How can you use user experience design to create better Financial Technology?

Digital banking is at different stages in different countries. There's more Fintech and Open Banking in Europe compared to Canada, and it created different expectations from FIs across geographies. Therefore, it's good to understand your customers' current mental models around digital banking, and based on their other experiences with technology in general, where they see a gap and unmet needs. This can be done through in-depth interviews, JTBD canvas, customer journey maps, and experience maps. One thing to keep in mind is that different personas have very different mental models even within the same geography. For instance, there might be more hesitation to use digital channels among senior citizens and research can expose why.

User experience design plays a crucial role in enhancing Financial Technology (FinTech) by focusing on creating intuitive interfaces, seamless interactions, and personalized experiences for users. Designing user-friendly features such as simple navigation, clear information hierarchy, and robust security measures can improve user engagement and trust. Incorporating feedback loops, conducting usability testing, and leveraging data analytics can further refine the FinTech products, making them more efficient, accessible, and tailored to users' needs, ultimately enhancing their overall experience and satisfaction.

In leveraging user experience (UX) design for Financial Technology (FinTech), defining the problem and value proposition is paramount. This involves crafting clear problem statements, value propositions, and hypotheses to pinpoint the core issue and articulate the unique solution the product offers. By honing in on user needs and desires, this process ensures focus on the most crucial features and benefits. Effective UX design in FinTech hinges on understanding user pain points and offering compelling solutions that enhance financial experiences and outcomes.

One thing that should be more talked about when it comes to UX design, especially in the world of fintech is accessibility. Ensuring that financial services and tools are accessible to all users, regardless of their physical abilities or technological proficiency, is not just a matter of inclusivity; it's a fundamental aspect of ethical design. In the context of fintech, where individuals rely on these platforms for managing their finances, accessibility becomes even more crucial. Prioritizing accessibility enhances usability and ensures that fintech solutions can be utilized effectively by all individuals, promoting financial inclusivity and empowerment.

Consider these two things when defining problem space and value proposition: 1. Persona - Different people at different stages of their lives have very different expectations from FIs and from the digital channels they use so focus on one persona per problem statement 2. Geography - People who live in different geographies have different experiences with digital financial technology, and that can impact what they view as unmet needs. Therefore, zero in on a particular persona in a particular geography when you write the problem definition In addition, try to avoid a problem definition that hints at what a potential solution can be. It's very t tempting, but it will prevent your design team from exploring a few solutions.

Before designing the solution, write a short story that describes the life of a user who adopts your technology. What do they feel? What are their thoughts? Concerns? Excitements? This will help you get in the mood for designing wireframes and more tangible solutions. I find that it helps when designing and thinking about future solutions, especially if the time horizon is long.

For very new concepts (e.g. significant change from the "usual" mental models, completely new financial concept, etc.) you need to start with a concept test, just to understand your potential users' perception of the new solution. If you have a design that's closer to the finish line and want to test usability per se, go with the classic usability test. Once the product is in-market, use analytics and targeted surveys to learn and improve it.