Trust is one of the most important factors when it comes to users deciding which applications they want to use for their financial transactions. Building a secure app based on the best UX design practices ensures you'll establish trust and improve customer loyalty. Not only does good UX help build that trust and loyalty, but it also attracts more users while generating revenue.
How so you ask? Below we’ve highlighted these best user experience practices that make certain your customers can feel confident in using and trusting a Fintech app.
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Educate Your Customers
Understanding the correlation between trust and knowledge is key to building upon users’ confidence in a fintech app. When users are knowledgeable of the app they’re using, knowing things such as how to access their data, make simple transactions, and other basic qualities of a fintech app, users are more likely to trust it with confidence.
Educating your customers involves providing straightforward materials for them to learn about your app and its functionalities. This could be done by incorporating onboarding tutorials that are engaging and inviting, easy to understand for new users, and don’t require a ton of time and dedication. While some concepts or actions may be more complicated to explain to users, this is where UX design can provide a small graphic or video to guide users. The idea is to give users all the information they need to navigate the app with ease and confidence.
Transparency about Data Collection/Sharing
When it comes to data it’s crucial to be as transparent as possible about how users' data is collected and shared. You want users to trust that their data is in good hands. Enable user control over their data and give clear explanations as to what kind of data you need to collect and the reason, as well as third-party requests.
Providing this transparency could include allowing users to give permission to data along with an explanation as to why, disclose a possibility of jeopardizing data that comes with the use of a fintech app, and straightforward mention of third-party requests to access the data. Users should also be informed that their data can benefit their experience as well, for example contributing more data can allow for more personalized experiences as they navigate through the app.
Data confidentiality essentially revolves around informing and disclosing with users where their information may be shared or collected. When users have an idea and can give consent over the use of their data, they will be able to trust and this is why transparency is highly beneficial between user and service providers.
Ensure High-Level Security
Anytime users money is involved security is always at the top of their minds, and it’s a valid concern within the digital world we operate in today. Identity theft, hackers, and numerous other threats to one’s security online every single day leave users to be highly cautious when choosing an app for their financials.
There’s a variety of ways to combat these threats to user information and ensure your app has a high-level security system users can trust. One way to do this is by implementing biometrics such as recognition of face, fingerprints, and/or behavior, this increases consumers’ reliability while enforcing data privacy.
Straight-forward Pricing & Benefits
Applications that are straightforward with their pricing, as well as provide explanations for their prices, are able to build trust with their customers right from the jump. Issues like hidden fees make users think there are even further hidden costs or information throughout the application that they may be missing. In turn, this leaves them frustrated and confused as to what the intentions of the app truly are.
Explaining the total cost of the product, its included functionalities, and fees charged to customers helps to build credibility. Ensuring users are aware of the benefits that come with programs they are enrolling in can aid them greatly as well. When users can clearly understand directly what they owe or may be charged and what it’s for they can make better decisions with their money.
When designing a fintech application trust is at the heart of a user and service provider relationship. Better yet, take a look at things from a personal perspective and factor in dealing with your finances. You’ll realize how critical it is that users trust their fintech applications and can easily access their money, make transactions, and view their balances as intuitively as possible. Applying good UX design practices is essential to visually and seamlessly putting users in control of their experience.
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