As the mobile and internet usage is growing with the numerous new additions to bank accounts, the nation is a heading towards becoming an attractive financial hypermarket. With the addition and launch of new initiatives by the government as of Jan Dhan Yojana and other funds’ investments in Fintech space has shown a significant increase as 383 million dollars to 1868 million dollars in 2017 from 2016. But, reinvention is still missing in traditional banking services. Now, in this blog, we will understand UX / UI Design can help the banking and finance sector.
A requirement for UX-UI Design in Banking and Finance Sector
There are various features that make it a lucrative deal for banking and financial sector such as User Interface and its design, experience for user and management of its content – these are various important attributes that make its most important for banking Industry.
Nowadays, the customer and user are very conscious and in this arena, it is of paramount importance the application is user-friendly, which is lucrative to new customers and viewers to too. Moreover, it should have the capability to retains its existing users as well. As most of the transaction, these days are placing via digital modes. Hence, all the new and old banking and finance sectors are heading towards using UI / UX to increase the utilization of digital modes. This help in aiding the best customer experience with convenient features. UI / UX has the most lucrative and significant tool for banking and finance sector.
Nowadays, the banking sector includes a big structure and a vast customer base. Still, the old banks are loaded with a product-centred philosophy inherited, and they are not interested in transparency, modernization & design UX.
Major banking technologies are old-fashioned, & the interfaces that are being used are not intuitive. On the contrary, Fintech companies are using modernized technologies with client-centred options. However, they are lacking resources to launch these solutions to the market and to procure customers.
Opportunities for UI/ UX in Finance & Banking Sector
UX comprises of all lucrative features, easy and two ways interactive option on a website or smartphone application. The UX determines the viewpoint of the customer on the application’s actual workability and how does an application give a feel to his user. This helps in establishing an extremely remarkable impression of a business organization on the customer. An extremely happy user experience (UX) displays that product is stress-free and good to use.
The user interface design (UI) characterizes the absolute experience of the user if we talk about the features and attributes that are evident. A sound UI must have a reliable theme for the monitor to monitor use, inclusive of visuals & animations with an undeviating layout, and must be easy to use. Uniformity on every single monitor forms credibility and refrain viewers from getting confused.
UI/UX can help an organization in enhancing sales and diminishing the company’s customer maintenance expenses as well.
Few major merits of UX/UI Design are listed below:
Prompt accessibility to finance sector: Innovative UX layout has permitted operators to have entry to their bank account in a second. Quick entry may be desired for any crucial bill expenses payment, urgent remaining balance checks or sharing or transferring online money to acquaintances or friends who need it most. Hence, technology these days is equipped enough to give immediate access to the banking account service with a satisfactory level of security and the old-style verification via passwords has obsolete.
User’s account details at one instance: Intelligent application view offers access of user’s monetary condition, by just providing information to a viewer about their remaining balance, payout details exclusive of money required to pay routine expenses. It is also helpful for a viewer to know the debits and credits of the last month and can aid in matching with the present month.
One-click view for all Accounts: The new modernized UX design offers a viewer to have access to all the accounts -brief in the same application. So that the viewer can manage their all accounts like deposit/debit acc. or books, expenses/credit records & also investment records from a particular application to give the definite view of their banking history.
Details of user’s Finance usage or activities : New and intuitive UX design permits a viewer to keep a check on the flow of his money, all vendor these days favour cashless compensation, consequently it has turned out to be crucial for the customers to possess an awareness of their expenses and have perfect idea on improving the current finance expenditure and can strategize their future outlays.
Assistance through Financial Planning: The new modernized UX layout in the banking sector also aid a viewer in assisting to save fund for his advanced education or procuring a car, buying a dream holiday ticket, saving for retirement, investing in mutual funds, purchasing a house, etc. This can also wire customers to chase the next aim for their financial growth by setting up an option of automatic transmissions of the funds into reserves/investment accounts.
Quick Outflows and fund Transfer: Fund transfers or bill payables are not tough these days than sending a message. Fund transmission is the utmost displeasure for users as it takes a lot of time and energy required experience. As a consequence, the viewer will be able to find receiver from the contact list & then choose the exact amount to transfer and select the channel for transfer and press the “send” button.
Each transaction or even minute transaction counts: Intuitive Ux design offers thorough statistics on each transaction in one click. The credit history can be accessed by viewer inclusive of geographical location.
Offers Bills Payments Deprived of any Miss: The modernized UX design accepted by the banking sector has offered users to automatically pay their regular bills by doing just simple settings on the app.
Things to remember while preparing any UI / UX design
A designer must use common colours, shades, signs, badges, style for font, and images, this will make the app user-friendly and familiarize the user with the mobile app more conveniently. The designer can offer an extraordinary and exceptional user interface for the viewer’s mobile app. Web designers are generally good in using colours and typefaces to offer the viewer an amazing feel for the application.
- It is of paramount importance that basics use for app creation is easy, specifically the words and the pictures. So, the user does
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- A talented UI/UX developer displays its users about each process/feature on the application through notifications, like, while loading content, the viewer must be educated that something is loading on the screen. To acquire the finest designs, the developer and designer must ponder and worth the time of operators. So, the contents should load faster on the application if any user is using the application for its various purposes.
A designer must take off the flow of application which constitutes of its content and actions. It is meant to say that the app should not contain only an attractive layout and design but it also should emphasize its easiness for its operator. So that it makes the user interaction very pleasant.
The complete UI design must be constant. This will help the user to understand the usage pattern throughout the app usage.
It is imperative to understand the significance of the UI/UX layout in the development of smartphone application as it provides huge benefits in enhancing the success of an application.
while the updated UX design allows a user to transmit funds available from the main view coordinated with a banking databank and phone book in a single stage to safeguard a crucial viewer.
Published Date: Jul 26, 2019