• Sat. Oct 1st, 2022

Four Key Characteristics of Thoughtful UX/UI Design

ByCindy J. Daddario

Aug 26, 2022

Nowadays, banking applications are widely used not only by professionals. Major banks cooperate with experienced fintech software development companies to create effective banking solutions that will meet the requirements of any customer. In the era of increased mobility, digital services are becoming increasingly popular, so it is of vital importance to offer customers both web services and mobile applications. Customers want to be able to manage their money in most situations and do it in the easiest way possible. The comfort of use greatly depends on the design of an application. Let’s discuss the importance of UX/UI design when developing mobile banking solutions.


Reasons for the Popularity of Mobile Banking Apps

Digital banking solutions are among the largest and most popular fintech applications. Others are apps for lending, insurance, tax reporting and management, personal finance management, payment processing, and investing. Banking apps allow users to control their finances, pay bills, exchange currencies, pay for services or transfer money.

In 2021, 64% of Americans used banking apps, and the number of people wanting to manage their money online is gradually increasing. Using the Internet instead of going to a traditional bank branch saves customers time. Digital services are available 24 hours a day, 7 days a week, anywhere in the world, which is extremely convenient. You can go on vacation abroad and still be able to pay for your landline phone, electricity or other utilities. The COVID-19 pandemic has also affected the growth of online banking as people want to reduce unnecessary contact. According to the American Bankers Association, 99% of adults are extremely satisfied with their digital banking experience.

Financial companies are also taking advantage of banking apps. They allow them to reduce operating costs, obtain a good return on investment, improve the customer experience and implement a personalized approach.

Key design features that define a successful mobile banking app

There are some crucial principles developers should keep in mind when creating banking software. For example, security is a priority feature of any fintech application: customer data and money must be protected.

UX/UI design seems less important than data protection functionality. However, it defines whether an app is user-friendly and thus affects its popularity. No matter how many features a banking solution has, if it’s difficult to use, customers will abandon it for a competing application. Let’s consider the main features of a well-thought-out design.

Fintech applications deal with complex data but must remain user-friendly. An online banking solution will benefit from a simple and minimalist design helping customers to focus on the most frequently used functions. Designers should not overload the application interface. It is best to place only essential content on the home screen (e.g. maps, transaction history, balance information and transfer/payment option) and hide secondary features . Simplicity also makes an application aesthetically pleasing.

Customers shouldn’t be put off by the complexity of an app, especially when it comes to managing their money. Predictability and clarity help users navigate an app without reading instructions. It is worth applying elements widely used in other applications to create an impression of something familiar. Intuitiveness helps customers make transfers, pay bills or exchange currencies quickly. Thus, the intuitive design saves time and effort.

People who use mobile banking apps have different needs and preferences; their aesthetic perception is also not the same. That’s why users need to be able to customize an app to make it convenient. Changes can affect both the user experience (when only the main functions remain on the home screen) and the user interface (if a customer changes the background color or image). One should be able to keep all relevant information and functions at hand. It is worth offering different variations of the main screen.

Nowadays, customers access mobile banking applications not only on their smartphones, but also on tablets and smartwatches. Their screen sizes can differ significantly. The amount of practical information to read on a tablet can be almost impossible to perceive using a smartwatch. Also, the typical use cases are not the same. It is highly unlikely that a bank customer will perform complex transactions via their smartwatch. They prefer to use it to check their balance somewhere in a big store. Therefore, developers should consider responsive design and create separate layouts for smartphones, tablets, and smartwatches. But they should keep the brand style, fonts, colors and icons to show that it is still the same product for different devices.

Some steps to follow when working on a UX/UI design application

To develop effective banking solutions, you should follow these steps:

To develop a solution that will be both convenient to use and attractive, you need to research your target audience. What are the needs of your future users of the application? What transactions and operations are they likely to perform most often? What issues do they typically face when interacting with a fintech app? What mobile banking features do they consider key? All of these and other relevant questions will help designers define key features.

When building possible use case scenarios, designers must create user flows. This will allow them to understand the logic of typical user actions and define their order. It is important to plan for all possible scenarios and create different user flows.

A sitemap describes the hierarchy of a banking application. The visual representation of key features helps designers develop a strong and streamlined structure needed to ensure seamless user interaction with the application.

These simple layouts indicate the placement of items on each screen. They schematically show what the application will look like.

It is an interactive version of an application that almost looks like the final product. It includes more detailed information and shows the features of the app.

To finalize the design of the application, it is necessary to test it. A good option is A/B testing. By offering distinct user groups different versions of the banking application design, you can find the most convenient solution that will be based on the user’s actual preferences.


Conclusion

When developing a mobile banking app, you need to consider both functionality and usability. Customers will fully benefit from a simple, intuitive and aesthetically appealing solution. Its UX/UI design can also influence the overall image of a financial institution. If customers receive additional proof that a business cares about them, they will stay loyal and recommend it to friends and family.