of finance apps lately: Robinhood, Stash, Wealthfront, Albert, Acorns, Clarity Money, Prism, Finn, Chime, Simple Bank and mobile and web apps for nearly every major bank. I’m also redesigning the web and mobile banking experience for Bay Area bank at ZURB. I’m passionate about this subject. I love toiling with my piggy bank. Optimizing. Saving. Transferring. Trying to get the best possible roll of the dice for my family and I while thinking about how I can bring more understanding to the users of the apps I’m designing.

Most people don’t understand basic financial concepts. It’s not something we’re taught in schools. Most parents don’t know them. It’s your job as a UXer to teach people good practices.

Why?

Enough preaching and preamble. Most of these apps need better education. Why? Teach people to use your app, add confidence to their action and they’ll use your service, give you more money and be more excited to tell others about it.

So, stop assuming casual users know what “limit buys” and “money markets” are. Maybe I’m the idiot who is woefully uneducated on the basics of finances though I’m sure there are others in the boat with me.

Type 1: Educational Area

You see this all the time. Bank of America has a partnership with Khan Academy. Stash app has a place where you can watch videos. Your local credit union may have a space with videos and articles about every aspect of finances.

This type of area is necessary, but I don’t see it being used much. People get excited about the concept of reading books, listening to audio books or watching a video series but they likely won’t follow through or they’ll get through a video or two and move on.

Does your app need it?

Yeah, you should have something like this. But do you need to build it into your behemoth library of information? Probably not. Keep it fresh but don’t over-invest.

Type 2: Tool Tip Time

Tool tips. Woo! User: “What does this term mean?” Mouse over info icon. “Hmmm, more convolution and complexity.” Little further understanding for your users.

Does your app need it?

Yes. Absolutely. If you’re introducing a term that is more complex than: “checking”, “savings” or “transfer” then should speak in layman’s terms. Bring confidence to their action. Bring the value of education.

Maybe more educated users don’t need this. That’s okay. But allow people to enable or disable this.

Type 3: Educate During Engagements

This type is my favorite. You’ve only got a couple chances to get it right. When are users most excited or frantic? During on-boarding, doing something exciting like buying a new stock or seeing something awesome like a big profit or making a deposit.

Most apps miss the mark here. Someone is taking an action in your app like making a deposit and then all you do is show them an updated account balance.

If a user sets up bill pay, show them a service they could be paying less for. If they go to buy a stock, teach them about the different types of buys. If they just deposited a bunch of money in your app, show them what they could buy or do with that cash.

If users keep checking their balances and leaving, you’re missing tons of opportunity for engagement. They’re addicted to your app, but they’ll lose interest unless you keep that engagement fresh. It’s not about making suggestions while someone is poking around, it’s about waiting for the user to take an action and then adding confidence to that action with a real suggestion that shows you’re looking out for your user’s best interests.

Does your app need it?

Absolutely. 1000 times. Yes. And if you get this right, your users will love you. They’ll brag about your app. They’ll use that referral link you keep trying to get them to share and they’ll be your evangelists. Teach them, look out for them, grow their money and show them better ways to do it.

Summary

Yes, I know, there are more than three ways to educate users on finances. I feel these three are pretty important. See how you can improve on them. Let me know what you think in the comments.

Where are the examples dude? My 8-week-old finally fell asleep next to me and this is my only time to write. Doin’ my best here.

Thanks for reading. 🙏