Do users open your bank’s mobile app and feel completely at ease? For many users, interacting with a financial application can feel like walking into a foreign country - there’s uncertainty, it can be confusing, and a wrong step can send them into a panic. Every user wants their financial app to feel trustworthy, clear, and easy to navigate.
According to a McKinsey survey of global consumer sentiment conducted in April 2021, 56% of dissatisfied users reported discomfort due to the UX/UI and the lack of information about products and services.
A 2010 study by comScore, Inc., on their panel of 2 million people and 568 email participants, conducted with Forrester Research, revealed that 54% of online financial product applicants abandon applications before submission. 49% had no intention of completing the application, 23% of which wanted more product information, and 19% were not ready to apply. While this is an old study, the figures are still relevant.
Building this experience is no small feat. UX UI is a key area in which financial institutions can face challenges. This blog delves into these challenges and how to overcome them. Let’s get started.
Challenge 1: Earning the User’s Trust
The Problem: Financial applications deal directly with people’s money and personal data. If a user opens your app and senses anything “off”—a confusing interface, poor visual hierarchy, or unclear data displays—they’re going to feel anxious. A single glitch or odd-looking button might make them question the safety of their funds. Trust, once broken, is hard to rebuild.
How to Overcome It:
- Visual Consistency: During financial app development, stick to a consistent color palette, typography, and iconography. When the user navigates from the home screen to a transaction page, the interface should feel familiar and cohesive.
- Clear Security Indicators: Make it obvious that the connection is secure—use universally recognized icons (like a lock symbol) and consider gentle reminders like “Your data is securely encrypted.”
- Simple Language: Avoid jargon. If users can understand interest rates, fees, and next steps in plain language, they will feel more at ease.
Challenge 2: Complex Data, Simple Presentation
The Problem: Among fintech app development challenges, financial apps often must present complex data—interest rates, investment growth charts, spending categories, and more. If a user opens the app to check how their investments are performing and is hit with a wall of numbers and lines that look more like secret code than helpful graphs, they’ll quickly lose confidence in their ability to use the app effectively.
How to Overcome It:
- Progressive Disclosure: Don’t show all the information at once. Start with high-level summaries (“Your portfolio is up by 2% this month”) and let the user tap through to more detailed charts only if they want to.
- Simple Visualizations: Use straightforward charts and highlight the most important metrics first. If the user wants to see their monthly spending, begin with a clean bar chart that shows top expenses at a glance—then let them drill down further.
- Contextual Assistance: Offer tooltips or small info buttons that explain what certain numbers mean. A brief description can turn intimidating jargon into understandable information.
Challenge 3: Guiding Users Through Complex Tasks
The Problem: Setting up automated savings, applying for a new type of investment account, or planning a monthly budget aren’t simple, one-click tasks. These processes might involve multiple steps and decisions. Complex flows can overwhelm users, causing them to abandon the process before completing their goal.
How to Overcome It:
- Step-by-Step Flows: Break big tasks into small, manageable steps. For example, first ask how much they want to save each month, then move to when funds should be transferred, and finally confirm the account details. A progress bar helps them understand where they are in the process.
- Clear Call-to-Action Buttons: Each step should have a primary button that clearly states what’s next: “Continue to Next Step” or “Review Savings Plan.” Avoid vague terms like “Confirm” without context.
- Inline Validation: If the user needs to input their account number or a specific figure, validate immediately. Prompting with “Please enter a valid account number” right away can save frustration later.
Challenge 4: Balancing Security with Convenience
The Problem: Users understand that security is essential, but too many layers of verification can become a hassle. If the user has to verify their identity with a fingerprint, a one-time password (OTP) sent via SMS, and then a security question—just to see recent transactions—they might avoid using the app altogether.
How to Overcome It:
- Intelligent Authentication: Use biometrics (fingerprint or facial recognition) combined with device-based trust. Once the user logs in securely from their personal device, the app can remember it for a set period.
- Adaptive Security: For user experience optimization, adjust security measures based on the task's sensitivity. Viewing a basic balance might require just a fingerprint, while transferring funds might require an additional OTP.
- Communicate the Why: If extra steps are needed, explain why. If the user understands a particular action is protected by better of security “to keep your money safe,” they’re more likely to accept it.
Challenge 5: Ensuring Accessibility and Inclusivity
The Problem: Financial health is for everyone. Users with varying abilities, from visual impairments to cognitive challenges, must be able to navigate and understand your app. If the text is too small, the color contrast is too weak, or interactions aren’t optimized for screen readers, many users may struggle to manage their finances.
How to Overcome It:
- Text and Contrast: Ensure all text is clear, high-contrast, and adjustable. Allow users to customize font sizes for better readability.
- Keyboard and Screen Reader Support: Test your app with screen readers and ensure all interactive elements are accessible via keyboard navigation or voice commands.
- Inclusive Imagery and Language: Represent diverse users and scenarios. Use welcoming language that doesn’t assume a specific level of financial knowledge.
Challenge 6: Continuous Improvement Through Feedback
The Problem: Financial technology changes rapidly, and so do user expectations. Without a way to capture feedback, you might miss opportunities to fix pain points. If users are confused about how interest rates are displayed, but have no way to report it, you remain in the dark.
How to Overcome It:
- In-App Surveys and Feedback Options: After a user completes a task, ask if everything is clear. Keep it short—just a star rating or a simple yes/no can provide valuable insights.
- User Testing and A/B Testing: Before making major changes, test new flows with a small group. Discover what works and what doesn’t before a wide release.
- Regular Updates and Transparent Communication: Release improvements regularly and let users know what’s changed. Showing responsiveness encourages trust and loyalty.
Also read: Enhancing the Efficacy of Mobile Banking with AI-Powered Testing
Best Practices for Building a Financial App
- User-Centric Design: Develop navigation and workflows around user goals, not internal business structures. Conduct user research, create personas, and map journeys to understand real-world needs.
- Advanced Security Integration: Employ industry-standard encryption, multi-factor authentication, and biometric verification in ways that feel natural and non-intrusive.
- Personalization Through Analytics: Use analytics to understand user behavior, tailoring dashboards, product recommendations, and notifications to individual preferences.
- Continuous Usability Testing: Regular usability tests and A/B experiments help identify design issues early. Improving continuously based on user feedback ensures a polished, evolving experience.
- Regulatory Compliance: Stay informed about financial regulations like PSD2 or local banking rules. Compliance communicates seriousness and reliability, reinforcing user trust.
Conclusion
Building a financial app isn’t just about displaying numbers and graphs—it’s about understanding the real human behind the screen. By focusing on trust, clarity, simplicity, and empathy, you can create a financial experience that users can relate to.
Testing your app completely is important to ensure it meets UI/UX requirements. And what better way to do it than with real devices? The HeadSpin Platform helps you connect to real devices. You can perform UI testing on your app under real-world environments to ensure it meets specific demands.
Source: This post was first published on https://www.headspin.io/blog/overcoming-ui-ux-challenges-financial-apps
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