Blogs

UX and Fintech

What is it that makes Fintech such a hot commodity?
To some, the answer is simple – ease of use. For those with a keen eye, the answer is two-fold. While it is in fact true that Fintech models do offer solutions to modern banking concerns by offering better interest rates, contactless payment (Square), decentralized cross-border payment (Cryptocurrency), dissolved transaction fees, and providing more access to young investors (Robinhood, Wealthsimple), we must not overlook some of the primary components leading to their success – user design, interfacing, and usability. Or, as I like to call it, the ‘lifeblood’ of Fintech.

In a world where everyone is trying to “solve-problems” as a means of starting a business, we forget that solution-orientated thinking is not the only success factor. What happens if you have a wonderful product, but when people get on your website, they can’t figure out how it functions or worse, where and how to purchase your product? They leave – that is what happens.

We live in a time when if we decide we want something, we want it to happen right now. We do not like to wait anymore – imagine waiting for your Amazon Prime packages for more than 40 hours. What a horrific catastrophe! Well, interface and UX design now allow money transfers to cater to this need. Moving money is as easy as a click of a button or a tap of a phone. Splitting food with friends or paying your phone bill is easier than we could have imagined. In fact, digital payments are the leading force for Fintech as the transaction value grew to $5.1 trillion in 2019 and is projected to reach $6.7 trillion in 2021. Yes, that is a lot of dough, but when it’s this easy to spend money (by design, of course), it is not hard to see why Fintech has not only emerged but flourished in the modern world.

Fintech is offering solutions to some of the problems we see in traditional banking, so its popularity comes as no surprise. Not to mention that more and more millennials are exclaiming their dislike and distrust of traditional banking models from the rooftops, which happens to be the industry’s key target market. But at its core, Fintech isn’t just solving problems for one group or social class. It is displaying its usefulness and blending effortless browsing, sleek presentations, and engaging designs. In reality, Fintech and UX/UI design represent a perfect pair, the perfect couple of ‘thoughtful creation’ and ‘solution-oriented thinking.’ Separately, they are some of the highest sought-after services, but together, they are changing the face of a now outdated business model. And what better way to do it than with the one thing we all share in common: money.