With the revolution of the Internet, the Fintech industry stands as one of the 21st century’s fastest-growing sectors with a 2023 valuation of 305.7 billion USD.

In this blog, join Sunbytes to discover how enhanced User Experience (UX) drives the success of Fintech and why firms should apply it to their business strategies

Why is customer experience important in Fintech?

In the “Flat World” where competition is rising every second, providing incredible Customer Experience is undoubtedly a game-changing factor to differentiate you from the rest. In 2022, Emplifi revealed that in the UK and the US, it needs only 2 to 3 bad Customer Experiences to drive 86% of consumers away from their trusted brand. 

However, the complexity of traditional finance for a long time might have neglected this factor and caused countless frustrations for users. It opened the door for the Fintech sector, including the emergence of innovations like digital banking, mobile payments, and cryptocurrencies, to come into play.

This necessary leverage is aimed at providing more convenient and accessible financial services to customers, because businesses who see customer service as a value center rather than a mere source of expense, actually achieve a 3.5 times increase in revenue growth. 

Customer Experience has a huge impact on the Fintech industry 

The Power Of UX Design In Fintech

Now we know the connection between Customer Experience and Fintech, but what more should we care about to make good use of this knowledge?

In most cases, Fintech involves applications, and when it comes to implementation, appealing UX design shall be prioritized to simplify complex financial processes, making them more intuitive and accessible. 

An aesthetic, clear navigation, and user-friendly user interface (UI) – which is nearly the first element users encountering when opening an app – sets a very positive impression from customers toward the brand. It creates interfaces that engage and effectively guide users on their financial onboarding journey.

For example, digital wallets are primarily used on mobile phones, so their developers always handle the touch interaction and screen size carefully. Thanks to it, users can easily navigate the menu, explore features, and find no hassle in making a transaction. 

In general, a well-designed interface has successfully helped users feel comfortable and gain more trust from them. No wonder that in 2023, digital wallets were named the leading payment method globally with 49% share in e-commerce and 32% share in Point of Sales.

Benefits Of Good UX/UI To Fintech Companies

Seamless UX/UI design not only holds great power, but its benefits are also extensive and multifaceted, significantly contributing to the success and market differentiation of your Fintech business:

• Customer loyalty: By prioritizing UX, companies can provide an easy-to-use, appealing, responsive, and user-centric interface and workflow to build trust and long-term customer relationships.

• Referral from existing clients: A happy customer is more valuable than anything, and a 5-star review from that person is more reliable than any marketing post. 

They are usually willing to introduce the brand to their friends & family, creating word-of-mouth power affecting 20-50% of all purchasing decisions.

• New customer acquisition: When all the comparing factors are the same, among several competitors, a distinguished plus efficient UX is the unique selling point that helps first-time customers choose you.

• Higher conversion rate: An attractive UX design and smooth app workflow increase the number of customers finding it easy to sign up and make financial decisions faster, resulting in a better adoption rate but a smaller churn rate.

Optimal UX/UI design brings Fintech firms several benefits

Because of these advantages, investing in having a beautiful and efficient UX design should always be at the top of any business’s to-do list. 

However, Fintech has always been full of competition, so balancing the internal workforce and resources might be a challenge for companies, especially SMEs, who still focus heavily on developing products and services. This is when IT outsourcing services should come to rescue. 

By combining in-depth knowledge of user psychology and the industry’s ecosystems, Sunbytes is fully capable of developing innovative products that match demands while also being financially sound, making sure your firm would not miss out on this digitalization trend. 

Final Thoughts

In the digital world full of competition, where every download matters and every click counts, prioritizing UX design is a wise move for companies to direct people to the brand, setting a good foundation for a long-lasting relationship in the future.
Sunbytes, one of the fastest-growing companies in the Netherlands, has a team of experienced developers who have been working on many projects in diverse industries.

Want to explore how we can help you form an incredible Fintech UX? Schedule a free consultation today and let us help to realize your vision.