Improving UX with Financial Products

Graham Ericksen, Partner and Chief Strategy Officer

Graham Ericksen

Partner | Chief Strategy Officer

A man looking at his computer in frustration

Fintech/financial software is an essential addition to businesses, and not just in the financial sector. The ability to get deeper insights into existing data and automate tedious duties helps many companies be more efficient. However, something that may get neglected in the tech race is UX, and this is a major mistake. Poor UX means lower engagement, and ultimately renders even the most advanced piece of software somewhat useless. Here are some examples of ways to improve the UX of financial software:

Effective copy/microcopy: While all business owners may need some form of fintech, they may be bringing different levels of experience and expertise to the table. This is why it’s important to make sure that whatever copy or microcopy you use is accessible to all potential users. Ideally, companies want to keep things simple and straightforward. For situations where a complex financial term is unavoidable, a simpler explanation should generally be nearby.

Feedback solicitation: Especially in the early stages of a fintech product, there are going to be glitches, hiccups, and other issues. This makes getting feedback an essential part of improving UX overall. This doesn’t have to be a constant prompt, simply an easily apparent area the user can access in order to provide their insight on different issues.

Use what works: There’s a natural temptation to be a disruptor when it comes to creating a new product, but a different mentality is required with UX. The user base may be used to a specific way of going about things, so it’s better to take an iterative method, slowly building on what’s known in order to create something better.

Avoid too much density: It’s tempting for many software creators to try and put together as many features as possible, but at some point, there are diminishing returns. Too many things to do leads to option paralysis. The better approach is to have a few key functions that can be clearly displayed in a simple interface, then start iterating on what else you can add based on user feedback.

User friction: This may be a surprising final point, but it’s arguably one of the most important ones. Financial software needs to strike a balance between being easy to use, but not being so easy that users can quickly make mistakes with their money. For example, a case study of Venmo showed an example of user friction that was effective, but not annoying to the user: adding a confirmation before sending money. A slight bit of user friction can actually create more trust in a product. However, this needs to be combined with reassurance that the user’s data/funds are safe.

In some cases, though, before you apply this information to your own apps and products, you may need to take another step. This means complementing that increased UX with a deeper dive into your financial information. This is where Modus comes in. We work alongside our clients to look at their financial data and provide:

  • Deep user research
  • Sentimental analysis
  • Validation
  • More essential information

Reach out to the Modus team today to learn how to take your UX analysis to the next level.

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