From AI and blockchain to data visualisation, biometrics to open banking – these are the 10 big FinTech and banking UI trends and how they’re changing the way financial consumers engage
Are you experimenting with the latest UI techniques to retain and engage customers?
Google’s consumer and behaviour insights division identified the long-term trend that consumer trust in banking and finance no longer relies on legacy – over 78% of financial decision-makers have already experimented with disruptor brands.
In 2023, an in-depth study on tech-savvy students in Asia showed that 58.8% of younger consumers are willing to switch over to a new mobile banking platform simply because it’s simpler to use and the “user interface is more appealing”. (It also found that if you can prove your product’s secure, that figure jumps to 65%.)
So, whether you’re in the tech division at a traditional bank or a disrupting FinTech, the playing field is practically levelled, and UI is the name of the game if you want to delight and attract users. And the time for experimentation and innovation in banking is now.
Lean on these banking and FinTech UI trends to change the financial game in your favour…
The User Interface (UI), is the actual design and layout of the banking/financial platform that the user engages with to achieve their goals. For example: When a user launches your banking app, the actual screens they see, buttons and elements they interact with to do their banking, are the UI.
In broad terms, people who work in finance might see the entire financial system as an orderly and intuitive whole, but users generally don’t – it’s often frustrating and tedious for them. Thus the UI is there to help them achieve what they want to do, therefore the UI that helps them do it the best, fastest and most efficiently will usually win out.
There are specific trends in UI design, as new technologies become available. So it pays to be aware of, test and roll out some of these new approaches to ensure your UI stays number one.
Banks are leveraging AI and machine learning for a variety of purposes, from enhancing customer service with chatbots and virtual assistants to providing personalised financial advice. These technologies allow for more efficient operations and a highly customised user experience, improving engagement and satisfaction.
AI/ML can analyse customer behaviour and transaction patterns to offer deeper user insights to your team, predict future trends or even give personalised financial advice with automated customer service/insights. This enhances customer engagement and satisfaction, leading to higher retention and attraction of new customers by providing a more responsive and personalised banking experience.
See how to use AI and machine learning for personalisation.
The ubiquity of smartphones has made mobile banking more crucial than ever. This trend includes not only basic functionalities of account monitoring and transactions but also more sophisticated features such as in-app payments and person-to-person transfers.
The emphasis is on creating ever-more seamless, responsive designs that cater to the rapid pace of mobile users
Look for new ways to expand your product’s mobile banking capabilities. Features like cashless payments and seamless money transfers can enhance convenience for users. But the design is extremely important: Banks that offer comprehensive apps in the most user-friendly format are more likely to retain customers and attract new ones who prioritise banking on the go.
See how to use analytics for better user engagement.
Using biometric data for user authentication is becoming a standard in mobile banking. Technologies like fingerprint scanning and facial recognition are not only more secure but also offer a more convenient alternative to traditional passwords, enhancing the overall user experience.
Can you build biometrics (fingerprint scanning, facial recognition, voice authentication) for user verification into your products? It boosts security and streamlines the login process, simultaneously bridging the UI and security concerns, which immensely encourages trust and loyalty.
These trends are making financial services more accessible and personalised by integrating banking services into non-traditional platforms and allowing third-party developers to create applications that offer new services or improved user experiences
By integrating financial services into non-financial apps and platforms (embedded finance), such as partnering with a retailer, for example, a bank can expand its reach and open up entirely new channels. Similarly, by allowing third-party developers to securely access bank data and infrastructure (open banking), banks can be part of a more integrated and convenient service, paving the way to more customer interaction and personalised financial offerings.
See the benefits of doing a UI/UX audit.
Banks are leveraging data analytics and AI to offer highly personalised banking experiences such as tailored financial advice, customised product offerings and personalised customer service, and it’s proving to significantly enhance customer engagement and satisfaction.
Banks have a negative reputation for only helping themselves. Thus deep-diving into your analytics, perhaps using AI, to identify and present potential “wins” for individuals – such as tailored financial advice and products based on their behaviour, purchases or tax needs – with a specific focus on helping the consumer achieve more actual gains for themself, can significantly enhance customer satisfaction.
Personalisation makes customers feel valued and understood, increasing loyalty and attracting new users seeking a more tailored banking relationship.
Learn to use AI and machine learning for personalisation.
As the financial industry continues to evolve, blockchain and cryptocurrencies are playing an increasingly significant role. They offer innovative solutions to traditional banking processes and open up new opportunities for investment and transactions that mainstream banking cannot ignore and will gradually start adopting – it’s best to be at the forefront of that rather than lagging behind.
As regulation catches up and broader financial sectors start incorporating more blockchain technologies – for example: using a node system where you still have certain entities owning the rights to certain parts of a transaction strain but with a blockchain capability in that multiple financial entities can now directly interact with those nodes, faster – it pays to be open and engage with the building building those blockchain solutions, instead of shying away from it.
You can definitely start experimenting with integrating select blockchain technology for secure transactions or even offer more secure cryptocurrency services. This can attract tech-savvy customers and those interested in emerging financial technologies, expanding the customer base.
Get ideas for exciting new fin products with our look at blockchain in banking.
How do you know if your UI needs an update? Check for the signs you need a UX audit.
Incorporating high-engagement design elements into banking applications not only makes financial management more engaging for users but also increases employee engagement and productivity. This innovative approach can transform the banking experience by making it more interactive and enjoyable.
Nothing needs to change in how you manage your backend systems, but introducing game-like elements – like “levelling up” your banking proficiency or saving/investor level etc. – into your banking app, coupled with rewards, can help retain customers by enhancing the user experience and even attracting new younger demographics.
As data becomes increasingly central to banking operations, effective data visualisation tools are crucial. They transform complex financial information into understandable and engaging formats, aiding in decision-making and financial planning. This goes both ways – for your internal team and even directly to the user.
While data is important, it’s the insights you can/can’t get from it that’s the true value. Using graphs, charts, and interactive tools to visualise financial data helps users better understand their spending habits, investments, and savings.
Clear and intuitive data presentation improves the user experience, aiding in customer retention and attracting those who value insights into their financial health.
See how to develop a better user engagement strategy.
Perhaps still a few years off, but judging from Apple and Meta’s plays, just one interface adoption away from becoming the new normal. AR has the potential to play a big role in banking UI/UX, especially around AR-enhanced navigation and educational tools.
This one is less about trying to create AR experiences right now than it is about realising that Apple and other big tech companies are pushing for the next interface revolution – they envision a future where people don’t have any computers or mobile phones anymore, just AR headsets.
When and if this revolution happens, your mobile app will be obsolete, so right now it’s basically about researching this emerging technology and whether you could, for example, build a VR version of your current app (what tech/skills would you need, how fast could you do it, what would it cost? etc.)
Cybersecurity has become paramount. Banks are investing heavily in advanced security measures to protect customer data and ensure the integrity of financial transactions against a backdrop of increasingly sophisticated cyber threats. But the question is: how user-friendly are the security mechanisms your consumer needs to engage with?
Consumers don’t like performing long, tedious tasks. As real as the security risks might be, very few would want their experience to be hindered by threat protection.
Finding ways to incorporate your increasingly robust security features into the UI/UX design, such as more intuitive access controls and super-fast security verifications still enhances trust and reliability, it just makes it more enjoyable.
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