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The importance of good UX-UI in banking and payments

Even though these have been buzzwords for some time, they shouldn’t be underestimated or overlooked because having good User Experience and User Interface is important and not just in payments and banking.

​Banking and payment industry, however, are very specific because they require more of end-users' attention than, for example, social media apps. In the era where banks and fintechs are looking to become digital-first, UX and UI should become one of the top priorities.

Designing for trust

Currently, banks have the infrastructure and a huge customer base for implementing good user experience and interface for that matter. However, the traditional ones are burdened by a product-centered thinking legacy, but customers seek experiences not products.

Trust is a core communication issue for financial brands today as millions of people rely on their services to live their lives. The value customers place on ease of use can easily outweigh their loyalty to a particular provider. And if financial brands provide good user experience, they are in a great place to build trust.

With apps like Uber, Airbnb, or Facebook, customers are used to supreme digital experiences and expect at least something similar from their banks and payment apps. Removing friction from the customer journey is the most important trend in retail bank in 2018, according to DBR Research. In the same research, Banks responded to this by making the number 1 strategic priority to redesign or enhance the digital experience for the consumer.

Personalized service is another element customers are keen to in a world full of ingenuine diversity. So for example, Aldo, the Canadian footwear brand, is taking massive strides in the area of individualized experiences. In its World Trade Centre store, New York, shoppers are able to pre-select footwear via its app or website before trying it on in store. A text message or email is sent, notifying shoppers of the product's arrival. On entering the store, the shopper sends a push notification to the nearest staff member to notify them that they're ready to be helped.

Here is what Mario Šimić, Senior Digital Designer from Bornfight had to say about the importance of good UX and working with Mercury Processing Services International – now Nets CEE.

The scope of UX/UI design in banking and payments

What is actually UX and UI design? The UX is the process that determines the point of view of the user on how the application feels. This has a lot of impact on establishing the impression of a business organization. An excellent user experience (UX) signifies that the digital product is easy and intuitive. A good UI should have a consistent theme from screen to screen, which includes graphics and animations, uniform layout, and ease of use. Consistency on every screen builds credibility and keeps users from getting confused.

The major focus areas of UX/UI Design are:

  • Comprehensive Sitemap
  • Functionality
  • Navigation
  • Effective Colour Scheme
  • Original Content to be Used
  • Imagery & Video
  • Call to Actions
  • Devices
  • Internet Browsers

UX will be the major success factor for financial brands, and technology is the key driver. The disruption comes not only from customers but also from PSD2.

Open Banking will cause the rapid growth of financial services, taking the user experience to the next level. Many procedures will become simple and automated. With access to the banking APIs, FinTechs can provide users with opportunities to improve their financial lives.

The innovative UX design is likely to influence various aspects of the financial user behaviour. It will likely enable access to different accounts through a single device, provide easy and cheaper instant money movement, increase financial safety, and offer simplified and friendly onboarding along with forecasting and personalization which can certainly help users to optimize quality of their financial lives.

Re-drawing the fundamentals

Investing in customer experience is a holistic approach to strengthening a brand. To stake this claim there are some aspects that financial brands can begin re-aligning. It is necessary to revise the existing UX payment flow and and redesign the actual service to eliminate friction, making it valuable for customers. Payment UI design should be adapted for cross-generational users to meet their timely consumer needs. What is most important is that brands should drive a culture that's inspired by creativity and innovation.