Even the Most Complex Financial Services can be Made Clear and Easy to Use
Alex Kreger
UXDA Founder | Premium UX Design for Financial Products | Top 50 Fintech Thought Leader | Forbes Business Council
Did you know that financial watchdogs recently fined US banking giant Citigroup ￡61.7 million after a 'fat finger' error led to trades worth $444 billion — more than the GDP of Denmark? This staggering mistake caused a significant short-term drop in some European indices. The underlying issue? The trader was able to manually override a pop-up alert without even reading it due to poor design.
This incident underscores the critical need for clarity and usability in financial systems.
At UXDA, we believe that even the most complex financial services can be made clear and easy to use. Our mission is to design intuitive, user-friendly solutions that prevent such costly errors and enhance the overall user experience. And we're the only UX design agency that has already done this for over 150 finance and banking apps in 37 countries.
Unintuitive and complex interfaces are the real culprits behind the confusion and dissatisfaction many digital banking users experience. Whether it's wealth management for billionaires or a super app that digitalizes the entire island of Mauritius, we believe any financial service can be easy and pleasant to use if designed properly. Our approach is to focus on user-centric design, ensuring that every feature is intuitive, every alert is clear, and every transaction is seamless.
I'm Alex Kreger from the financial UX design agency UXDA . Welcome to this exclusive newsletter to stay up-to-date with the next-gen product UX design in the banking and fintech industry. If you have a challenge – let us know >>
Banking Customers Aren't Stupid; Your App Is Just Confusing
Despite technological advancements, many digital banking apps remain overly complex and user-unfriendly. Seventy-eight percent of Gen Y and 83% of Gen Z experience frustration with the digital banking experience.
This isn't due to a lack of digital intelligence on the user’s part but rather the result of poor UX design in banking. Financial institutions often overlook the importance of a seamless user experience, leading to cluttered, non-intuitive interfaces filled with jargon that the average user cannot easily comprehend.
The UXDA team has reviewed complaints and customer feedback from various digital forums and sources. Addressing these common complaints could significantly improve customer satisfaction and trust in digital banking platforms. Here are the top issues customers have with digital banking apps.
UX Case Study: a Bugatti-Caliber Experience for UHNWIs with $200 Billion in Assets
There is a tremendous responsibility in the hands of wealth management platforms when presenting data that can impact users' financial lives, especially while serving an exclusive customer base as ultra-high net-worth individuals (UHNWIs). Recognizing the absence of digital tools that cater to the demands of a luxury lifestyle, Private Wealth Systems, a US-based global financial technology company, embarked on a mission to create something unprecedented – a premium-feel, easy-to-understand, multi-asset class portfolio management and performance reporting platform for UHNWIs.
Private Wealth Systems aimed to revolutionize wealth management by delivering a user-friendly and visually stunning solution that meets the luxurious needs of multi-millionaires. Delve deeper to understand how UXDA, partnering with Private Wealth Systems, ?facilitated a fundamental shift in wealth management, delivering an innovative Bugatti-caliber asset management experience for UHNWIs.
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The Rise of Super Apps in Banking: Integrating Financial and Lifestyle Services
The concept of super apps has revolutionized the way users interact with digital services, integrating various functionalities into a single, cohesive platform. Initially coined by Mike Lazaridis in 2010, a super app offers a seamless, integrated experience by leveraging the unique capabilities of its platform. This article explores the huge potential of super apps in the financial sector, and the user experience (UX) design principles that drive their success.
The transformation of financial services into super apps represents a significant advancement in the digital banking sector. By leveraging cutting-edge technologies and adhering to robust UX design principles, financial super apps provide users with a highly personalized, efficient, and engaging experience that covers different lifestyle areas. As these apps continue to evolve, they are poised to redefine the future of digital financial services, offering unprecedented convenience and value to users worldwide.
UX Case Study: Banking Super App Design to Modernize Mauritius
This is the incredible story behind the banking super app that received the highest design award, the Red Dot Awards. With a customer-centered mission, MT aims to modernize the islands of Mauritius Republic and make the lives of its 1.3 million inhabitants much more convenient and advanced through innovation and technology. As telecom leader MT uses its power to bridge a financial and payments technology gap. They launched the my.t money app in 2019, revolutionizing the payment sector and enabling users to send and receive P2P and QR code payments conveniently through a digital solution.
MT challenged UXDA to envision and redesign a digital my.t money platform as an integrated financial and lifestyle service ecosystem for Mauritians. They needed a super app that would upgrade the whole country. With such a major evolution of my.t money into a super app, MT aimed to empower Mauritians through a digital financial platform by transforming its own business from telecom into a digital bank. As a result of this digital strategy, MT planned to become the most beloved financial and lifestyle services brand in Mauritius, strengthening the brand's position and market leadership.
UX Design Review: What NMB Bank Said About UXDA
We are honored to have enhanced the user experience for next-gen retail and corporate banking for one of the largest commercial banks in Tanzania,?NMB Bank. Thanks to the independent review platform?Clutch, you can read about our collaboration through an interview with Jacqueline Nnunduma, Senior Manager, Innovation Lab of NMB Bank.
NMB Bank Plc. is a full-service commercial bank incorporated in the United Republic of Tanzania. Through its three main business divisions—Retail, Wholesale, and Treasury—NMB provides a suite of financial services and products to retail customers, farmers, SMEs, corporates, institutions, and the government.
Our challenge was to create a cohesive and intuitive digital banking ecosystem for Tanzanians, blending the best international banking practices with the unique needs of the local community.