User Experience (UX): Lessons Learned at Acupay and Their Wider Fintech Application
UX design for fintech applications can be overwhelming at times because it introduces unique, sector-specific challenges, like dealing with financial literacy, context complexity and regulatory compliance.
At Acupay, we value our users highly, so user experience is very high on our list of priorities when it comes to building our products. To ensure that our users get the most out of products, we translate complex and repetitive operations into simple and intuitive interfaces and functions to help them perform their daily tasks effortlessly.
Here are some of the key challenges we tend to encounter in our industry, as well as valuable learnings from our near two decades of experience:
Tip 1: Ensure Regulatory Compliance
It is imperative to ensure that the user experience is designed in full compliance with legal and regulatory requirements, prioritizing both user safety and adherence to industry standards.
Integrate clear disclosures and consent mechanisms that meet regulatory standards.
Ensure that designs and documentation are consistently updated to align with current legislation and compliance guidelines.
Tip 2: Get Customer Onboarding Right
Onboarding on a fintech application can be challenging due to the extensive information required for regulatory compliance and data privacy protection.
Use form wizards to divide lengthy forms into manageable steps, and make sure to keep users informed about the number of steps remaining until completion.
Only request required information during onboarding; any optional information can be requested later.
Whenever possible, pre-fill information you already have on record and prompt users to confirm it rather than entering it themselves.
Tip 3: Design Meaningful Dashboards
Personalized dashboards should be built to provide meaningful information to users based on their behavior and activity patterns.
Create dynamic dashboards that display commonly requested information and frequently used actions.
Use visualizations to simplify information, highlight deviations, and draw attention to significant changes in the data.
Add action lists to help users identify and address issues that require their attention, providing clear guidance on the steps they need to take to resolve any critical issues.
Tip 4: Do Not Forget About Guidance and Error Handling
To enhance user experience, guide users to prevent errors by offering proactive support and clear instructions.
Build focused flows that guide users to the expected outcome using common design patterns and do not hesitate to provide additional instructions when necessary.
Keep users informed at all times - use in-line contextual help, implement real-time validation, make smart use of micro-interactions and provide feedback about the outcome of any action using toasts and alerts.
In the event of an error, provide users with immediate, actionable solutions through concise and clear error messages that include practical steps for efficiently resolving the issue.
Tip 5: Keep Terminology Consistent
Ensure that terminology and context-specific information is consistent to prevent unnecessary confusion.
Use standardized terminology across all user interfaces and documentation to avoid misunderstandings and enhance clarity.
Ensure that information and requested input is presented consistently in terms of formatting, style and layout.
Be cautious with the use of abbreviations and industry-specific jargon, as users may not be familiar with specialized terminology.
Tip 6: Promote Emotional Stability Through Intentional Design
Promote emotional stability through intentional design, ensuring a calming and reassuring user experience.
Make use of neutral color schemes informed by color psychology to create a calming and balanced visual environment.
Design intuitive and user-friendly interfaces that minimize clutter and reduce frustration, enhancing overall ease of use.
Incorporate positive feedback and reassuring messages to support users during interactions.
Tip 7: Consider Existing Userbase When Redesigning
When redesigning, take the existing user base into account to ensure a smooth transition and minimize disruption.
Design the new interface to retain familiar elements for the existing user base, maintaining a sense of continuity.
Implement changes incrementally to ensure a seamless transition to the new application, minimizing the need for extensive retraining.
If you would like to learn more about how our solutions can manage the cross-border investment tax relief process to deliver value to you and your clients, reach out today to schedule a meeting at product@acupay.com or +44 207 382 0340.