5 Things Designers Pivoting to Fintech Should Know

Let’s face it: Most designers don’t start out saying, “I can’t wait to shape the future of digital banking,” or “I’m going to make this financial services UX a thing of beauty!” But with the growing fintech space and financial services in serious need of designers, more and more of you may be thinking of testing the waters.

I’m here to tell you to jump right on in.

Years ago, I pivoted from entertainment and journalism (iHeartRadio and The Huffington Post, among others) to financial services and fintech. I couldn’t be happier with my decision. It’s an exciting, evolving landscape where smart designers, researchers and writers play critical roles in innovation every day.

As you mull making your own move, here are a few things to keep in mind:

1. Financial services and fintech expertise is NOT required.

Seriously, it’s not. You didn’t have to be an econ major in college. You don’t have to have a Goldman Sachs internship on your resume. You don’t even have to have a great handle on your own 401(k).

You will learn a heck of a lot on the job, plus your so-called naive perspective will add value – you’ll be motivated to ask questions to get to the bottom of what users really need. My friend Sam Moser, now the SVP Head of Enterprise Design Strategy at Fidelity Investments, agrees. “Being in a role that’s about exploring new products and services for customers,” she told me, “it’s actually invaluable to be able to represent folks that aren’t experts in the category.”

2. You’ll be a translator of sorts…?

Whether you’re learning the basics of finance on the job or already come prepared with some knowledge, get ready to use your design skills to take complex concepts and translate them to the screen in a user-friendly way. After all, while some fintech clients are finance pros themselves, in many other cases they are, as Sam mentioned, “the average person.” To cater to them especially, you’ll be tasked with converting “bank speak” to “human speak.”

I should add that figuring out the best human-centered approach is not something you’ll have to do in a vacuum. Smart companies place a high value on user research and customer feedback. Greg Grabowy, a former JP Morgan Chase UX designer, suggests talking to customers directly when you can. “The value for customers is a moving target,” he said, “The best way to overcome that challenge is to take what you’ve discovered by talking to customers and use that as your North Star.”

Talk to your “customers and use that as your North Star.” —Greg Grabowy

3. Prepare for greater scale and complexity.

If you come from an editorial and media background like me, the sheer number of scenarios and users you’re designing for might blow your mind. You’re no longer designing for someone who is just passively consuming content, like an article or a song. Instead, you’re taking into account near-encyclopedic levels of data — a customer’s personal information, security practices, state and federal banking regulations, etc. — and designing experiences that accommodate varying circumstances. And, don’t forget, your end product should still be relatively simple for users – as easy as opening a music app and pressing play.

So, yeah, it gets complicated. But it’s also tremendously rewarding. Former Chase UX Design Lead Eve Binder found that to be her experience, too, as she transitioned from working at publications to working in fintech.

“I've always considered myself a storyteller. Making the move to Fintech design required a shift in mindset, I was no longer telling stories with a clear beginning or ending,” she told me. “Instead, I was creating tools that enabled users to write their own stories based on where they were on their current ‘financial journey.’ Creating products with potential for such impact, was extremely gratifying.”

“Creating products with potential for such impact, was extremely gratifying.” —Eve Binder

4. You’ll always be shipping (and collaborating).

In fintech, as in other tech spaces, Agile methodology rules. We plan, design, develop and test, and then plan, design, develop and test some more. That means there are continuous deadlines for iterating and shipping projects…and very little room for slacking. If you come from the editorial space, where missed deadlines can feel like a fate worse than death, then keeping up with a constant workflow and adhering to strict timelines will feel pretty familiar.

Of course, you’re not iterating on projects alone. Unlike, say, designers working with a buddy or two on an experimental app, more mature fintechs will have you collaborating with product teams, engineers, marketers and more. You’ll be part of an interdisciplinary group aiming to be as in sync as possible, so when it comes to teamwork, prepare to bring your A game.?

5. You’ll need to be flexible.

For all their creativity, designers can be rigid when it comes to their commitment to certain principles and best practices. Of course, ideally, your products will follow the highest design and UX standards…but in reality, when integrating certain fintech requirements, you’ll have to break the rules to make it work. For instance, a designer may be married to a standard of limiting onboarding processes to, say, three screens, whereas the need to collect customer information to comply with regulations might require a fourth screen. (Oh, the horror!)

As you learn more about the particular needs you’re working toward meeting, it’ll become easier to balance your principles with business priorities…and truly make that UX a thing of beauty.

Does what I wrote resonate with you? If so, consider coming to work with me at Bakkt! I’m always looking for talent, so send me a PM or check out Design and UX openings on our Jobs page.

?? by Jerry Business