The definition of financial technology (Fintech) is an innovative digital way to deliver financial services to the customers through mobile, desktop, wearable, VR/AR or voice assistant channels. Fintech companies usually compete with traditional banking solutions by improving and automating financial services using the internet and special software.
Today, the majority of consumers are using remote financial technology solutions, which is a more convenient way to use banking and financial services without extra efforts. However, the main problem occurred with the financial technology products because not all of them are easy and pleasant to use. Sometimes, it is not possible to achieve a needed solution because of complex usability, over-featuring, complex jargon, frustrating flow and other challenges.
This happens because of the lack of UX design efforts and competence with the stages of financial technology development.
This is where financial technology startups outcompete traditional financial institutions with their sharp focus on consumer needs, problem solving and intuitive modern solutions. Financial technology consulting should start with defining the value that is planned to deliver to their customers─why this exact financial solution is built, how it benefits consumers and how it differs from others.
Check out more about the financial technology user experience impact and design in the UXDA articles below.
Future Banking Trends include technologies such as Generative AI, the metaverse, the blockchain, embedded banking, DeFi with CBDCs, and open banking which are creating the next-gen financial UX.
Total digitalization has brought changes to the financial industry and the open banking revolution will make UX design crucial in the future.
The metaverse will become the next global milestone after the digital transformation in the next few decades.
UXDA has been recognized as one of the leading FinTech companies in the German-Baltic Chamber of Commerce (AHK) Awards 2019!
The digitalisation of the banking industry is rising, especially due to ready-to-use digital banking solutions provided by IT vendors. But are these solutions really best for their users? What threats can appear for the financial industry in the future...
UXDA team is happy to see our partners between TOP11 global banking software vendors and is grateful for the opportunity to reinvent financial industry through customer-centered financial design.