User experience (UX) design refers to the process of improving accessibility and usability of a product with a view to increasing user satisfaction. It encompasses the traditional human-computer interaction design as well as other aspects of a product perceived by its users. Fintech UX design includes information architecture, interaction design and user research among other elements concerned with the overall user experience as discussed below:
Visual design is also referred to as user interface design, graphic design or visual design. It relates to the look and feel of the front end of a fintech platform user interface. It includes the graphic treatment of the interface elements. The main purpose of visual design is to convey a message to the user through the use of visual elements such as colours, symbols, and images.
Interaction design is a critical element of fintech UX design, and indeed every system should have a good interaction design. In modern business, there is a strong emphasis on the end user. Thus, fintech UX designs have tended to focus on designs that meet user expectations including the latest user interface (UI) components and pattern standards. For this reason, fintech interaction design takes into account several key elements which include: the definition of interaction patterns that best suit the context; incorporation of user needs as noted during user research; interface characteristics such as selections, drag and drop and mouse-over actions as well as features and information useful to users.
Usability is the quality of being capable of use by specified users to effectively achieve certain goals. Usability is a very important aspect of fintech UX design. A fintech system that is not usable is as good as not being there as the idea behind fintech is to make life easier in the financial sector by reducing cost and the inefficiencies associated with traditional financial institutions.
Fintech UX design must ensure that users can reach and understand the system easily. accessibility is closely related with but distinct from usability. The information and features must be easily comprehensible. This shortens the learning curve associated with every new system.
Information architecture relates to the process of organizing and structuring information in a product to support findability and usability. In this context, information is separate from data and knowledge and nebulously lies between them. It is closely connected with metadata which is the term used to refer to content objects like documents, process, people, and organization.
All these are critical to financial institutions as they constantly seek to improve efficiencies in customer interactions. Improving online services through the use of customer facing products while at the same time improving user experience of internal applications, gives fintech companies a competitive advantage.