Fintech companies are all-out digital, and new technologies in data storage and UI/UX interfaces are their strongest allies in gaining customers within a very competitive market, with the long term goal of providing the services and necessary shifts in a traditional industry, that has been historically look at with suspicion.
If Fintech organisations have a chance to reach the majority of the public, is by leveraging the customer experience to new standards, regaining along the way their trust and loyalty to the new financial system they offer.
Here are some characteristics that all Fintech platform UI/UX must have:
The Identity verification
The first step is the identification process. Dealing with financial services is a tricky business, both from the customer perspective and also from the organisation’s. Moreover, the acquisition of new users often measures the success for fintech companies. However,when it comes to sensitive data, assets management, transactions etc., it is essential to deal with real people. Because internet gives users a sense of anonymity, the fintech industry has to identify and authenticate users within apps. This is why a document verification process is a crucial part of the entire user journey.
For the verification process, blockchain plus AI can come in handy. A good written algorithm can save up to hundred of hours of effort in normally reduced panel staffs. Machine learning and other techniques can automatically match up candidates with the proof of identity they have submitted, making the process almost straightforward. AI also promotes new verification technologies such Biometrics (facial recognition) and the two-step verification process.
Nonetheless, it is also recommended that once the identity has been proved and tested by machine learning technology, a manual test is carried out to find out possible irregularities. This double-check is almost as important to comply with Anti-Money-Laundering schemes and other international regulations.
A Fintech platform app must be displayed following simplicity and cleanliness. It has to fit in one screen dozens of traditional bank features in one single app. Direct debit payments, standing orders, quick access to personal data, customer support, credit score, last movement, bank statements, etc. A well-designed dashboard definitely helps – both form and function matter. Smartphone users can conveniently access data about the performance of their assets with easy to apply sorting filters. Interactive charts allow displaying really complex conjunctions of values, assets and time.
AI-powered behaviour prediction
One of the buzzwords in tech-related platforms nowadays goes around machine learning and usage of complex algorithms to get to know users better and predict their behaviors. Forecasting this predictions can be achieved in many different ways, giving users a feeling of dealing with personalised products crafted for their unique needs and aspirations. These products come to impersonate what a dedicated, well-trained agent will do to help users. A customer’s behaviour can be predicted to really know the user, along with his or her capabilities and needs. Clearly, fintech solutions again have the advantage in terms of time, costs and scaling possibilities.
There is something not all organisations want to ask their customers about: the quality of their services. This is a contradiction itself, as Fintech startups need to gain the customers trust through well delivered, personalized products. Asking for their opinion can engage customers to become more active within their platform while at the same time helping to improve the services provided.
One thing is certain: with more sources to monitor, more trust can be earned. So it is a definitely great UX practice to ask the customers for more sources of knowledge to minimise risk and offer more interesting (cheaper by the cost of risk) financial products.
Since fintech solutions are detached from physical branches, it is a crucial practice to provide as much related data as possible to keep their products understandable and avoid users spending time on help and support channels. This can lead to frustration and dropped services – fintech is all about the users and customer is king.
Fintech innovation remains a race – and there are no clear winners yet… but do we need to have winners, or just more collaboration and interoperability between different players in this field? This is a short-lived industry in which there is capacity for large expansion, if followed up accordingly. Incumbents have a great opportunity to drive value from fintech given their customer relationships, capital resources and established reputations. The implementation of newly developed technological advancements is seen crucial for this growing industry, which its most notorious perk is to pair up with the ongoing times.
Nonetheless, the future is brighter than ever and at the rate the industry is evolving, financial products and services – and the technological infrastructure behind them – will look remarkably different in a decade. Financial institutions that take the time to define their fintech strategy and align it to their future vision and business goals, expanding through bringing all kinds of opportunities particularly to sectors of society that have been excluded, such as the unbanked, will be best positioned to forge the future of a new bright financial services era.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.