In this increasingly mobile world, apps are expected to give users the convenience they demand. Apps can make typically tedious tasks like grocery shopping, post office trips, and doctor visits easy and quick. Standing in line at your local bank branch in the middle of your busy day definitely qualifies, and the FinTech app market has responded. The mobile phone is becoming the preferred method of banking for many customers. Bank of America just crossed the 25 million mark of mobile users, Chase has 30.1 million mobile users, and Wells Fargo has 21.2 million users.
It’s clear the big boys of banking are giving their customers what they need. So, this should signal big opportunities for anyone else who is contemplating the development of a FinTech app. That said, developing a financial software is a complex and nuanced endeavor. In order to make a FinTech app successful, you need to understand the fine line between necessary security and optimal user experience.
We asked our FinTech customers to give us insight into their success…
We asked what’s the advice you would give future banking app founders? Thankfully, they came back with the following key principles:
Due to regulations, these apps simply have to collect more information than is normally asked for to securely verify the users’ identities. According to many surveys, this is a leading reason why users uninstall apps right away; not only do users hate the long process of entering information, they also have privacy concerns.
Users often feel uncomfortable sharing personal information with an app they just downloaded. They are hesitant at first, as their information could potentially be misused, so they are likely to either uninstall the app or submit false information.
For your FinTech app to be successful, you need to encourage your users to submit accurate information. Put yourself in the user’s position…you’d want to know why this information was needed, and how they were going to use it. Offering a valid and easy to understand reason for requesting personal information allows users to have confidence in the app and the process. Once they understand why the app needs the information to function properly, they’ll be more likely to accurately share their personal information.
Anyone developing an app needs to thoroughly research and fully understand the needs of their target audience. Personal bias is often a common pitfall here; it’s human nature to assume that other people want an app to work exactly the way you’d like it to. You need to be objective to a fault when developing your app. Thorough research and beta testing are the only way to assess exactly what your app needs to deliver.
The needs of your audience are likely to be diverse and conflicting, so it is important to implement change with caution. Throughout development, your product should remain clear and recognizable for its entire target audience, while facilitating specialized services for more sophisticated users. This is a fine balance to strike, as it can lead to overcomplication when done incorrectly.
Convenience is key! Mobile banking apps are meant for on-the-go moments and need a user interface that keeps the goal in mind. Checking account balances, sending money to individuals, and transferring funds are common activities that we all need rapid access to, regardless of where we are.
Through our research and individual experiences, we’ve found that simplicity and ease of use is key for banking apps. Users seek functionality and ease of navigation, but not at the expense of security.
User Interface (UI)
it is important to understand design, and how it factors into user experience (UX). Consumer expectations are constantly rising, and the most successful applications now go above and beyond functionality to deliver a clean and aesthetically pleasing user experience.
People not only expect their apps to work smoothly, they also require engaging interfaces, original images and easy navigation. This is particularly true given the competitive nature of this saturated market; meaning, design is now what often separates a popular app from one that doesn’t achieve its potential. The key here is to not underestimate the importance of securing engaging design on top of a well-functioning and sleek framework.
FinTech App Expectations
Financial apps come with an expected amount of friction; in order to meet regulations and complete their money-management functions, these products necessarily require more included inputs and permissions than most apps. Considering these obstacles, fintech apps need experienced designers who are able to create a seamless UX alongside the friction.
The trick is to balance safety and simplicity. These apps should include comprehensive security features, regardless of the necessary input needed, to ensure that every user’s money is being properly handled. At the same time, the UX of these apps needs to be simpler and more convenient than other competing fintech products in order to attract and retain users. Achieving both safety and simplicity builds the user’s trust in the app while offering an engaging, enjoyable experience.
Have a finance app idea in mind, but don’t know where to start? Check out some of our work to see if Koombea is a good app partner for you!